Custodian Agreement

 This Agreement is made as of January28, 1998 by and between each entity set forth on Appendix A hereto (as such Appendix A may be amendedfrom time to time) which executes a copy of this Agreement (each referred to herein as the “Fund”), and State Street Bankand Trust Company, a Massachusetts trust company with its principal place of business at 225 FranklinStreet, Boston, Massachusetts 02110 (the “Custodian”).

Witnesseth:

 Whereas, each Fund desires to retain the Custodianto act as custodian of certain of the assets of the Fund, and the Custodian is willing to provide suchto each Fund, upon the terms and conditions hereinafter set forth; and

 Whereas,except as otherwise set forth herein, this Agreement is intended to supersede that certain custodiancontract among the parties hereto dated September 28, 1987, as amended; and

 Whereas, the Funds have retained Chase Manhattan Bank,N.A. to act as the Funds’ custodian with respect to the assets of each such Fund to be heldoutside of the United States of America (except as otherwise set forth in this Agreement) pursuant toa written custodian agreement (the “Foreign Custodian Agreement”),

 Now,Therefore, in consideration of the mutual covenants and agreements hereinafter contained, eachof the parties hereto agrees as follows:

Section 1. Employmentof Custodian and Property to be Held by It.

 EachFund hereby employs the Custodian as the custodian of certain of its assets, including those securitiesit desires to be held within the United States of America (“domestic securities”) and those securities it desiresto be held outside the United States of America (the “United States”) which are (i) not held on the Funds’behalf by Chase Manhattan Bank, N.A. pursuant to the Foreign Custodian Agreement and(ii) described with greater particularity in Section 3 hereof (such securities shall be referred to hereinas “foreignsecurities”). Each Fund agrees to deliver to the Custodian all domestic securities, foreignsecurities and cash owned by it from time to time, and all payments of income, payments of principalor capital distributions received by it with respect to securities held by it hereunder, and the cashconsideration received by it for such new or treasury shares of capital stock of each Fund as may beissued or sold from time to time (“Shares”). The Custodian shall not be responsible for any property of anyFund held or received by such Fund (i) not delivered to the Custodian, or (ii) held in the custody ofChaseManhattan Bank N.A.

 The Custodianis authorized to employ one or more sub-custodians located within the United States, provided that theCustodian shall have obtained the written acknowledgment of the Fund with respect to such employment.The Custodian is authorized to employ sub-custodians located outside the United States as noted on ScheduleA attached hereto (as such Schedule A may be amended from time to time). The Custodian shall have nomore or less responsibility or liability to any Fund on account of any actions or omissions of any sub-custodianso employed than any such sub- custodian has to the Custodian and shall not 

release any sub-custodian from any responsibility or liability unless so agreed inwriting by the Custodian and the applicable Fund. With the exception of State Street Bank and Trust Company(London branch), the Custodian shall not be liable for losses arising from the bankruptcy, insolvencyor receivership of any sub-custodian located outside the United States.

Section2. Duties of the Custodian with Respectto Property of the Funds Held By the Custodian in the United States.

 Section 2.1 HoldingSecurities. The Custodian shall hold and physically segregate for the account of each Fund allnon-cash property to be held by it in the United States, including all domestic securities owned by theFund other than (a) securities which are maintained pursuant to Section 2.9 in a clearing agency whichacts as a securities depository or in a book-entry system authorized by the United States Departmentof the Treasury and certain federal agencies (each, a “U.S. Securities System”) and (b) commercial paperof an issuer for which the Custodian acts as issuing and paying agent (“Direct Paper”) which is depositedand/or maintained in the Direct Paper system of the Custodian (the “Direct Paper System”) pursuant toSection 2.10.

 Section 2.2 Deliveryof Investments. The Custodian shall release and deliver domestic investments owned by a Fund heldby the Custodian or in a U.S. Securities System account of the Custodian or in the Custodian’s DirectPaper System account ("DirectPaper System Account") only upon receipt of Proper Instructions, which may be continuing instructionswhen agreed to by the parties, and only in the following cases:

 1) Upon sale of suchinvestments for the account of the Fund and receipt of payment therefor;

 2) Uponthe receipt of payment in connection with any repurchase agreement related to such investments enteredinto by the Fund;

 3) In the case of a sale effected through a U.S. Securities System,in accordance with the provisions of Section 2.9 hereof;

 4) To the depositoryagent in connection with tender or other similar offers for portfolio investments of the Fund;

 5) Tothe issuer thereof or its agent when such investments are called, redeemed, retired or otherwise becomepayable; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

 6) Tothe issuer thereof, or its agent, for transfer into the name of the Fund or into the name of any nomineeor nominees of the Custodian or into the name or nominee name of any agent appointed pursuant to Section2.8 or into the name or nominee name of any sub-custodian appointed pursuant to Section 1; or for exchangefor a different number of bonds, certificates or other evidence representing the same aggregate faceamount or number of units; provided that, in any such case, the new securities are to be delivered tothe Custodian;

 7) Upon the sale of such investments for the account of the Fund,to the broker or its clearing agent, against a receipt, for examination in accordance with usual "streetdelivery" custom; provided that in any such case the Custodian shall have no responsibility or liabilityfor any loss arising from the delivery of such investments prior to receiving payment for such investmentsexcept as may arise from the Custodian’s own negligence or willful misconduct;

 8) Forexchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganizationor readjustment of the investments of the issuer of such investments, or pursuant to provisions for conversioncontained in such investments, or pursuant to any deposit agreement; provided that, in any such case,the new investments and cash, if any, are to be delivered to the Custodian;

 9) Inthe case of warrants, rights or similar investments, the surrender thereof in the exercise of such warrants,rights or similar investments or the surrender of interim receipts or temporary investments for definitiveinvestments; provided that, in any such case, the new investments and cash, if any, are to be deliveredto the Custodian or against a receipt;

 10) For delivery inconnection with any loans of investments made on behalf of the Fund, but only against receipt of adequatecollateral as agreed upon from time to time by the Fund or its duly-appointed agent (which may be inthe form of cash or obligations issued by the United States government, its agencies or instrumentalities,or such other property as the Fund may agree), except that in connection with any loans for which collateralis to be credited to the Custodian’s account in the book-entry system authorized by the U.S. Departmentof the Treasury, the Custodian will not be held liable or responsible for the delivery of investmentsowned by the Fund prior to the receipt of such collateral in the absence of the Custodian’s negligenceor willful misconduct;

 11) For delivery as security in connection with any borrowing by theFund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed, except whereadditional collateral is required to secure a borrowing already made, subject to Proper Instructions,further securities may be released and delivered for that purpose;

 12) For delivery inaccordance with the provisions of any agreement among the Fund, the Custodian and a broker- dealer registeredunder the Securities Exchange Act of 1934 (the “Exchange Act”) and a member of The National Association of Securities Dealers,Inc. (“NASD”),relating to compliance with the rules of The Options Clearing Corporation, the rules of any registerednational securities exchange or of any similar organization or organizations, or under the InvestmentCompany Act of 1940, as amended from time to time (the “1940 Act”), regarding escrow or other arrangements inconnection with transactions by the Fund;

 13) For delivery in accordance with the provisions of any agreementamong the Fund, the Custodian, and a Futures Commission Merchant registered under the Commodity ExchangeAct, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any ContractMarket, or any similar organization or organizations, or under the 1940 Act, regarding account depositsin connection with transactions by the Fund;

 14) Upon receipt ofinstructions from the transfer agent for the Fund (the “Transfer Agent”), for delivery to such TransferAgent or to the holders of shares in connection with distributions in kind, as may be described fromtime to time in the Fund’s currently effective prospectus, statement of additional information orother offering documents (all, as amended, supplemented or revised from time to time, the “Prospectus”),in satisfaction of requests by holders of Shares for repurchase or redemption; and

 15) Forany other purpose, but only upon receipt of Proper Instructions specifying (a) the investments to bedelivered, (b) setting forth the purpose for which such delivery is to be made, and (c) naming the personor persons to whom delivery of such investments shall be made.

 Section2.3 Registration of Investments. Domesticinvestments held by the Custodian (other than bearer securities) shall be registered in the name of theFund or in the name of any nominee of the Fund or of any nominee of the Custodian which nominee shallbe assigned exclusively to the Fund, unless the Fund has authorized in writing the appointment of a nomineeto be used in common with other registered investment companies having the same investment adviser asthe Fund, or in the name or nominee name of any agent appointed pursuant to Section 2.8 or in the nameor nominee name of any sub- custodian appointed pursuant to Section 1. All securities accepted by theCustodian on behalf of the Fund under the terms of this Agreement shall be in good deliverable form.If, however, the Fund directs the Custodian to maintain securities in “street name”, the Custodianshall utilize its best efforts only to timely collect income due the Fund on such securities and to notifythe Fund of relevant corporate actions including, without limitation, pendency of calls, maturities,tender or exchange offers.

 Section 2.4 Bank Accounts. The Custodian shall open and maintaina separate bank account or accounts in the United States in the name of the Fund, subject only to draftor order by the Custodian acting pursuant to the terms of this Agreement, and shall hold in such accountor accounts, subject to the provisions hereof, all cash received by it from or for the account of theFund, other than cash maintained by the Fund in a bank account established and used in accordance withRule 17f-3 under the 1940 Act. Monies held by the Custodian for the Fund may be deposited by the Custodianto its credit as custodian in the banking department of the Custodian or in such other banks or trustcompanies as it may in its discretion deem necessary or desirable in the performance of its duties hereunder;provided, however, that every such bank or trust company shall be qualified to act as a custodian underthe 1940 Act, and that each such bank or trust company and the funds to be deposited with each such bankor trust company shall be approved by vote of a majority of the board of directors or the board of trusteesof the applicable Fund (as appropriate and in 

each case, the “Board”). Such funds shall be deposited by the Custodian in its capacityas custodian and shall be withdrawable by the Custodian only in that capacity.

 Section 2.5 Collectionof Income. Subject to the provisions of Section 2.3, the Custodian shall collect on a timely basisall income and other payments with respect to United States registered investments held hereunder towhich the Fund shall be entitled either by law or pursuant to custom in the investments business, andshall collect on a timely basis all income and other payments with respect to United States bearer investmentsif, on the date of payment by the issuer, such investments are held by the Custodian or its agent thereofand shall credit such income, as collected, to the Fund’s custodian account. Without limiting thegenerality of the foregoing, the Custodian shall detach and present for payment all coupons and otherincome items requiring presentation as and when they become due, collect interest when due on investmentsheld hereunder, and receive and collect all stock dividends, rights and other items of like nature asand when they become due and payable. With respect to income due the Fund on United States investmentsof the Fund loaned (pursuant to the provisions of Section 2.2 (10)) in accordance with a separate agreementbetween the Fund and the Custodian in its capacity as lending agent, collection thereof shall be in accordancewith the terms of such agreement. Except as otherwise set forth in the immediately preceding sentence,income due the Fund on United States investments of the Fund loaned pursuant to the provisions of Section2.2 (10) shall be the responsibility of the Fund; the Custodian will have no duty or responsibility inconnection therewith other than to provide the Fund with such information or data as may be necessaryto assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Fundis properly entitled.

 Section 2.6 Payment of Fund Monies. Upon receipt of Proper Instructions,which may be continuing instructions when agreed to by the parties, the Custodian shall, from moniesof the Fund held by the Custodian, pay out such monies in the following cases only:

 1) Uponthe purchase of domestic investments, options, futures contracts or options on futures contracts forthe account of the Fund but only (a) against the delivery of such investments, or evidence of title tosuch options, futures contracts or options on futures contracts, to the Custodian (or any bank, bankingfirm or trust company doing business in the United States or abroad which is qualified under the 1940Act to act as a custodian and has been designated by the Custodian as its agent for this purpose in accordancewith Section 2.8) registered in the name of the Fund or in the name of a nominee of the Custodian referredto in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected througha U.S. Securities System, in accordance with the conditions set forth in Section 2.9 hereof; (c) in thecase of a purchase involving the Direct Paper System, in accordance with the conditions set forth inSection 2.10 hereof; or (d) for transfer to a time deposit account of the Fund in any bank, whether domesticor foreign, such transfer may be effected prior to receipt of a confirmation from a broker and/or theapplicable bank pursuant to Proper Instructions;

 2) In connection with conversion, exchange or surrender of investmentsowned by the Fund as set forth in Section 2.2 hereof;

 3) For the redemptionor repurchase of Shares as set forth in Section 4 hereof;

 4) For the paymentof any expense or liability incurred by the Fund, including but not limited to the following paymentsfor the account of the Fund: interest, taxes, management fees, accounting fees, transfer agent fees,legal fees, and operating expenses of the Fund (whether or not such expenses are to be in whole or partcapitalized or treated as deferred expenses);

 5) For the paymentof any dividends declared by the Board;

 6) For payment ofthe amount of dividends received in respect of investments sold short; 

 7) For repayment ofa loan upon redelivery of pledged securities and upon surrender of the note(s), if any, evidencing theloan; or

 8) In connection with any repurchase agreement entered into by theFund with respect to which the collateral is held by the Custodian, the Custodian shall act as the Fund’s"securities intermediary"(as that term is defined in Part 5 of Article 8 of the Massachusetts UniformCommercial Code, as amended), and, as securities intermediary, the Custodian shall take the followingsteps on behalf of the Fund: (a) provide the Fund with notification of the receipt of the purchased securities,and (b), by book-entry identify on the books of the Custodian as belonging to the Fund uncertificatedsecurities registered in the name of the Fund and held in the Custodian’s account at the FederalReserve Bank. In connection with any repurchase agreement entered into by the Fund with respect to whichthe collateral is not held by the Custodian, the Custodian shall (a) provide the Fund with such notificationas it may receive with respect to such collateral, and (b), by book-entry or otherwise, identify as belongingto the Fund securities as shown in the Custodian’s account on the books of the entity appointedby the Fund to hold such collateral.

 9) For any other purpose,but only upon receipt of Proper Instructions specifying (a) the amount of such payment, (b) setting forththe purpose for which such payment is to be made, and (c) naming the person or persons to whom such paymentis to be made.

 Section 2.7 Liabilityfor Payment in Advance of Receipt of Securities Purchased. In any and every case where paymentfor purchase of domestic securities for the account of the Fund is made by the Custodian in advance ofreceipt of thesecuritiespurchased in the absence of specific written instructions from the Fund to so pay in advance, the Custodianshall be absolutely liable to the Fund for such securities to the same extent as if the securities hadbeen received by the Custodian.

 Section 2.8 Appointmentof Agents. The Custodian may at any time or times in its discretion appoint (and may at any timeremove) any other bank or trust company, which is itself qualified under the 1940 Act to act as a custodian,as its agent to carry out such of the provisions of this Section 2 as the Custodian may from time totime direct; provided, however, that the appointment of any such agent shall not relieve the Custodianof its responsibilities or liabilities hereunder.

 Section2.9 Deposit of Investments in U.S. SecuritiesSystems. The Custodian may deposit and/or maintain domestic investments owned by the Fund in aU.S. Securities System in accordance with applicable Federal Reserve Board and United States Securitiesand Exchange Commission (“SEC”)rules and regulations, if any, subject to the following provisions:

 1) The Custodian maykeep domestic investments of the Fund in a U.S. Securities System provided that such investments arerepresented in an account of the Custodian in the U.S. Securities System (“Account”) which shall not includeany assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;

 2) Therecords of the Custodian with respect to domestic investments of the Fund which are maintained in a U.S.Securities System shall identify by book-entry those investments belonging to the Fund;

 3) TheCustodian shall pay for domestic investments purchased for the account of the Fund upon (i) receipt ofadvice from the U.S. Securities System that such investments have been transferred to the Account, and(ii) the making of an entry on the records of the Custodian to reflect such payment and transfer forthe account of the Fund. The Custodian shall transfer domestic investments sold for the account of theFund upon (i) receipt of advice from the U.S. Securities System that payment for such investments hasbeen transferred to the Account, and (ii) the making of an entry on the records of the Custodian to reflectsuch transfer and payment for the account of the Fund. Copies of all advices from the U.S. SecuritiesSystem of transfers of domestic investments for the account of the Fund shall identify the Fund, be maintainedfor the Fund by the Custodian and be provided to the Fund at its request. Upon request, the Custodianshall furnish the Fund confirmation of each transfer to or from the account of the Fund in the form ofa written advice or notice and shall furnish to the Fund copies of daily transaction sheets reflectingeach day’s transactions in the U.S. Securities System for the account of the Fund;

 4) TheCustodian shall provide the Fund with any report obtained by the Custodian on the U.S. Securities System’saccounting system, internal accounting control and procedures for safeguarding domestic investments depositedin the U.S. Securities System;

 5) The Custodian shall have received from the Fund the initial orannual certificate, as the case may be, described in Section 10 hereof; and

 6) Anything to the contrary in this Agreement notwithstanding, theCustodian shall be liable to the Fund for any loss or damage to the Fund resulting from use of the U.S.Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of itsagents or of any of its or their employees, or from failure of the Custodian or any such agent to enforceeffectively such rights as it may have against the U.S. Securities System. At the election of the Fund,the Fund shall be entitled to be subrogated to the rights of the Custodian with respect to any claimagainst the U.S. Securities System or any other person which the Custodian may have as a consequenceof any such loss, expense or damage if and to the extent that the Fund has not been made whole for anysuch loss, expense or damage.

 Section 2.10 Fund Assets Held in the Direct Paper System. TheCustodian may deposit and/or maintain investments owned by the Fund in the Direct Paper System subjectto the following provisions:

 1) No transaction relating to investments in the Direct Paper Systemwill be effected in the absence of Proper Instructions;

 2) The Custodian maykeep investments of the Fund in the Direct Paper System only if such investments are represented in theDirect Paper System Account, which account shall not include any assets of the Custodian other than assetsheld as a fiduciary, custodian or otherwise for customers;

 3) The records ofthe Custodian with respect to investments of the Fund which are maintained in the Direct Paper Systemshall identify by book-entry those investments belonging to the Fund;

 4) The Custodian shallpay for investments purchased for the account of the Fund upon the making of an entry on the recordsof the Custodian to reflect such payment and transfer of investments to the account of the Fund. TheCustodian shall transfer investments sold for the account of the Fund upon the making of an entry onthe records of the Custodian to reflect such transfer and receipt of payment for the account of the Fund;

 5) TheCustodian shall furnish the Fund confirmation of each transfer to or from the account of the Fund, inthe form of a written advice or notice, of Direct Paper on the next business day following such transferand shall furnish to the Fund copies of daily transaction sheets reflecting each day’s transactionin the Direct Paper System for the account of the Fund; and

 6) The Custodian shallprovide the Fund with any report on its system of internal accounting control as the Fund may reasonablyrequest from time to time.

 Section 2.11 Segregated Account. The Custodian shall, upon receiptof Proper Instructions, establish and maintain a segregated account or accounts for and on behalf ofthe Fund, into which account or accounts may be transferred cash and/or investments, including 

investments maintained in an account by the Custodian pursuant to Section 2.10 hereof,(i) in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealerregistered under the Exchange Act and a member of the NASD (or any futures commission merchant registeredunder the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporationand of any registered national securities exchange (or the Commodity Futures Trading Commission or anyregistered contract market), or of any similar organization or organizations, regarding escrow or otherarrangements in connection with transactions by the Fund, (ii) for purposes of segregating cash or governmentinvestments in connection with options purchased, sold or written by the Fund or commodity futures contractsor options thereon purchased or sold by the Fund, (iii) for the purposes of compliance by the Fund withthe procedures required by 1940 Act Release No. 10666, or any other procedures subsequently requiredunder the 1940 Act relating to the maintenance of segregated accounts by registered investment companies,and (iv) for other purposes, but only, in the case of clause (iv) upon receipt of Proper Instructionsspecifying (a) the investments to be delivered, (b) setting forth the purpose for which such deliveryis to be made, and (c) naming the person or persons to whom delivery of such investments shall be made.

 Section 2.12 OwnershipCertificates for Tax Purposes. The Custodian shall execute ownership and other certificates andaffidavits for all United States federal and state tax purposes in connection with receipt of incomeor other payments with respect to domestic investments of the Fund held by it hereunder and in connectionwith transfers of such investments.

 Section2.13 Proxies. The Custodian shall,with respect to the domestic investments held hereunder, cause to be promptly executed by the registeredholder of such investments, if the investments are registered otherwise than in the name of the Fundor a nominee of the Fund, all proxies without indication of the manner in which such proxies are to bevoted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials received bythe Custodian and all notices received relating to such investments.

 Section2.14 Communications Relating to Fund Investments.Subject to the provisions of Section 2.3, the Custodian shall transmit promptly to the Fund all writteninformation (including, without limitation, pendency of calls and maturities of domestic investmentsand expirations of rights in connection therewith and notices of exercise of call and put options writtenby the Fund and the maturity of futures contracts purchased or sold by the Fund) received by the Custodianin connection with the domestic investments being held for the Fund pursuant to this Agreement. Withrespect to tender or exchange offers, the Custodian shall transmit to the Fund all written informationreceived by the Custodian, any agent appointed pursuant to Section 2.8 hereof, or any sub-custodian appointedpursuant to Section 1 hereof, from issuers of the domestic investments whose tender or exchange is soughtand from the party (or his agents) making the tender or exchange offer. If the Fund desires to take actionwith respect to any tender offer, exchange offer or any other similar transaction, the Fund shall notifythe Custodian at least two (2) New York Stock Exchange business days prior to the time such action mustbe taken under the terms of the tender, exchange offer or other similar transaction, and it will be theresponsibility of the Custodian to timely transmit to the appropriate person(s) such notice. Where theFund provides the Custodian with less than two (2) New York Stock Exchange business days notice of itsdesired action, the Custodian shall use its best efforts to timely transmit the Fund’s notice to

the appropriate person. It is expressly noted that the parties may agree to alternativeprocedures with respect to such two (2) New York Stock Exchange business days notice period on a selectiveand individual basis.

 Section 2.15 Reports to Fund by Independent Public Accountants.The Custodian shall provide the Fund, at such times as the Fund may reasonably require, with reportsby independent public accountants on the accounting system, internal accounting control and proceduresfor safeguarding investments, futures contracts and options on futures contracts, including domesticinvestments deposited and/or maintained in a U.S. Securities System, relating to the services providedby the Custodian under this Agreement. Such reports shall be of sufficient scope and detail, as may reasonablybe required by the Fund, to provide reasonable assurance that any material inadequacies would be disclosedby such examination, and if there are no such inadequacies the reports shall so state.

Section 3. Duties ofthe Custodian with Respect to Certain Property of the Funds Held Outside of the United States

 Section3.1 Definitions.The following capitalized terms shall have the respective following meanings:

“Foreign SecuritiesSystem” means a clearing agency or a securities depository listed on Schedule A hereto.

“Foreign Sub-Custodian”means a foreign banking institution set forth on Schedule A hereto.

 Section3.2 HoldingSecurities. The Custodian shall identify on its books as belonging to the Funds the foreign securitiesheld by each Foreign Sub-Custodian or Foreign Securities System. The Custodian may hold foreign securitiesfor all of its customers, including the Funds, with any Foreign Sub-Custodian in an account that is identifiedas belonging to the Custodian for the benefit of its customers, provided however, that (i) the recordsof the Custodian with respect to foreign securities of the Funds which are maintained in such accountshall identify those securities as belonging to the Funds and (ii) the Custodian shall require that securitiesso held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodianor of other customers of such Foreign Sub-Custodian.

 Section3.3 Foreign Securities Systems. Foreignsecurities shall be maintained in a Foreign Securities System in a designated country only through arrangementsimplemented by the Foreign Sub-Custodian in such country pursuant to the terms of this Agreement. 

 Section3.4 Transactionsin Foreign Custody Account.

 3.4.1. Delivery of Foreign Securities.The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities of the Fundsheld by such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of ProperInstructions, which may be continuing instructions when deemed appropriate by the parties, and only inthe following cases:

 (i) upon the sale of such foreign securities for the Funds in accordancewith reasonable market practice in the country where such foreign securities are held or traded, including,without limitation: (A) delivery against expectation of receiving later payment; or (B) in the case ofa sale effected through a Foreign Securities System in accordance with the rules governing the operationof the Foreign Securities System;

 (ii) in connection with any repurchase agreement related to foreignsecurities;

 (iii) to the depository agent in connection with tender or other similaroffers for foreign securities of the Funds;

 (iv) to the issuerthereof or its agent when such foreign securities are called, redeemed, retired or otherwise become payable;

 (v) tothe issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respectiveForeign Sub-Custodian or of any nominee of the Custodian or such Foreign Sub-Custodian) or for exchangefor a different number of bonds, certificates or other evidence representing the same aggregate faceamount or number of units;

 (vi) to brokers, clearing banks or other clearing agents for examinationor trade execution in accordance with market custom; provided that in any such case the Foreign Sub-Custodianshall have no responsibility or liability for any loss arising from the delivery of such securities priorto receiving payment for such securities except as may arise from the Foreign Sub- Custodian’s ownnegligence or willful misconduct;

 (vii) for exchange or conversion pursuant to any plan of merger, consolidation,recapitalization, reorganization or readjustment of the securities of the issuer of such securities,or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement;

 (viii) inthe case of warrants, rights or similar foreign securities, the surrender thereof in the exercise ofsuch warrants, rights or similar securities or the surrender of interim receipts or temporary securitiesfor definitive securities;

 (ix) or delivery as security in connection with any borrowing by theFunds requiring a pledge of assets by the Funds;

 (x) in connectionwith trading in options and futures contracts, including delivery as original margin and variation margin;

 (xi) inconnection with the lending of foreign securities; and

 (xii) for any otherproper purpose, but only upon receipt of Proper Instructions specifying the foreign securities to bedelivered, setting forth the purpose for which such delivery is to be made, declaring such purpose tobe a 

proper Fund purpose, and naming the person or persons to whomdelivery of such securities shall be made.

 3.4.2. Payment of Fund Monies.Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriateby the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respectiveForeign Securities System to pay out, monies of a Fund in the following cases only:

 (i) uponthe purchase of foreign securities for the Fund, unless otherwise directed by Proper Instructions, by(A) delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer)against expectation of receiving later delivery of such foreign securities; or (B) in the case of a purchaseeffected through a Foreign Securities System, in accordance with the rules governing the operation ofsuch Foreign Securities System;

 (ii) in connection with the conversion, exchange or surrender of foreignsecurities of the Fund;

 (iii) for the payment of any expense or liability of the Fund, includingbut not limited to the following payments: interest, taxes, investment advisory fees, transfer agencyfees, fees under this Agreement, legal fees, accounting fees, and other operating expenses;

 (iv) forthe purchase or sale of foreign exchange or foreign exchange contracts for the Fund, including transactionsexecuted with or through the Custodian or its Foreign Sub-Custodians;

 (v) in connectionwith trading in options and futures contracts, including delivery as original margin and variation margin;

 (vii) inconnection with the borrowing or lending of foreign securities; and

 (viii) for any otherproper Fund purpose, but only upon receipt of Proper Instructions specifying the amount of such payment,setting forth the purpose for which such payment is to be made, declaring such purpose to be a properFund purpose, and naming the person or persons to whom such payment is to be made.

 3.4.3. Market Conditions.Notwithstanding any provision of this Agreement to the contrary, settlement and payment for foreign securitiesreceived for the account of the Funds and delivery of foreign securities maintained for the account ofthe Funds may be effected in accordance with the customary established securities trading or processingpractices and procedures in the country or market in which the transaction occurs, including, withoutlimitation, delivering foreign securities to the purchaser thereof or to a dealer therefor (or an agentfor such purchaser or dealer) with the expectation of receiving later payment for such foreign securitiesfrom such purchaser or dealer.

 Section3.5  Registrationof Foreign Securities. The foreign securities maintained in the custody of a Foreign Custodian(other than bearer securities) shall be registered in the name of the applicable Fund or in the nameof the Custodian or in the name of any Foreign Sub-Custodian or in the name of any nominee of the foregoing,and the Fund agrees to hold any such nominee harmless from any liability as a holder of record of suchforeign securities. The Custodian or a Foreign Sub-Custodian shall not be obligated to accept securitieson behalf of a Fund under the terms of this Agreement unless the form of such securities and the mannerin which they are delivered are in accordance with reasonable market practice.

 Section3.6 BankAccounts.A bank account or bank accounts opened and maintained outside the United States on behalf of aFund with a Foreign Sub-Custodian shall be subject only to draft or order by the Custodian or such ForeignSub-Custodian, acting pursuant to the terms of this Agreement to hold cash received by or from or forthe account of the Fund.

 Section3.7 Collectionof Income. The Custodian shall use reasonable commercial efforts to collect all income and otherpayments with respect to the foreign securities held hereunder to which the Funds shall be entitled andshall credit such income, as collected, to the applicable Fund. In the event that extraordinary measuresare required to collect such income, the Fund and the Custodian shall consult as to such measures andas to the compensation and expenses of the Custodian relating to such measures.

 Section3.8 Proxies.With respect to the foreign securities held under this Section 3, the Custodian will use reasonablecommercial efforts to facilitate the exercise of voting and other shareholder proxy rights, subject alwaysto the laws, regulations and practical constraints that may exist in the country where such securitiesare issued. The Fund acknowledges that local conditions, including lack of regulation, onerous proceduralobligations, lack of notice and other factors may have the effect of severely limiting the ability ofthe Fund to exercise shareholder rights.

 Section3.9 CommunicationsRelating to Foreign Securities. The Custodian shall transmit promptly to the Fund written information(including, without limitation, pendency of calls and maturities of foreign securities and expirationsof rights in connection therewith) received by the Custodian in connection with the foreign securitiesbeing held for the account of the Fund. With respect to tender or exchange offers, the Custodian shalltransmit promptly to the Fund written information so received by the Custodian in connection with theforeign securities whose tender or exchange is sought or from the party (or its agents) making the tenderor exchange offer.

 Section 3.10 Liability of Foreign Sub-Custodians and Foreign Securities Systems.Each agreement pursuant to which the Custodian employs as a Foreign Sub-Custodian shall, to theextent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance ofits duties and, to the extent possible, to indemnify, and hold harmless, the Custodian from and againstany loss, damage, cost, expense, liability or claim arising out of or in connection with the ForeignSub-Custodian’s performance of such obligations. At the Fund’s election, the Funds shall beentitled to be subrogatedto the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as aconsequence of any such loss, damage, cost, expense, liability or claim if and to the extent 

that the Funds have not been made whole for any such loss, damage, cost, expense,liability or claim.

 Section3.11 TaxLaw. The Custodian shall have no responsibility or liability for any obligations now or hereafterimposed on the Fund or the Custodian as custodian of the Funds by the tax law of the United States orof any state or political subdivision thereof. It shall be the responsibility of the Fund to notify theCustodian of the obligations imposed on the Fund or the Custodian as custodian of the Funds by the taxlaw of countries set forth on Schedule A hereto, including responsibility for withholding and other taxes,assessments or other governmental charges, certifications and governmental reporting. The sole responsibilityof the Custodian with regard to such tax law shall be to use reasonable efforts to assist the Fund withrespect to any claim for exemption or refund under the tax law of countries for which the Fund has providedsuch information.

Section 4. Payments for Repurchases or Redemptions and Sales of Shares.

 From such funds as may be available for the purpose, the Custodianshall, upon receipt of instructions from the Transfer Agent, make funds available for payment to holdersof Shares which have delivered to the Transfer Agent a request for redemption or repurchase of theirShares. In connection with the redemption or repurchase of Shares, the Custodian is authorized upon receiptof, and in accordance with, instructions from the Transfer Agent to wire funds to or through a commercialbank designated by the redeeming shareholders. In connection with the redemption or repurchase of Shares,the Custodian shall honor checks drawn on the Custodian by a holder of Shares, which checks have beenfurnished by the Fund to the holder of Shares, when presented to the Custodian in accordance with suchwritten procedures and controls as may be mutually agreed upon from time to time between the Fund andthe Custodian.

 The Custodian shall receive from thedistributor for the Shares or from the Transfer Agent and deposit to the account of the Fund such paymentsas are received by the distributor or the Transfer Agent, as the case may be, for Shares issued or soldfrom time to time. The Custodian will notify the Fund and the Transfer Agent of any payments for Sharesreceived by it from time to time.

Section 5. Duties of Custodian with Respect to the Books of Accountand Calculation of Net Asset Value and Net Income.

 TheCustodian shall cooperate with and supply necessary information to the entity or entities appointed bythe Board to keep the books of account of the Fund and/or compute the net asset value per Share of theoutstanding Shares or, if directed in writing to do so by the Fund, shall itself keep such books of accountand/ or compute such net asset value per Share. If so directed, the Custodian shall also (i) calculatedaily the net income of the Fund as described in the Prospectus and shall advise the Fund and the TransferAgent daily of the total amounts of such net income, and/ or (ii) advise the Transfer Agent periodicallyof the division of such net income among its various components. The calculations of the net asset valueper share and the daily income of the Fund shall be made at the time or times described from time totime in the Prospectus.

Section 6. Proper Instructions.

 “Proper Instructions,” as such term is used throughoutthis Agreement, means either (i) a writing, including a facsimile transmission, signed by one or morepersons as set forth on, and in accordance with, an “Authorized Persons List,” as such termis defined herein (each such instruction a "Written Proper Instruction"), (ii) a “Client OriginatedElectronic Financial Instruction,” as such term is defined in the Data Access Services Addendumhereto, given in accordance with the terms of such Addendum, or (iii) instructions received by the Custodianfrom a third party in accordance with any three-party agreement which requires a segregated asset accountin accordance with Section 2.11.

 Each Written ProperInstruction shall set forth a brief description of the type of transaction involved (choosing from amongthe types of transactions set forth on the Authorized Persons List), including a specific statement ofthe purpose for which such action is requested, and any modification to a Written Proper Instructionmust itself be a Written Proper Instruction and subject to all the provisions herein relating to WrittenProper Instructions. The Fund will provide the Custodian with an "Authorized Persons List," which listshall set forth (a) the names of the individuals (each an “Authorized Person’) who are authorizedby the Board to give Written Proper Instructions with respect to the transactions described therein,and (b) the number of Authorized Persons whose signature or approval, as the case may be, is necessaryfor the Custodian to be able to act in accordance with such Written Proper Instructions with respectto a particular type of transaction. The Custodian may accept oral instructions or instructions deliveredvia electronic mail as Proper Instructions if the Custodian reasonably believes such instructions tohave been given by an Authorized Person or Persons (as appropriate to the type of transaction); provided,however, that in no event will instructions delivered orally or via electronic mail be considered ProperInstructions with respect to transactions involving the movement of cash, securities or other assetsof a Fund. The Custodian shall be entitled to rely upon instructions given in accordance with an AuthorizedPersons List until it actually receives written notice from the Board of the applicable Fund to the contrary.

Section7. Evidence of Authority.

 Subject to Section 9 hereof, the Custodian shall be protectedin acting upon any instructions, notice, request, consent, certificate or other instrument or paper reasonablyand in good faith believed by it to be genuine and to have been properly executed by or on behalf ofthe Fund. The Custodian may receive and accept a copy of a vote of the Board, certified by the secretaryor an assistant secretary of the applicable Fund, as conclusive evidence (a) of the authority of anyperson to act in accordance with such vote or (b) of any determination or of any action by the Boarddescribed in such vote, and such vote may be considered as in full force and effect until receipt bythe Custodian of written notice to the contrary.

Section 8. ActionsPermitted without Express Authority.

 TheCustodian may in its discretion and without express authority from the Fund:

 1) makepayments to itself or others for minor expenses of handling investments or other similar items relatingto its duties under this Agreement, provided that all such payments shall be accounted for to the Fund;

2) surrenderinvestments in temporary form for investments in definitive form;

3) endorse for collection, in the name of the Fund, checks, draftsand other negotiable instruments; and

4) in general, attend to all non-discretionary details in connectionwith the sale, exchange, substitution, purchase, transfer and other dealings with the investments andproperty of the Fund except as otherwise directed by the Board.

Section 9. Responsibility of Custodian.

 The Custodian shall not be responsible for the title, validityor genuineness of any property or evidence of title thereto received by it or delivered by it pursuantto this Agreement and shall be held harmless in acting upon any notice, request, consent, certificateor other instrument reasonably believed by it to be genuine and to be signed by the proper party or parties,including any futures commission merchant acting pursuant to the terms of a three-party futures or optionsagreement. Notwithstanding anything to the contrary herein, the Custodian shall be held to the exerciseof reasonable care in carrying out the provisions of this Agreement, and it shall be kept indemnifiedby and shall be without liability to the Fund for any action taken or omitted by it in good faith withoutnegligence. In order for the indemnification provision contained in this Section to apply, it is understoodthat if in any case the Fund may be asked by the Custodian to indemnify or hold the Custodian harmless,the Fund shall be fully and promptly advised of all pertinent facts concerning the situation in question,and it is further understood that the Custodian will use reasonable care to identify, and notify theFund promptly concerning, any situation which presents or appears likely to present the probability ofsuch a claim for indemnification. The Fund shall have the option to defend the Custodian against anyclaim which may be the subject of a claim for indemnification hereunder, and in the event that the Fundso elects, it will notify the Custodian thereof and, thereupon, (i) the Fund shall take over completedefense of the claim and (ii) the Custodian shall initiate no further legal or other expenses with respectto such claim. The Custodian shall in no case confess any claim or make any compromise with respect toany claim for which it will seek indemnity from the Fund except with the Fund's prior written consent.Nothing herein shall be construed to limit any right or cause of action on the part of the Custodianunder this Agreement which is independent of any right or cause of action on the part of the Fund. TheCustodian shall be entitled to rely on and may act upon advice of counsel (who may be counsel for theFund or other such counsel as agreed to by the parties) on all matters, and shall be without liabilityfor any action reasonably taken or omitted pursuant to such advice. The Custodian shall be entitled torely upon, and shall have no duty of inquiry with respect to, the accuracy of any representation or warrantygiven to it by the Fund or any duly-authorized employee or agent thereof, and shall be without liabilityfor any action reasonably taken or omitted by it in reliance thereon. Regardless of whether assets heldpursuant to this Agreement are maintained in the custody of a foreign banking institution, a foreignsecurities depository, or a branch or affiliate of a U.S. bank, the Custodian shall not be liable forany loss, damage, cost, expense, liability or claim resulting from, or caused by, the direction of orauthorization by the Fund to maintain custody of any securities or cash or other property of the Fundin a foreign country including, but not limited to, losses resulting from the nationalization or expropriationof assets, the imposition 

of currency controls or restrictions, acts of war or terrorism or civil unrest, riots,revolutions, work stoppages, natural disasters or other similar events or acts.

 Except as may arise from the Custodian’s own negligenceor willful misconduct or the negligence or willful misconduct of a sub-custodian or agent, the Custodianshall be without liability to the Fund for any loss, liability, claim or expense resulting from or causedby: (i) events or circumstances beyond the reasonable control of the Custodian or any sub-custodian orSecurities System or any agent or nominee of any of the foregoing, including, without limitation, theinterruption, suspension or restriction of trading on or the closure of any securities market, poweror other mechanical or technological failures or interruptions, computer viruses or communications disruptions;(ii) errors by the Fund or its duly- appointed investment advisor in their instructions to the Custodianprovided such instructions have been given in accordance with this Agreement; (iii) the insolvency ofor acts or omissions by a Securities System; (iv) any delay or failure of any broker, agent or intermediary,central bank or other commercially prevalent payment or clearing system to deliver to the Custodian’ssub- custodian or agent securities purchased or in the remittance or payment made in connection withsecurities sold; (v) any delay or failure of any company, corporation or other body in charge of registeringor transferring securities in the name of the Custodian, the Fund, the Custodian’s sub-custodians,nominees or agents, or any consequential losses arising out of such delay or failure to transfer suchsecurities, including non-receipt of bonus, dividends and rights and other accretions or benefits; (vi)delays or inability to perform its duties due to any disorder in market infrastructure with respect toany particular security or Securities System; and (vii) changes to any provision of any present or futurelaw or regulation or order of the United States, or any state thereof, or of any other country or politicalsubdivision thereof, or any order of any court of competent jurisdiction.

 The Custodian shall be liable for the acts or omissions of aforeign banking institution acting as a sub-custodian hereunder to the same extent as set forth withrespect to sub-custodians generally in this Agreement.

 Ifthe Fund requires the Custodian to take any action with respect to investments, which action involvesthe payment of money or which action may, in the reasonable opinion of the Custodian, result in the Custodianor its nominee assigned to the Fund being liable for the payment of money or incurring liability of someother form, the Fund, as a prerequisite to requiring the Custodian to take such action, shall provideindemnity to the Custodian in an amount and form satisfactory to it.

 Ifthe Custodian, or any of its affiliates, subsidiaries or agents, advances cash or investments to theFund for any purpose (including but not limited to securities settlements, foreign exchange contractsand assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessedany taxes, charges, expenses, assessments, claims or liabilities in connection with the performance ofthis Agreement, except such as may arise from its or its nominee’s own negligent action, negligentfailure to act or willful misconduct, any property at any time held for the account of the Fund shallbe security therefor, and should the Fund fail to repay the Custodian promptly the Custodian shall beentitled to utilize available cash and to dispose of the Fund assets to the extent necessary to obtainreimbursement, provided that the Custodian gives the Fund reasonable notice to repay such cash or securitiesadvanced, and provided further that such notice requirement shall not preclude the Custodian’s rightto assert and execute on such lien.

 Except as may arise from the Custodian’sown negligence or willful misconduct, or the negligence or willful misconduct of a subcustodian or agentappointed by the Custodian, the Fund agrees to indemnify and hold the Custodian harmless from and againstany and all costs, expenses, losses, damages, charges, reasonable counsel fees, payments and liabilitieswhich may be asserted against the Custodian (i) acting in accordance with any Proper Instruction, or(ii) for any acts or omissions of Chase Manhattan Bank N.A.

 Notwithstandingany provision herein to the contrary, to the extent the Custodian is found to be liable hereunder forany loss, liability, claim, expense or damage, the Custodian shall be liable only for such loss, liability,claim, expense or damage which was reasonably foreseeable.

Section 10. Effective Period, Termination and Amendment.

 This Agreement shall become effective as of the date of itsexecution, shall continue in full force and effect until terminated as hereinafter provided, may be amendedat any time by mutual agreement of the parties hereto, and may be terminated by either party by an instrumentin writing delivered or mailed, postage prepaid to the other party, such termination to take effect notsooner than thirty (30) days after the date of such delivery or mailing in the case of a terminationby the Fund, and not sooner than one hundred eighty (180) days after the date of such delivery or mailingin the case of termination by the Custodian; provided, however that the Custodian shall not act underSection 2.9 hereof in the absence of receipt of an initial certificate of a Fund’s secretary, oran assistant secretary thereof, that the Board has approved the initial use of a particular U.S. SecuritiesSystem, as required by the 1940 Act or any applicable Rule thereunder, and that the Custodian shall notact under Section 2.10 hereof in the absence of receipt of an initial certificate of a Fund’s secretary,or an assistant secretary thereof, that the Board has approved the initial use of the Direct Paper System;provided further, however, that the Fund shall not amend or terminate this Agreement in contraventionof any applicable federal or state regulations, or any provision of the Fund’s articles of incorporation,agreement of trust, by-laws and/or registration statement (as applicable, the "Governing Documents"); and further providedthat the Fund may at any time by action of its Board (i) substitute another bank or trust company forthe Custodian by giving notice as described above to the Custodian, or (ii) immediately terminate thisAgreement in the event of the appointment of a conservator or receiver for the Custodian by the UnitedStates Comptroller of the Currency or upon the happening of a like event at the direction of an appropriateregulatory agency or court of competent jurisdiction.

 Upontermination of the Agreement, the Fund shall pay to the Custodian such compensation as may be due asof the date of such termination and shall likewise reimburse the Custodian for its reasonable costs,expenses and disbursements, provided that the Custodian shall not incur any costs, expenses or disbursementsspecifically in connection with such termination unless it has received prior approval from the Fund,such approval not to be unreasonably withheld.

Section 11. Successor Custodian.

 If a successor custodian shall be appointed by the Board, theCustodian shall, upon termination, deliver to such successor custodian at the offices of the Custodian,duly endorsed and in the form for transfer, all investments and other properties then held by it hereunder,and shall transfer to an account of the successor custodian all of the Fund’s investments held ina Securities System. If no such successor custodian shall be appointed, the Custodian shall, in likemanner, upon receipt of a copy of a vote of the Board, certified by the secretary or an assistant secretaryof the applicable Fund, deliver at the offices of the Custodian and transfer such investments, fundsand other properties in accordance with such vote. In the event that no written order designating a successorcustodian or certified copy of a vote of the Board shall have been delivered to the Custodian on or beforethe date when such termination shall become effective, then the Custodian shall have the right to deliverto a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts,or New York, New York, of its own selection and having an aggregate capital, surplus, and undivided profits,as shown by its last published report, of not less than $100,000,000, all property held by the Custodianunder this Agreement and to transfer to an account of such successor custodian all of the Fund’sinvestments held in any Securities System; thereafter, such bank or trust company shall be the successorof the Custodian under this Agreement.

 Inthe event that any property held pursuant to this Agreement remains in the possession of the Custodianafter the date of termination hereof owing to failure of the Fund to procure the certified copy of thevote referred to or of the Board to appoint a successor custodian, the Custodian shall be entitled tofair compensation for its services during such period as the Custodian retains possession of such property,and the provisions of this Agreement relating to the duties and obligations of the Custodian shall remainin full force and effect.

Section 12. General.

 Section 12.1 Compensationof Custodian. The Custodian shall be entitled to compensation for its services and reimbursementof its expenses as Custodian as agreed upon from time to time between the Fund and the Custodian.

 Section 12.2 MassachusettsLaw to Apply. This Agreement shall be construed and the provisions thereof interpreted under andin accordance with laws of The Commonwealth of Massachusetts.

 Section12.3 Records. The Custodian shallcreate and maintain all records relating to its activities and obligations under this Agreement in suchmanner as will meet the obligations of the Fund under the 1940 Act, with particular attention to Section31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Fund andshall at all times during the regular business hours of the Custodian be open for inspection by dulyauthorized officers, employees or agents of the Fund and employees and agents of the SEC. The Custodianshall, at the Fund’s request, supply the Fund with a tabulation of investments owned by the Fundand held by the Custodian hereunder, and shall, when requested to do so by an officer of the Fund, andfor such compensation as shall be agreed upon between the Fund and the Custodian, include certificatenumbers in such tabulations.

 Section 12.4 Opinionof Fund’s Independent Accountant. The Custodian shall take all reasonable action as the Fundmay from time to time request to obtain from year to year favorable opinions from the Fund’s independentaccountants with respect to its activities hereunder in connection with the preparation of the Fund’sForm N-1A, the preparation of the Fund’s Form N-SAR, the preparation of any other annual reportsto the SEC with respect to the Fund, and with respect to any other requirements of the SEC.

 Section 12.5 Interpretiveand Additional Provisions. In connection with the operation of this Agreement, the Custodian andthe Fund may from time to time agree on such provisions interpretive of or in addition to the provisionsof this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement.Any such interpretive or additional provisions shall be in a writing signed by both parties and shallbe annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicablefederal or state regulations or any provision of the Governing Documents. No interpretive or additionalprovisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

 Section 12.6 Bond.The Custodian shall at all times maintain a bond in such form and amount as is acceptable to theFund, whichshallbe issued by a reputable fidelity insurance company authorized to do business in the place where suchbond is issued, against larceny and embezzlement, covering each officer and employee of the Custodianwho may, singly or jointly with others, have access to securities or funds of the Fund, either directlyor through authority to receive and carry out any certificate instruction, order request, note or otherinstrument required or permitted by this Agreement. The Custodian agrees that it shall not cancel, terminateor modify such bond insofar as it adversely affects the Fund except after written notice given to theFund not less than 10 days prior to the effective date of such cancellation, termination or modification.The Custodian shall, upon request, furnish to the Fund a copy of each such bond and each amendment thereto.

 Section 12.7 Confidentiality.The Custodian agrees to treat all records and other information relative to the Fund and its prior,present or future shareholders as confidential, and the Custodian, on behalf of itself and its employees,agrees to keep confidential all such information except, after prior notification to and approval inwriting by the Fund, which approval shall not be unreasonably withheld and may not be withheld wherethe Custodian may be exposed to civil or criminal contempt proceedings for failure to comply when requestedto divulge such information by duly constituted authorities, or when so requested by the Fund.

 Section 12.8 Exemptionfrom Lien. Except as set forth in Section 9 hereof, the securities and other assets held by theCustodian hereunder shall not be subject to lien or charge of any kind in favor of the Custodian or anyperson claiming through the Custodian. Nothing herein shall be deemed to deprive the Custodian of itsright to invoke any and all remedies available at law or equity to collect amounts due it under thisAgreement.

 Section 12.9 Assignment.This Agreement may not be assigned by either party without the written consent of the other, except thateither party may assign its rights and obligations hereunder to a party controlling, controlled by, orunder common control with such party.

 Section 12.10 Prior Agreements.Without derogating the rights established thereunder prior to the date of this Agreement, thisAgreement supersedes and terminates, as of the date hereof, all prior agreements between the Fund andthe Custodian relating to the custody of Fund assets.

 Section12.11 Counterparts.This Agreement may be executed in several counterparts, each of which shall be deemed to be anoriginal, and all such counterparts taken together shall constitute but one and the same Agreement.

 Section 12.12 Notices. Any notice, instruction orother instrument required to be given hereunder may be delivered in person to the offices of the partiesas set forth herein during normal business hours or delivered prepaid registered mail or by telex, cableor telecopy to the parties at the following addresses or such other addresses as may be notified by anyparty from time to time.

|         |                                                                                                                                                          |
|--------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| To any Fund: | c/oT. Rowe Price Associates, Inc. 100 East Pratt Street Baltimore, Maryland 21202 Attention: Carmen DeyesuTelephone: 410-345-6658 Telecopy: 410-685-8827/8830 |

|              |                                                                                                                                                                      |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| To the Custodian: | StateStreet Bank and Trust Company 1776 Heritage Drive North Quincy, Massachusetts 02171, U.S.A. Attention:Carol C. Ayotte Telephone: 617-985-6894 Telecopy: 617-537-6321 |

 Such notice, instruction or other instrument shall be deemedto have been served in the case of a registered letter at the expiration of five business days afterposting, in the case of cable twenty-four hours after dispatch and, in the case of telex, immediatelyon dispatch and if delivered outside normal business hours it shall be deemed to have been received atthe next time after delivery when normal business hours commence and in the case of cable, telex or telecopyon the business day after the receipt thereof. Evidence that the notice was properly addressed, stampedand put into the post shall be conclusive evidence of posting.

 Section12.13 EntireAgreement. This Agreement (including all schedules, appendices, exhibits and attachments hereto)constitutes the entire Agreement between the parties with respect to the subject matter hereof.

 Section 12.14 Headings Not Controlling. Headingsused in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement.

 Section 12.15 Survival. All provisions regardingindemnification, confidentiality, warranty, liability and limits thereon shall survive following theexpiration or termination of this Agreement.

 Section12.16 Severability. In the event any provision of this Agreement is held illegal,void or unenforceable, the balance shall remain in effect.

 Section 12.17 The Parties. Allreferences herein to the "Fund" are to each of the funds listed on Appendix A hereto individually, asif this Agreement were between such individual Fund and the Custodian. In the case of a series fund ortrust, all references to the "Fund" are to the individual series or portfolio of such fund or trust,or to such fund or trust on behalf of the individual series or portfolio, as appropriate. Any referencein this Agreement to "the parties" shall mean the Custodian and such other individual Fund as to whichthe matter pertains. Each Fund hereby represents and warranties that (i) it has the requisite power andauthority under applicable laws and its Governing Documents to enter into and perform this Agreement,(ii) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement,and (iii) its entrance into this Agreement shall not cause a material breach or be in material conflictwith any other agreement or obligation of the Fund or any law or regulation applicable to it.

 Section 12.18 Directors and Trustees. It isunderstood and is expressly stipulated that neither the holders of Shares nor any member of the Boardbe personally liable hereunder. Whenever reference is made herein to an action required to be taken bythe Board, such action may also be taken by the Board’s executive committee. 

 Section 12.19 Massachusetts Business Trust.With respect to any Fund which is a party to this Agreement and which is organized as a Massachusettsbusiness trust, the term “Fund” means and refers to the trustees from time to time servingunder the applicable trust agreement of such trust, as the same may be amended from time to time (the‘Declarationof Trust”). It is expressly agreed that the obligations of any such Fund hereunder shallnot be binding upon any of the trustees, shareholders, nominees, officers, agents or employees of theFund personally, but bind only the trust property of the Fund as set forth in the applicable Declarationof Trust. In the case of each Fund which is a Massachusetts business trust (in each case, a “Trust”), theexecution and delivery of this Agreement on behalf of the Trust has been authorized by the trustees,and signed by an authorized officer, of the Trust, in each case acting in such capacity and not individually,and neither such authorization by the trustees nor such execution and delivery by such officer shallbe deemed to have been made by any of them individually, but shall bind only the trust property of theTrust as provided in its Declaration of Trust.

 Section12.20 Reproduction of Documents. This Agreement and all schedules, exhibits, attachmentsand amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniaturephotographic or other similar process. The parties hereto all/each agree that any such reproduction shallbe admissible in evidence as the original itself in any judicial or administrative proceeding, whetheror not the original is in existence and whether or not such reproduction was made by a party in the regularcourse of business, and that any enlargement, facsimile or further reproduction of such reproductionshall likewise be admissible in evidence.

 Section12.21 Shareholder Communications Election. SEC Rule 14b-2 requires banks which holdsecurities for the account of customers to respond to requests by issuers of securities for the names,addresses and holdings of beneficial owners of securities of that issuer held by the bank unless thebeneficial owner has expressly objected to disclosure of this information. In order to comply with therule, the Custodian needs the Fund to indicate whether it authorizes the Custodian to provide the Fund’sname, address, and share position to requesting companies whose securities the Fund owns. If the Fundtells the Custodian 

 “no”, the Custodian will not provide this information to requesting companies.If the Fund tells the Custodian “yes” or does not check either “yes” or “no”below, the Custodian is required by the rule to treat the Fund as consenting to disclosure of this informationfor all securities owned by the Fund or any funds or accounts established by the Fund. For the Fund’sprotection, the Rule prohibits the requesting company from using the Fund’s name and address forany purpose other than corporate communications. Please indicate below whether the Fund consents or objectsby checking one of the alternatives below.

 YES [  ] The Custodianis authorized to release the Fund’s name, address, and share positions.

 NO  [X] TheCustodian is not authorized to release the Fund’s name, address, and share positions.

DATAACCESS SERVICES ADDENDUM TO CUSTODIAN AGREEMENT

 Addendumto the Custodian Agreement (as defined below) between each fund listed on Appendix A to the CustodianAgreement, as such Appendix A is amended from time to time (each such fund listed on Appendix A shallbe individually referred to herein as the “Fund”), and State Street Bank and Trust Company (“State Street”).

PREAMBLE

 WHEREAS, State Street has been appointed as custodian of certainassets of the Fund pursuant to a certain Custodian Agreement (the “Custodian Agreement”) dated as of January 28, 1998,and amended thereafter from time to time;

 WHEREAS,State Street has developed and utilizes proprietary accounting and other systems, including State Street’sproprietary Multicurrency HORIZONRAccounting System, in its role as custodian of the Fund, and maintains certain Fund-related data (“Fund Data”)in databases under the control and ownership of State Street (the “Data Access Services”); and

 WHEREAS, State Street makes available to the Fund (and certainof the Fund’s agents as set forth herein)certain Data Access Services solely for the benefit of the Fund, and intendsto provide additional services, consistent with the terms and conditions of this Addendum.

 NOW, THEREFORE, in consideration of the mutual covenants andagreements herein contained, and for other good and valuable consideration, the parties agree as follows:

1. SYSTEM AND DATA ACCESS SERVICES

 a. System. Subject to the terms and conditions ofthis Addendum and solely for the purpose of providing access to Fund Data as set forth herein, StateStreet hereby agrees to provide the Fund, or certain third parties approved by State Street that serveas the Fund’s investment advisors, investment managers or fund accountants (the “Fund Accountants”) or as the Fund’sindependent auditors (the “Auditor”),with access to State Street’s Multicurrency HORIZONR Accounting System and the other informationsystems described in Attachment A (collectively, the “System”) on a remote basis solely on the computer hardware,system software and telecommunication links described in Attachment B (the “Designated Configuration”) or onany designated substitute or back-up equipment configuration consented to in writing by State Street,such consent not to be unreasonably withheld. 

 b. Data Access Services. State Street agrees to makeavailable to the Fund the Data Access Services subject to the terms and conditions of this Addendum andsuch data access operating standards and procedures as may be issued by State Street from time to time.The Fund shall be able to access the System to (i) originate electronic instructions to State Streetin order to (a) effect the transfer or movement of cash or securities held under custody by State Streetor (b) transmit accounting or other information (the transactions described in (i)(a) and (i)(b) aboveare referred to herein as “ClientOriginated Electronic Financial Instructions”), and (ii) access data for the purpose of reportingand analysis, which shall all be deemed to be Data Access Services for purposes of this Addendum. 

 c. AdditionalServices. State Street may from time to time agree to make available to the Fund additional Systemsthat are not described in the attachments to this Addendum. In the absence of any other written agreementconcerning such additional systems, the term “System” shall include, and this Addendum shall govern, the Fund’saccess to and use of any additional System made available by State Street and/or accessed by the Fund.

2. NO USE OF THIRD PARTY SYSTEMS-LEVEL SOFTWARE

 StateStreet and the Fund acknowledge that in connection with the Data Access Services provided under thisAddendum, the Fund will have access, through the Data Access Services, to Fund Data and to functionsof State Street’s proprietary systems; provided, however that in no event will the Fund have directaccess to any third party systems-level software that retrieves data for, stores data from, or otherwisesupports the System.

3. LIMITATION ON SCOPE OF USE

 a. Designated Equipment;Designated Locations. The System and the Data Access Services shall be used and accessed solelyon and through the Designated Configuration at the offices of the Fund or the Fund Accountants in Baltimore,Maryland or Owings Mills, Maryland (“Designated Locations”).

 b. Designated Configuration; Trained Personnel. StateStreet and the Fund shall be responsible for supplying, installing and maintaining the Designated Configurationat the Designated Locations. State Street and the Fund agree that each will engage or retain the servicesof trained personnel to enable both parties to perform their respective obligations under this Addendum.State Street agrees to use commercially reasonable efforts to maintain the System so that it remainsserviceable, provided, however, that State Street does not guarantee or assure uninterrupted remote accessuse of the System.

 c. Scopeof Use. The Fund will use the System and the Data Access Services only for the processing of securitiestransactions, the keeping of books of account for the Fund and accessing data for purposes of reportingand analysis. The Fund shall not, and shall cause its employees and agents not to (i) permit any unauthorizedthird party to use the System or the Data Access Services, (ii) sell, rent, license or otherwise usethe System or the Data Access Services in the operation of a service bureau or for any purpose otherthan as expressly authorized under this Addendum, (iii) use the System or the Data Access Services forany fund, trust or other investment vehicle), other than as set forth herein, without the prior writtenconsent of State Street, (iv) allow access to the System or the Data Access Services through terminalsor any other computer or telecommunications facilities located outside the Designated Locations, (v)allow or cause any information (other than portfolio holdings, valuations of portfolio holdings, andother information reasonably necessary for the management or distribution of the assets of the Fund)transmitted from State Street’s databases, including data from third party sources, available throughuse of the System or the Data Access Services to be redistributed or retransmitted to another computer,terminal or other device for other than use for or on behalf of the Fund or (vi) modify the System inany way, including without limitation developing any software for or attaching any devices or computerprograms to any equipment, system, software or database which forms a part of or is resident on the DesignatedConfiguration.

 d. OtherLocations. Except in the event of an emergency or of a planned System shutdown, the Fund’saccess to services performed by the System or to Data Access Services at the Designated Locations maybe transferred to a different location only upon the prior written consent of State Street. In the eventof an emergency or System shutdown, the Fund may use any back-up site included in the Designated Configurationor any other back-up site agreed to by State Street, which agreement will not be unreasonably withheld.The Fund may secure from State Street the right to access the System or the Data Access Services throughcomputer and telecommunications facilities or devices complying with the Designated Configuration atadditional locations only upon the prior written consent of State Street and on terms to be mutuallyagreed upon by the parties.

 e. Title.Title and all ownership and proprietary rights to the System, including any enhancements or modificationsthereto, whether or not made by State Street, are and shall remain with State Street.

 f. No Modification.Without the prior written consent of State Street, the Fund shall not modify, enhance or otherwise createderivative works based upon the System, nor shall the Fund reverse engineer, decompile or otherwise attemptto secure the source code for all or any part of the System.

 g. Security Procedures. The Fund shall comply withdata access operating standards and procedures and with user identification or other password controlrequirements and other security procedures as may be issued from time to time by State Street for useof the System on a remote basis and to access the Data Access Services. The Fund shall have access onlyto the Fund Data and authorized transactions agreed upon from time to time by State Street and, uponnotice from State Street, the Fund shall discontinue remote use of the System and access to Data AccessServices for any security reasons cited by State Street; provided, that, in such event, State Streetshall, for a period not less than 180 days (or such other shorter period specified by the Fund) aftersuch discontinuance, assume responsibility to provide accounting services under the terms of the CustodianAgreement.

 h.  Inspections.State Street shall have the right to inspect the use of the System and the Data Access Services by theFund, the Fund Accountants and the Auditor to ensure compliance with this Addendum. The on-site inspectionsshall be upon prior written notice to Fund, the Fund Accountants and the Auditor and at reasonably convenienttimes and frequencies so as not to result in an unreasonable disruption of the Fund’s or the FundAccountants’ or the Auditor respective businesses.

4. PROPRIETARY INFORMATION

 a. Proprietary Information. The Fund acknowledgesand State Street represents that the System and the databases, computer programs, screen formats, reportformats, interactive design techniques, documentation and other information made available to the Fundby State Street as part of the Data Access Services and through the use of the System constitute copyrighted,trade secret, or other proprietary information of substantial value to State Street. Any and all suchinformation provided by State Street to the Fund shall be deemed proprietary and confidential informationof State Street (hereinafter“Proprietary Information”). The Fund agrees that it will hold such Proprietary Informationin the strictest confidence and secure and protect it in a manner consistent with its own proceduresfor the protection of its own confidential information and to take appropriate action by instructionor agreement with its employees or agents who are permitted access to the Proprietary Information tosatisfy its obligations hereunder. The Fund further acknowledges that State Street shall not be requiredto provide the Fund Accountants or the Auditor with access to the System unless it has first receivedfrom the Fund Accountants and the Auditor an undertaking with respect to State Street’s ProprietaryInformation in the form of Attachment C and/or Attachment C-1 to this Addendum. The Fund shall use allcommercially reasonable efforts to assist State Street in identifying and preventing any unauthorizeduse, copying or disclosure of the Proprietary Information or any portions thereof or any of the logic,formats or designs contained therein.

 b. Cooperation. Without limitation of the foregoing,the Fund shall advise State Street immediately in the event the Fund learns or has reason to believethat any person to whom the Fund has given access to the Proprietary Information, or any portion thereof,has violated or intends to violate the terms of this Addendum, and the Fund will, at its reasonableexpense, cooperatewith State Street in seeking injunctive or other equitable relief in the name of the Fund or State Streetagainst any such person.

 c. InjunctiveRelief. The Fund acknowledges that the disclosure of any Proprietary Information, or of any informationwhich at law or equity ought to remain confidential, will immediately give rise to continuing irreparableinjury to State Street inadequately compensable in damages at law. In addition, State Street shall beentitled to obtain immediate injunctive relief against the breach or threatened breach of any of theforegoing undertakings, in addition to any other legal remedies which may be available. 

 d. Survival.The provisions of this Section 4 shall survive the termination of this Addendum.

5. LIMITATION ON LIABILITY

 a. Standard of Care and Limitation on Amount and Time forBringing Action. State Street shall be held to a standard of reasonable care with respect to allof its duties and obligations under this Addendum. The Fund agrees that any liability of State Streetto the Fund or any third party arising with respect to the System or State Street’s provision ofData Access Services under this Data Access Services Addendum shall be limited to the amount paid bythe Fund for the preceding 24 months for such services. The foregoing limitation shall relate solelyto State Street’s provision of the Data Access Services pursuant to this Addendum and is not intendedto limit State Street’s responsibility to perform in accordance 

with the Custodian Agreement, including its duty to act in accordance with ProperInstructions. In no event shall State Street be liable to the Fund or any other party pursuant to thisAddendum for any special, indirect, punitive or consequential damages even if advised of the possibilityof such damages. No action, regardless of form, arising out of the terms of this Addendum may be broughtby the Fund more than two years after the Fund has knowledge that the cause of action has arisen.

 b. Limited Warranties.NO OTHER WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIESOF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, ARE MADE BY STATE STREET.

 c. Third-Party Data.Organizations from which State Street may obtain certain data included in the System or the Data AccessServices are solely responsible for the contents of such data, and State Street shall have no liabilityfor claims arising out of the contents of such third-party data, including, but not limited to, the accuracythereof.

 d. RegulatoryRequirements. As between State Street and the Fund, the Fund shall be solely responsible for theaccuracy of any accounting statements or reports produced using the Data Access Services and the Systemand the conformity thereof with any requirements of law.

 e. Force Majeure. Neither party shall be liable forany costs or damages due to delay or nonperformance under this Data Access Services Addendum arisingout of any cause or event beyond such party’s control, including, without limitation, cessationof services hereunder or any damages resulting therefrom to the other party as a result of work stoppage,power or other mechanical failure, computer virus, natural disaster, governmental action, or communicationdisruption.

6. INDEMNIFICATION

 TheFund agrees to indemnify and hold State Street harmless from any loss, damage or expense including reasonableattorney’s fees, (a “loss”) suffered by State Street arising from (i) the negligence orwillful misconduct in the use by the Fund of the Data Access Services or the System, including any lossincurred by State Street resulting from a security breach at the Designated Locations or committed bythe Fund’s employees or agents or the Fund Accountants or the and Auditor, and (ii) any loss resultingfrom incorrect Client Originated Electronic Financial Instructions. State Street shall be entitled torely on the validity and authenticity of Client Originated Electronic Financial Instructions withoutundertaking any further inquiry as long as such instruction is undertaken in conformity with securityprocedures established by State Street from time to time.

7. FEES

 Fees and charges for the use of the System and the Data AccessServices and related payment terms shall be as set forth in the custody fee schedule in effect from timeto time between the parties (the “Fee Schedule”). Any tariffs, duties or taxes imposed or levied by any governmentor governmental agency by reason of the transactions contemplated by this Addendum, including, withoutlimitation, federal, state and local taxes, use, value added and 

personal property taxes (other than income, franchise or similar taxes which maybe imposed or assessed against State Street) shall be borne by the Fund. Any claimed exemption from suchtariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street.

8. TRAINING, IMPLEMENTATION AND CONVERSION

 a. Training. State Street agrees to provide training,at a designated State Street training facility or at the Designated Locations, to the Fund’s personnelin connection with the use of the System on the Designated Configuration. The Fund agrees that it willset aside, during regular business hours or at other times agreed upon by both parties, sufficient timeto enable all operators of the System and the Data Access Services, designated by the Fund, to receivethe training offered by State Street pursuant to this Addendum.

 b. Installation and Conversion. State Street and theFundshallbe responsible for the technical installation and conversion (“Installation and Conversion”) of the Designated Configuration.The Fund shall have the following responsibilities in connection with Installation and Conversion ofthe System:

 (i) The Fund shall be solely responsible for the timely acquisitionand maintenance of the hardware and software that attach to the Designated Configuration in order touse the Data Access Services at the Designated Locations, and

 (ii) State Streetand the Fund each agree that they will assign qualified personnel to actively participate during theInstallation and Conversion phase of the System implementation to enable both parties to perform theirrespective obligations under this Addendum.

9. SUPPORT

 During the term of this Addendum, State Street agrees to providethe support services set out in Attachment D to this Addendum.

10. TERM

 a. Term. ThisAddendum shall become effective on the date of its execution by State Street and shall remain in fullforce and effect until terminated as herein provided.

 b. Termination. Either party may terminate this Addendum(i) for any reason by giving the other party at least one-hundred and eighty (180) days’ prior writtennotice in the case of notice of termination by State Street to the Fund or thirty (30) days’ noticein the case of notice from the Fund to State Street of termination; or (ii) immediately for failure ofthe other party to comply with any material term and condition of the Addendum by giving the other partywritten notice of termination. In the event the Fund shall cease doing business, shall become subjectto proceedings under the bankruptcy laws (other than a petition for reorganization or similar proceeding)or shall be adjudicated bankrupt, this Addendum and the rights granted hereunder shall, at the optionof State Street, immediately terminate with 

notice to the Fund. This Addendum shall in any event terminate as to any Fund withinninety (90) days after the termination of the Custodian Agreement.

 c. Termination of the Right to Use. Upon terminationof this Addendum for any reason, any right to use the System and access to the Data Access Services shallterminate and the Fund shall immediately cease use of the System and the Data Access Services. Immediatelyupon termination of this Addendum for any reason, the Fund shall return to State Street all copies ofdocumentation and other Proprietary Information in its possession; provided, however, that in the eventthat either party terminates this Addendum or the Custodian Agreement for any reason other than the Fund’sbreach, State Street shall provide the Data Access Services for a period of time and at a price to beagreed upon in writing by the parties.

11. MISCELLANEOUS

 a. Year 2000.State Street will take all steps necessary to ensure that its products (and those of its third-partysuppliers) reflect the available state of the art technology to offer products that are Year 2000 compliant,including, but not limited to, century recognition of dates, calculations that correctly compute samecentury and multi-century formulas and date values, and interface values that reflect the date issuesarising between now and the next one-hundred years. If any changes are required, State Street will makethe changes to its products at no cost to the Fund and in a commercially reasonable time frame and willrequire third- party suppliers to do likewise.

 b. Assignment; Successors. This Addendum and the rightsand obligations of the Fund and State Street hereunder shall not be assigned by either party withoutthe prior written consent of the other party, except that State Street may assign this Addendum to asuccessor of all or a substantial portion of its business, or to a party controlling, controlled by,or under common control with State Street.

 c. Survival. All provisions regarding indemnification,warranty, liability and limits thereon, and confidentiality and/or protection of proprietary rights andtrade secrets shall survive the termination of this Addendum.

 d. Entire Agreement. This Addendum and the attachmentshereto constitute the entire understanding of the parties hereto with respect to the Data Access Servicesand the use of the System and supersedes any and all prior or contemporaneous representations or agreements,whether oral or written, between the parties as such may relate to the Data Access Services or the System,and cannot be modified or altered except in a writing duly executed by the parties. This Addendum isnot intended to supersede or modify the duties and liabilities of the parties hereto under the CustodianAgreement or any other agreement between the parties hereto except to the extent that any such agreementspecifically refers to the Data Access Services or the System. No single waiver or any right hereundershall be deemed to be a continuing waiver.

 e. Severability. If any provision or provisions ofthis Addendum shall be held to be invalid, unlawful, or unenforceable, the validity, legality, and enforceabilityof the remaining provisions shall not in any way be affected or impaired.

 f. GoverningLaw. This Addendum shall be interpreted and construed in accordance with the internal laws ofThe Commonwealth of Massachusetts without regard to the conflict of laws provisions thereof.

ATTACHMENTA

Multicurrency HORIZON®Accounting System

System Product Description

I. TheMulticurrency HORIZONRAccounting System is designed to provide lot level portfolio and general ledger accounting for SEC andERISA type requirements and includes the following services: 1) recording of general ledger entries;2) calculation of daily income and expense; 3) reconciliation of daily activity with the trial balance,and 4) appropriate automated feeding mechanisms to (i) domestic and international settlement systems,(ii) daily, weekly and monthly evaluation services, (iii) portfolio performance and analytic services,(iv) customer’s internal computing systems and (v) various State Street provided information servicesproducts.

II. GlobalQuestR GlobalQuestR is designed to providecustomer access to the following information maintained on The Multicurrency HORIZONR Accounting System: 1) cashtransactions and balances; 2) purchases and sales; 3) income receivables; 4) tax refund; 5) dailypriced positions; 6) open trades; 7) settlement status; 8) foreign exchange transactions; 9) trade history;and 10) daily, weekly and monthly evaluation services.

III. HORIZONR Gateway.HORIZONRGateway provides customers with the ability to (i) generate reports using information maintained on theMulticurrency HORIZONRAccounting System which may be viewed or printed at the customer’s location; (ii) extract and downloaddata from the Multicurrency HORIZONR Accounting System; and (iii) access previous day and historicaldata. The following information which may be accessed for these purposes: 1) holdings; 2) holdings pricing;3) transactions, 4) open trades; 5) income; 6) general ledger and 7) cash.

IV. State Street Interchange. State Street Interchangeis an open information delivery architecture wherein proprietary communication products, data formatsand workstation tools are replaced by industry standards and is designed to enable the connection ofState Street’s network to customer networks, thereby facilitating the sharing of information.

ATTACHMENTC

Undertaking

(Fund Accountants)

 The undersigned understands that in the course of its employmentas Fund Accountant to each fund listed on Appendix A (as amended from time to time) to that certain CustodianAgreement dated as of January 28, 1998 (the “Fund”), it will have access to State Street Bank and Trust Company’sMulticurrency HORIZON Accounting System and other information systems (collectively, the “System”).

 The undersigned acknowledges that the System and the databases,computer programs, screen formats, report formats, interactive design techniques, documentation, andother information made available to the Undersigned by State Street Bank and Trust Company (“State Street”)as part of the Data Access Services provided to the Fund and through the use of the System constitutecopyrighted, trade secret, or other proprietary information of substantial value to State Street. Anyand all such information provided by State Street to the Undersigned shall be deemed proprietary andconfidential information of State Street (hereinafter “Proprietary Information”). The undersigned agrees that it will holdsuch Proprietary Information in confidence and secure and protect it in a manner consistent with itsown procedures for the protection of its own confidential information and to take appropriate actionby instruction or agreement with its employees who are permitted access to the Proprietary Informationto satisfy its obligations hereunder.

 Theundersigned will not attempt to intercept data, gain access to data in transmission, or attempt entryinto any system or files for which it is not authorized. It will not intentionally adversely affect theintegrity of the System through the introduction of unauthorized code or data, or through unauthorizeddeletion.

 Upon notice by State Street for anyreason, any right to use the System and access to the Data Access Services shall terminate and the Undersignedshall immediately cease use of the System and the Data Access Services. Immediately upon notice by StateStreet for any reason, the undersigned shall return to State Street all copies of documentation and otherProprietary Information in its possession.

|   |   |                           |
|--------|--------|--------------------------------|
|   |   | [The Fund Accountants]         |
|   |   |                           |
|   |   |                           |
|   | By:    | ______________________________ |
|   |   |                           |
|   | Title: | ______________________________ |
|   |   |                           |
|   | Date:  | ______________________________ |

ATTACHMENTC-1

Undertaking

(Auditor)

 The undersigned understands that in the course of its employmentas Auditor to each fund listed on Appendix A (as amended from time to time) to that certain CustodianAgreement dated as of January 28, 1998 (the “Fund”) it will have access to State Street Bank and Trust Company’sMulticurrency HORIZON Accounting System and other information systems (collectively, the “System”).

 The undersigned acknowledges that the System and the databases,computer programs, screen formats, report formats, interactive design techniques, documentation, andother information made available to the Undersigned by State Street Bank and Trust Company (“State Street”) as part of theData Access Services provided to the Fund and through the use of the System constitute copyrighted, tradesecret, or other proprietary information of substantial value to State Street. Any and all such informationprovided by State Street to the Undersigned shall be deemed proprietary and confidential informationof State Street (hereinafter “ProprietaryInformation”). The undersigned agrees that it will hold such Proprietary Information in confidenceand secure and protect it in a manner consistent with its own procedures for the protection of its ownconfidential information and to take appropriate action by instruction or agreement with its employeeswho are permitted access to the Proprietary Information to satisfy its obligations hereunder.

 The undersigned will not attempt to intercept data, gain accessto data in transmission, or attempt entry into any system or files for which it is not authorized. Itwill not intentionally adversely affect the integrity of the System through the introduction of unauthorizedcode or data, or through unauthorized deletion.

 Uponnotice by State Street for any reason, any right to use the System and access to the Data Access Servicesshall terminate and the Undersigned shall immediately cease use of the System and the Data Access Services.Immediately upon notice by State Street for any reason, the undersigned shall return to State Streetall copies of documentation and other Proprietary Information in its possession.

|   |   |                           |
|--------|--------|--------------------------------|
|   |   | [TheAuditor]                   |
|   |   |                           |
|   |   |                           |
|   | By:    | ______________________________ |
|   |   |                           |
|   | Title: | ______________________________ |
|   |   |                           |
|   | Date:  | ______________________________ |

ATTACHMENTD

Support

 During the term of this Addendum, State Street agrees to providethe following on-going support services:

 a. Telephone Support. The Fund Designated Persons may contact StateStreet’s HORIZONRHelp Desk and Fund Assistance Center between the hours of 8 a.m. and 6 p.m. (Eastern time) on all businessdays for the purpose of obtaining answers to questions about the use of the System, or to report apparentproblems with the System. From time to time, the Fund shall provide to State Street a list of personswho shall be permitted to contact State Street for assistance (such persons being referred to as the“Fund DesignatedPersons”).

 b. TechnicalSupport. State Street will provide technical support to assist the Fund in using the System andthe Data Access Services. The total amount of technical support provided by State Street shall not exceed10 resource days per year. State Street shall provide such additional technical support as is expresslyset forth in the fee schedule in effect from time to time between the parties (the “Fee Schedule”). Technicalsupport, including during installation and testing, is subject to the fees and other terms set forthin the Fee Schedule.

 c. Maintenance Support.State Street shall use commercially reasonable efforts to correct system functions that do not work accordingto the System Product Description as set forth on Attachment A in priority order in the next scheduleddelivery release or otherwise as soon as is practicable.

 d. System Enhancements. State Street will provideto the Fund any enhancements to the System developed by State Street and made a part of the System; providedthat State Street offer the Fund reasonable training on the enhancement. Charges for system enhancementsshall be as provided in the Fee Schedule. State Street retains the right to charge for related systemsor products that may be developed and separately made available for use other than through the System.

 e. Custom Modifications.In the event the Fund desires custom modifications in connection with its use of the System, the Fundshall make a written request to State Street providing specifications for the desired modification. Anycustom modifications may be undertaken by State Street in its sole discretion in accordance with theFee Schedule.

 f. Limitationon Support. State Street shall have no obligation to support the Fund’s use of the System:(1) for use on any computer equipment or telecommunication facilities which does not conform to the DesignatedConfiguration or (ii) in the event the Fund has modified the System in breach of this Addendum.

 In Witness Whereof, each of the parties has caused thisinstrument to be executed in its name and on its behalf by its duly authorized representativeas of thedate and year first written above.

 T. ROWE PRICE GROWTH STOCK FUND, INC.

 T.ROWE PRICE NEW HORIZONS FUND, INC.

 T. ROWE PRICE NEWERA FUND, INC.

 T. ROWE PRICE NEW INCOME FUND, INC.

 T. ROWE PRICE PRIME RESERVE FUND, INC.

 T.ROWE PRICE INTERNATIONAL FUNDS, INC.  T.Rowe Price International Bond Fund  T.Rowe Price International Stock Fund  T.Rowe Price International Discovery Fund  T.Rowe Price European Stock Fund  T.Rowe Price New Asia Fund  T.Rowe Price Global Government Bond Fund  T.Rowe Price Japan Fund  T.Rowe Price Latin America Fund  T.Rowe Price Emerging Markets Bond Fund  T.Rowe Price Emerging Markets Stock Fund  T.Rowe Price Global Stock Fund

 T. ROWE PRICE GROWTH &INCOME FUND, INC.

 T. ROWE PRICE SHORT-TERMBOND FUND, INC.

 T. ROWE PRICE TAX-FREE INCOME FUND, INC.

 T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

 T.ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

 T.ROWE PRICE HIGH YIELD FUND, INC.

 T. ROWE PRICE TAX-FREEHIGH YIELD FUND, INC.

 T. ROWE PRICE NEWAMERICA GROWTH FUND

 T. ROWE PRICE EQUITYINCOME FUND

 T. ROWE PRICE GNMA FUND

 T.ROWE PRICE CAPITAL APPRECIATION FUND

 T. ROWE PRICE STATETAX-FREE INCOME TRUST  Maryland Tax-Free Bond Fund  Maryland Short-TermTax-Free Bond Fund  NewYork Tax-Free Bond Fund  NewYork Tax-Free Money Fund  VirginiaTax-Free Bond Fund  VirginiaShort-Term Tax-Free Bond Fund  NewJersey Tax-Free Bond Fund  GeorgiaTax-Free Bond Fund  FloridaInsured Intermediate Tax-Free Fund

 T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST  CaliforniaTax-Free Bond Fund  CaliforniaTax-Free Money Fund

 T. ROWE PRICE SCIENCE &TECHNOLOGY FUND, INC.

 T. ROWE PRICE SMALL-CAPVALUE FUND, INC.

 INSTITUTIONAL INTERNATIONAL FUNDS,INC.  Foreign Equity Fund

 T. ROWE PRICE U.S. TREASURY FUNDS, INC.  U.S.Treasury Intermediate Fund  U.S.Treasury Long-Term Fund  U.S.Treasury Money Fund

 T. ROWE PRICE INDEX TRUST, INC.  T.Rowe Price Equity Index 500 Fund  T.Rowe Price Extended Equity Market Index Fund  T. Rowe Price Total Equity Market Index Fund

 T. ROWE PRICE SPECTRUMFUND, INC.  Spectrum Growth Fund  Spectrum IncomeFund  SpectrumInternational Fund

 T. ROWE PRICE BALANCED FUND,INC.

 T. ROWE PRICE SHORT-TERM U.S. GOVERNMENTFUND, INC.

 T. ROWE PRICE MID-CAP GROWTH FUND, INC.

 T. ROWE PRICE TAX-FREE INSURED INTERMEDIATE BONDFUND, INC.

 T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

 T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

 T.ROWE PRICE SUMMIT FUNDS, INC.  T.Rowe Price Summit Cash Reserves Fund  T.Rowe Price Summit Limited-Term Bond Fund  T.Rowe Price Summit GNMA Fund

 T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.  T.Rowe Price Summit Municipal Money Market Fund  T. Rowe Price Summit Municipal Intermediate Fund  T. Rowe Price Summit Municipal Income Fund

 T. ROWE PRICE EQUITYSERIES, INC.  T. Rowe Price Equity IncomePortfolio  T.Rowe Price New America Growth Portfolio  T.Rowe Price Personal Strategy Balanced  Portfolio  T. Rowe PriceMid-Cap Growth Portfolio

 T. ROWE PRICE INTERNATIONAL SERIES, INC.  T.Rowe Price International Stock Portfolio

 T. ROWE PRICE FIXED INCOMESERIES, INC.  T. Rowe Price Limited-TermBond Portfolio  T.Rowe Price Prime Reserve Portfolio

 T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.  T.Rowe Price Personal Strategy Balanced Fund  T.Rowe Price Personal Strategy Growth Fund  T.Rowe Price Personal Strategy Income Fund

 T. ROWEPRICE VALUE FUND, INC.

 T. ROWE PRICE CAPITALOPPORTUNITY FUND, INC.

 T. ROWE PRICE CORPORATEINCOME FUND, INC.

 T. ROWE PRICE HEALTHSCIENCES FUND, INC.

 T. ROWE PRICE MID-CAPVALUE FUND, INC.

 INSTITUTIONAL EQUITY FUNDS, INC.  Mid-CapEquity Growth Fund

 T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

 T. ROWE PRICE FINANCIAL SERVICES FUND,INC.

 T. ROWE PRICE REAL ESTATE FUND, INC.

 T.ROWE PRICE SMALL CAP STOCK FUND, INC.  T.Rowe Price Small Cap Stock Fund

 T. ROWE PRICE MEDIA & TELECOMMUNICATIONSFUND, INC.

 T. ROWE PRICE TAX EFFICIENT BALANCEDFUND, INC.

 RESERVE INVESTMENT FUNDS, INC.  GovernmentReserve Investment Fund  ReserveInvestment Fund

|                                                                                       |                                                                                                  |
|--------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|
| Signature attested to:                                                                     | Executedon Behalf of each Fund:                                                                       |
|                                                                                       |                                                                                                  |
| /s/Suzanne E. Fraunhoffer                                                                  | /s/Carmen Deyesu                                                                                      |
| By:__________________________________

Name: SuzanneE. Fraunhoffer

Title: Legal Assistant | By:__________________________________

Name:Carmen Deyesu

Title: Treasurer for each of the foregoing |

|                                                                                     |                                                                                         |
|------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|
| Signatureattested to:                                                                    | State Street Bank and Trust Company                                                          |
|                                                                                     |                                                                                         |
| /s/Glenn Ciotti                                                                          | /s/Ronald E. Logue                                                                           |
| By:__________________________________

Name:Glenn Ciotti

Title: VP & Assoc. Counsel | By:__________________________________

Name:Ronald E. Logue

Title: Executive Vice President |

Schedule A

|          |                                |                                                                                           |
|---------------|-------------------------------------|------------------------------------------------------------------------------------------------|
| Country       | Subcustodian                        | Central Depository                                                                             |
| UnitedKingdom | State Street Bank and Trust Company | None; The Bank of England The Central Gilts Office (CGO); The CentralMoneymarkets Office (CMO) |

Euroclear (The Euroclear System)/State StreetLondon Limited

AppendixA

 T. ROWE PRICE GROWTH STOCK FUND, INC.

 T.ROWE PRICE NEW HORIZONS FUND, INC.

 T. ROWE PRICE NEWERA FUND, INC.

 T. ROWE PRICE NEW INCOME FUND, INC.

 T. ROWE PRICE PRIME RESERVE FUND, INC.

 T.ROWE PRICE INTERNATIONAL FUNDS, INC.  T.Rowe Price International Bond Fund  T.Rowe Price International Stock Fund  T.Rowe Price International Discovery Fund  T.Rowe Price European Stock Fund  T.Rowe Price New Asia Fund  T.Rowe Price Global Government Bond Fund  T.Rowe Price Japan Fund  T.Rowe Price Latin America Fund  T.Rowe Price Emerging Markets Bond Fund  T.Rowe Price Emerging Markets Stock Fund  T.Rowe Price Global Stock Fund

 T. ROWE PRICE GROWTH &INCOME FUND, INC.

 T. ROWE PRICE SHORT-TERMBOND FUND, INC.

 T. ROWE PRICE TAX-FREE INCOME FUND, INC.

 T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

 T.ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

 T.ROWE PRICE HIGH YIELD FUND, INC.

 T. ROWE PRICE TAX-FREEHIGH YIELD FUND, INC.

 T. ROWE PRICE NEWAMERICA GROWTH FUND

 T. ROWE PRICE EQUITYINCOME FUND

 T. ROWE PRICE GNMA FUND

 T.ROWE PRICE CAPITAL APPRECIATION FUND

 T. ROWE PRICE STATETAX-FREE INCOME TRUST  Maryland Tax-Free Bond Fund  Maryland Short-TermTax-Free Bond Fund  NewYork Tax-Free Bond Fund  NewYork Tax-Free Money Fund  VirginiaTax-Free Bond Fund  VirginiaShort-Term Tax-Free Bond Fund  NewJersey Tax-Free Bond Fund  GeorgiaTax-Free Bond Fund  FloridaInsured Intermediate Tax-Free Fund

 T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST  CaliforniaTax-Free Bond Fund  CaliforniaTax-Free Money Fund

 T. ROWE PRICE SCIENCE &TECHNOLOGY FUND, INC.

 T. ROWE PRICE SMALL-CAPVALUE FUND, INC.

 INSTITUTIONAL INTERNATIONAL FUNDS, INC.  ForeignEquity Fund

 T. ROWE PRICE U.S. TREASURY FUNDS, INC.  U.S.Treasury Intermediate Fund  U.S.Treasury Long-Term Fund  U.S.Treasury Money Fund

 T. ROWE PRICE INDEX TRUST, INC.  T.Rowe Price Equity Index 500 Fund  T.Rowe Price Extended Equity Market Index Fund  T. Rowe Price Total Equity Market Index Fund

 T. ROWE PRICE SPECTRUMFUND, INC.  Spectrum Growth Fund  Spectrum IncomeFund  SpectrumInternational Fund

 T. ROWE PRICE BALANCED FUND,INC.

 T. ROWE PRICE SHORT-TERM U.S. GOVERNMENTFUND, INC.

 T. ROWE PRICE MID-CAP GROWTH FUND, INC.

 T. ROWE PRICE TAX-FREE INSURED INTERMEDIATE BOND FUND,INC.

 T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

 T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

 T.ROWE PRICE SUMMIT FUNDS, INC.  T.Rowe Price Summit Cash Reserves Fund  T.Rowe Price Summit Limited-Term Bond Fund  T.Rowe Price Summit GNMA Fund

 T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.  T.Rowe Price Summit Municipal Money Market Fund  T. Rowe Price Summit Municipal Intermediate Fund  T. Rowe Price Summit Municipal Income Fund

 T. ROWE PRICE EQUITYSERIES, INC.  T. Rowe Price Equity IncomePortfolio  T.Rowe Price New America Growth Portfolio  T.Rowe Price Personal Strategy Balanced  Portfolio  T. Rowe PriceMid-Cap Growth Portfolio

 T. ROWE PRICE INTERNATIONAL SERIES, INC.  T.Rowe Price International Stock Portfolio

 T. ROWE PRICE FIXED INCOMESERIES, INC.  T. Rowe Price Limited-TermBond Portfolio  T.Rowe Price Prime Reserve Portfolio

 T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.  T.Rowe Price Personal Strategy Balanced Fund  T.Rowe Price Personal Strategy Growth Fund  T.Rowe Price Personal Strategy Income Fund

 T. ROWEPRICE VALUE FUND, INC.

 T. ROWE PRICE CAPITALOPPORTUNITY FUND, INC.

 T. ROWE PRICE CORPORATE INCOME FUND,INC.

 T. ROWE PRICE HEALTH SCIENCES FUND, INC.

 T. ROWE PRICE MID-CAP VALUE FUND, INC.

 INSTITUTIONALEQUITY FUNDS, INC.  Mid-Cap Equity Growth Fund

 T.ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

 T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

 T.ROWE PRICE REAL ESTATE FUND, INC.

 T. ROWE PRICE SMALL CAP STOCK FUND,INC.  T. Rowe Price Small Cap StockFund

 T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

 T. ROWE PRICE TAX EFFICIENT BALANCED FUND, INC.

 RESERVEINVESTMENT FUNDS, INC.  Government Reserve InvestmentFund  ReserveInvestment Fund

AMENDMENTNO. 1TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, between State Street Bank and Trust Company and each of the Parties listed on AppendixA thereto is hereby further amended, as of November 4, 1998, by adding thereto T. Rowe Price InternationalFunds, Inc., on behalf of T. Rowe Price International Growth & Income Fund.

T. ROWEPRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWEPRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Equity Income Portfolio T. Rowe Price New America Growth Portfolio T.Rowe Price Personal Strategy Balanced Portfolio T.Rowe Price Mid-Cap Growth Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T.ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

INSTITUTIONAL EQUITY FUNDS, INC. Mid-CapEquity Growth Fund

INSTITUTIONAL INTERNATIONAL FUNDS, INC. ForeignEquity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T.Rowe Price International Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC. Reserve Investment Fund GovernmentReserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWEPRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

T. ROWEPRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWEPRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund New Jersey Tax-Free Bond Fund Virginia Tax-Free Bond Fund VirginiaShort-Term Tax-Free Bond Fund Florida IntermediateTax-Free Fund Georgia Tax-Free Bond Fund

T. ROWEPRICE TAX-EFFICIENT BALANCED FUND, INC.

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S.Treasury Intermediate Fund U.S. Treasury Long-TermFund U.S. Treasury Money Fund

T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund

 T. Rowe Price Summit Limited-Term BondFund T. Rowe Price Summit GNMA Fund

T. ROWEPRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe Price SummitMunicipal Money Market Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal IncomeFund

T. ROWE PRICE VALUE FUND, INC.

|                                     |
|------------------------------------------|
|                                     |
| /s/HenryH. Hopkins                       |
| By:_____________________________________ |
| Henry H. Hopkins, Vice President         |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/Stephen F. Brown                      |
| By:_____________________________________ |
| StephenF. Brown, Vice President          |
|                                     |
|                                     |

AMENDMENTNO. 2TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998 between State Street Bank and Trust Company and eachof the Parties listed on Appendix A thereto is hereby further amended, as of April 21, 1999, by addingthereto T. Rowe Price Tax-Efficient Funds, Inc., on behalf of T. Rowe Price Tax-Efficient BalancedFund and T. Rowe Price Tax-Efficient Growth Fund.

T. ROWE PRICE BALANCED FUND,INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREEINCOME TRUST California Tax-Free Bond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWEPRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Equity Income Portfolio T. Rowe Price New America Growth Portfolio T.Rowe Price Personal Strategy Balanced Portfolio T.Rowe Price Mid-Cap Growth Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T.ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWEPRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

INSTITUTIONAL EQUITY FUNDS, INC. Mid-CapEquity Growth Fund

INSTITUTIONAL INTERNATIONAL FUNDS, INC. ForeignEquity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T.Rowe Price International Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC. ReserveInvestment Fund Government Reserve Investment Fund

T.ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund New Jersey Tax-Free Bond Fund Virginia Tax-Free Bond Fund VirginiaShort-Term Tax-Free Bond Fund Florida IntermediateTax-Free Fund Georgia Tax-Free Bond Fund

T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientBalanced Fund T. Rowe Price Tax-Efficient Growth Fund

T.ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T.ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND,INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit Limited-Term Bond Fund T. Rowe Price SummitGNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

|                                     |
|------------------------------------------|
|                                     |
| /s/HenryH. Hopkins                       |
| By:_____________________________________ |
| Henry H. Hopkins, Vice President         |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Ronald E. Logue                      |
| By:_____________________________________ |
| RonaldE. Logue, Vice President           |
|                                     |
|                                     |

AMENDMENTNO. 3TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998 and April 21, 1999 between State Street Bank and TrustCompany and each of the Parties listed on Appendix A thereto is hereby further amended, as of February9, 2000, by adding thereto Institutional Equity Funds, Inc., on behalf of Institutional Large- Cap ValueFund and Institutional Small-Cap Stock Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWEPRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOMEFUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Equity Income Portfolio T. Rowe Price NewAmerica Growth Portfolio T. Rowe Price Personal StrategyBalanced Portfolio T. Rowe Price Mid-Cap Growth Portfolio

T.ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-Term Bond Portfolio T.Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH &INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

INSTITUTIONAL EQUITY FUNDS, INC. InstitutionalLarge-Cap Value Fund Institutional Small-Cap StockFund Mid-Cap Equity Growth Fund

INSTITUTIONALINTERNATIONAL FUNDS, INC. Foreign Equity Fund

T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceInternational Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC. Reserve Investment Fund GovernmentReserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWEPRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

T. ROWEPRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWEPRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund New Jersey Tax-Free Bond Fund Virginia Tax-Free Bond Fund VirginiaShort-Term Tax-Free Bond Fund Florida IntermediateTax-Free Fund Georgia Tax-Free Bond Fund

T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientBalanced Fund T. Rowe Price Tax-Efficient Growth Fund

T.ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T.ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND,INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S.Treasury Intermediate Fund U.S. Treasury Long-TermFund U.S. Treasury Money Fund

T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund T. Rowe Price Summit Limited-Term BondFund T. Rowe Price Summit GNMA Fund

T. ROWEPRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe Price SummitMunicipal Money Market Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal IncomeFund

T. ROWE PRICE VALUE FUND, INC.

|                                     |
|------------------------------------------|
|                                     |
| /s/HenryH. Hopkins                       |
| By:_____________________________________ |
| Henry H. Hopkins, Vice President         |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Ronald E. Logue                      |
| By:_____________________________________ |
| RonaldE. Logue, Vice President           |
|                                     |
|                                     |

AMENDMENTNO. 4TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, and February 9, 2000 between StateStreet Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby furtheramended, as of April 19, 2000, by adding thereto T. Rowe Price International Funds, Inc., on behalf ofT. Rowe Price Emerging Europe & Mediterranean Fund.

T. ROWE PRICE BALANCED FUND,INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREEINCOME TRUST California Tax-Free Bond Fund California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATIONFUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOMEFUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTHFUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Equity Income Portfolio T. Rowe Price NewAmerica Growth Portfolio T. Rowe Price Personal StrategyBalanced Portfolio T. Rowe Price Mid-Cap Growth Portfolio

T.ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-Term Bond Portfolio T.Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH &INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

INSTITUTIONAL EQUITY FUNDS, INC. InstitutionalLarge-Cap Value Fund Institutional Small-Cap StockFund Institutional Mid-Cap Equity Growth Fund

INSTITUTIONALINTERNATIONAL FUNDS, INC. Foreign Equity Fund

T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceInternational Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund T.Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC. ReserveInvestment Fund Government Reserve Investment Fund

T.ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund New Jersey Tax-Free Bond Fund Virginia Tax-Free Bond Fund VirginiaShort-Term Tax-Free Bond Fund Florida IntermediateTax-Free Fund Georgia Tax-Free Bond Fund

T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientBalanced Fund T. Rowe Price Tax-Efficient Growth Fund

T.ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T.ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND,INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit Limited-Term Bond Fund T. Rowe Price SummitGNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

|                                     |
|------------------------------------------|
|                                     |
| /s/HenryH. Hopkins                       |
| By:_____________________________________ |
| Henry H. Hopkins, Vice President         |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Ronald E. Logue                      |
| By:_____________________________________ |
| RonaldE. Logue, Vice President           |
|                                     |
|                                     |

AMENDMENTNO. 5TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, and April 19, 2000between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is herebyfurther amended, as of July 18, 2000, by adding thereto T. Rowe Price Developing Technologies Fund, Inc.,T. Rowe Price Global Technology Fund, Inc., and T. Rowe Price U.S. Bond Index Fund, Inc.

T. ROWEPRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Equity Income Portfolio T. Rowe Price NewAmerica Growth Portfolio T. Rowe Price Personal StrategyBalanced Portfolio T. Rowe Price Mid-Cap Growth Portfolio

T.ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-Term Bond Portfolio T.Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWEPRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCESFUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

INSTITUTIONAL EQUITY FUNDS, INC. InstitutionalLarge-Cap Value Fund Institutional Small-Cap StockFund Institutional Mid-Cap Equity Growth Fund

INSTITUTIONALINTERNATIONAL FUNDS, INC. Foreign Equity Fund

T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceInternational Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund T.Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC. ReserveInvestment Fund Government Reserve Investment Fund

T.ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund New Jersey Tax-Free Bond Fund Virginia Tax-Free Bond Fund VirginiaShort-Term Tax-Free Bond Fund Florida IntermediateTax-Free Fund Georgia Tax-Free Bond Fund

T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientBalanced Fund T. Rowe Price Tax-Efficient Growth Fund

T.ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T.ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND,INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEXFUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S.Treasury Intermediate Fund U.S. Treasury Long-TermFund U.S. Treasury Money Fund

T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund T. Rowe Price Summit Limited-Term BondFund T. Rowe Price Summit GNMA Fund

T. ROWEPRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe Price SummitMunicipal Money Market Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal IncomeFund

T. ROWE PRICE VALUE FUND, INC.

|                                     |
|------------------------------------------|
|                                     |
| /s/HenryH. Hopkins                       |
| By:_____________________________________ |
| Henry H. Hopkins, Vice President         |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Ronald E. Logue                      |
| By:_____________________________________ |
| RonaldE. Logue, Vice President           |
|                                     |
|                                     |

AMENDMENTNO. 6TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000and July 18, 2000 between State Street Bank and Trust Company and each of the Parties listed on AppendixA thereto is hereby further amended, as of October 25, 2000, by adding thereto T. Rowe Price InternationalIndex Fund, Inc., on behalf of T. Rowe Price International Equity Index Fund; T. Rowe Price Tax-EfficientFunds, Inc., on behalf of T. Rowe Price Tax-Efficient Multi-Cap Growth Fund; and T. Rowe Price EquitySeries, Inc., on behalf of T. Rowe Price Blue Chip Growth Portfolio, T. Rowe Price Equity Index 500 Portfolio,and T. Rowe Price  Health Sciences Portfolio.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWEPRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T.ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T.ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

INSTITUTIONALEQUITY FUNDS, INC. Institutional Large-Cap Value Fund Institutional Small-Cap Stock Fund InstitutionalMid-Cap Equity Growth Fund

INSTITUTIONAL INTERNATIONAL FUNDS, INC. ForeignEquity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T.Rowe Price International Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund T.Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund

T. ROWEPRICE INTERNATIONAL SERIES, INC. T. Rowe Price InternationalStock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWEPRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND,INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC. ReserveInvestment Fund Government Reserve Investment Fund

T.ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund New Jersey Tax-Free Bond Fund Virginia Tax-Free Bond Fund VirginiaShort-Term Tax-Free Bond Fund Florida IntermediateTax-Free Fund Georgia Tax-Free Bond Fund

T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientBalanced Fund

 T. Rowe Price Tax-Efficient Growth Fund T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWEPRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWEPRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. TreasuryIntermediate Fund U.S. Treasury Long-Term Fund U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS,INC. T. Rowe Price Summit Cash Reserves Fund T. Rowe Price Summit Limited-Term Bond Fund T.Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

|                                     |
|------------------------------------------|
|                                     |
| /s/HenryH. Hopkins                       |
| By:_____________________________________ |
| Henry H. Hopkins, Vice President         |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Ronald E. Logue                      |
| By:_____________________________________ |
| RonaldE. Logue, Vice President           |
|                                     |
|                                     |

AMENDMENTNO. 7TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, and October 25, 2000 between State Street Bank and Trust Company and each of the Partieslisted on Appendix A thereto is hereby further amended, as of February 7, 2001, by adding thereto T.Rowe Price State Tax-Free Income Trust, on behalf of Maryland Tax-Free Money Fund.

T. ROWEPRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCKFUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND,INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

INSTITUTIONAL EQUITY FUNDS, INC. InstitutionalLarge-Cap Value Fund Institutional Small-Cap StockFund Institutional Mid-Cap Equity Growth Fund

INSTITUTIONALINTERNATIONAL FUNDS, INC. Foreign Equity Fund

T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceInternational Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund T.Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund

T. ROWEPRICE INTERNATIONAL SERIES, INC. T. Rowe Price InternationalStock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWEPRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWEPRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T.ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

RESERVE INVESTMENT FUNDS, INC. ReserveInvestment Fund Government Reserve Investment Fund

T.ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM U.S. GOVERNMENT FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Money Fund Maryland Tax-Free Bond Fund Maryland Short-Term Tax-Free Bond Fund NewYork Tax-Free Bond Fund New York Tax-Free Money Fund New Jersey Tax-Free Bond Fund VirginiaTax-Free Bond Fund Virginia Short-Term Tax-Free BondFund Florida Intermediate Tax-Free Fund GeorgiaTax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Balanced Fund T. Rowe PriceTax-Efficient Growth Fund T. Rowe Price Tax-EfficientMulti-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWEPRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit Limited-Term Bond Fund T. Rowe Price SummitGNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

|                                     |
|------------------------------------------|
|                                     |
| /s/HenryH. Hopkins                       |
| By:_____________________________________ |
| Henry H. Hopkins, Vice President         |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Ronald E. Logue                      |
| By:_____________________________________ |
| RonaldE. Logue, Vice President           |
|                                     |
|                                     |

AMENDMENTNO. 8TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, and February 7, 2001 between State Street Bank and Trust Company andeach of the Parties listed on Appendix A thereto is hereby further amended, as of July 24, 2001, by addingthereto Institutional Equity Funds, Inc., on behalf of Institutional Large-Cap Growth Fund.

T. ROWEPRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCKFUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND,INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

INSTITUTIONAL EQUITY FUNDS, INC. InstitutionalLarge-Cap Value Fund Institutional Small-Cap StockFund Institutional Mid-Cap Equity Growth Fund Institutional Large-Cap Growth Fund

INSTITUTIONALINTERNATIONAL FUNDS, INC. Foreign Equity Fund

T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceInternational Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund T.Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund

T. ROWEPRICE INTERNATIONAL SERIES, INC. T. Rowe Price InternationalStock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWEPRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWEPRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T.ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWEPRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWEPRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Money Fund Maryland Tax-Free Bond Fund Maryland Short-Term Tax-Free Bond Fund NewYork Tax-Free Bond Fund New York Tax-Free Money Fund New Jersey Tax-Free Bond Fund VirginiaTax-Free Bond Fund Florida Intermediate Tax-Free Fund Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Balanced Fund T. Rowe Price Tax-Efficient Growth Fund T.Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOMEFUND, INC.

T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

|                                      |
|-------------------------------------------|
|                                      |
| /s/HenryH. Hopkins                        |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 9TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, and July 24, 2001 between State Street Bank andTrust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of April24, 2002, by adding thereto T. Rowe Price Institutional Income Funds, Inc., on behalf of T. Rowe PriceInstitutional High Yield Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTHFUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T.ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T.ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWEPRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T.Rowe Price Institutional Large-Cap Value Fund T. RowePrice Institutional Small-Cap Stock Fund T. Rowe PriceInstitutional Mid-Cap Equity Growth Fund T. Rowe PriceInstitutional Large-Cap Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional High Yield Fund

T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Stock Fund T. Rowe Price European StockFund T. Rowe Price New Asia Fund T.Rowe Price Global Bond Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price Global StockFund T. Rowe Price International Growth & IncomeFund T. Rowe Price Emerging Europe & MediterraneanFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTHFUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T.ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWEPRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWEPRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Money Fund Maryland Tax-Free Bond Fund Maryland Short-Term Tax-Free Bond Fund NewYork Tax-Free Bond Fund New York Tax-Free Money Fund New Jersey Tax-Free Bond Fund VirginiaTax-Free Bond Fund Florida Intermediate Tax-Free Fund Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Balanced Fund

 T. Rowe Price Tax-Efficient Growth Fund T. Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWEPRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWEPRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. TreasuryIntermediate Fund U.S. Treasury Long-Term Fund U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS,INC. T. Rowe Price Summit Cash Reserves Fund T. Rowe Price Summit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPALFUNDS, INC. T. Rowe Price Summit Municipal Money MarketFund T. Rowe Price Summit Municipal Intermediate Fund T. Rowe Price Summit Municipal Income Fund

T. ROWEPRICE VALUE FUND, INC.

|                                     |
|------------------------------------------|
|                                     |
| /s/Henry H. Hopkins                      |
| By:_____________________________________ |
| Henry H. Hopkins, Vice President         |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Ronald E. Logue                      |
| By:_____________________________________ |
| RonaldE. Logue, Vice Chairman            |
|                                     |
|                                     |

AMENDMENTNO. 10TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, and April 24, 2002 between State StreetBank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended,as of July 24, 2002, by adding thereto T. Rowe Price Inflation Protected Bond Fund, Inc.; T. RowePrice Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional Emerging MarketsEquity Fund; T. Rowe Price Retirement Funds, Inc., on behalf of T. Rowe Price Retirement 2010 Fund, T.Rowe Price Retirement 2020 Fund, T. Rowe Price Retirement 2030 Fund, and T. Rowe Price Retirement 2040Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T.ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T.ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe Price Institutional Large-Cap Value Fund T.Rowe Price Institutional Small-Cap Stock Fund T. RowePrice Institutional Mid-Cap Equity Growth Fund T. RowePrice Institutional Large-Cap Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional High Yield Fund

T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Stock Fund T. Rowe Price European StockFund T. Rowe Price New Asia Fund T.Rowe Price Global Bond Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price Global StockFund T. Rowe Price International Growth & IncomeFund T. Rowe Price Emerging Europe & MediterraneanFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONSFUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUEFUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND,INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2010 Fund T. Rowe Price Retirement2020 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2040 Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Money Fund Maryland Tax-Free Bond Fund Maryland Short-Term Tax-Free Bond Fund NewYork Tax-Free Bond Fund New York Tax-Free Money Fund New Jersey Tax-Free Bond Fund VirginiaTax-Free Bond Fund Florida Intermediate Tax-Free Fund Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Balanced Fund T. Rowe Price Tax-Efficient Growth Fund T.Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

|                                      |
|-------------------------------------------|
|                                      |
| /s/HenryH. Hopkins                        |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 11TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, and July 24, 2002 betweenState Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby furtheramended, as of September 4, 2002, by adding thereto T. Rowe Price Retirement Funds, Inc., on behalf ofT. Rowe Price Retirement Income Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWEPRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T.ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T.ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWEPRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Large-Cap Value Fund T. Rowe Price InstitutionalSmall-Cap Stock Fund T. Rowe Price Institutional Mid-CapEquity Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC. T. Rowe Price Institutional Emerging Markets EquityFund T. Rowe Price Institutional Foreign Equity Fund

T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceInternational Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund T.Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund

T. ROWEPRICE INTERNATIONAL SERIES, INC. T. Rowe Price InternationalStock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWEPRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWEPRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONSFUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2010 Fund T. Rowe Price Retirement2020 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWEPRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWEPRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Money Fund Maryland Tax-Free Bond Fund Maryland Short-Term Tax-Free Bond Fund

 New York Tax-Free Bond Fund New York Tax-Free Money Fund NewJersey Tax-Free Bond Fund Virginia Tax-Free Bond Fund Florida Intermediate Tax-Free Fund GeorgiaTax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Balanced Fund T. Rowe PriceTax-Efficient Growth Fund T. Rowe Price Tax-EfficientMulti-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWEPRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

|                                      |
|-------------------------------------------|
|                                      |
| /s/HenryH. Hopkins                        |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 12TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, andSeptember 4, 2002 between State Street Bank and Trust Company and each of the Parties listed on AppendixA thereto is hereby further amended, as of July 23, 2003, by adding thereto T. Rowe Price InstitutionalEquity Funds, Inc., on behalf of T. Rowe Price Institutional Large-Cap Core Growth Fund.

T. ROWEPRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T.ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWEPRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Large-Cap Value Fund T. Rowe Price InstitutionalSmall-Cap Stock Fund T. Rowe Price Institutional Mid-CapEquity Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap CoreGrowth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC. T. Rowe Price Institutional Emerging Markets EquityFund T. Rowe Price Institutional Foreign Equity Fund

T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceInternational Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund T.Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund

T. ROWEPRICE INTERNATIONAL SERIES, INC. T. Rowe Price InternationalStock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWEPRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWEPRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONSFUNDS, INC.

T. ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2010 Fund T. Rowe Price Retirement2020 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWEPRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWEPRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Money Fund Maryland Tax-Free Bond Fund

 Maryland Short-Term Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund New Jersey Tax-Free Bond Fund Virginia Tax-Free Bond Fund FloridaIntermediate Tax-Free Fund Georgia Tax-Free Bond Fund

T.ROWE PRICE TAX-EFFICIENT FUNDS, INC. T. Rowe PriceTax-Efficient Balanced Fund T. Rowe Price Tax-EfficientGrowth Fund T. Rowe Price Tax-Efficient Multi-Cap GrowthFund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWEPRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

|                                      |
|-------------------------------------------|
|                                      |
| /s/HenryH. Hopkins                        |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 13TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, and July 23, 2003 between State Street Bank and Trust Company and each of the Parties listedon Appendix A thereto is hereby further amended, as of October 22, 2003, by adding thereto T. RowePrice Diversified Mid-Cap Growth Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWEPRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T.ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOMEFUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T.ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe Price Institutional Large-Cap Value Fund T.Rowe Price Institutional Small-Cap Stock Fund T. RowePrice Institutional Mid-Cap Equity Growth Fund T. RowePrice Institutional Large-Cap Growth Fund T. Rowe PriceInstitutional Large-Cap Core Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional High Yield Fund

T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Foreign Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Stock Fund T. Rowe Price European StockFund T. Rowe Price New Asia Fund T.Rowe Price Global Bond Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price Global StockFund T. Rowe Price International Growth & IncomeFund T. Rowe Price Emerging Europe & MediterraneanFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONSFUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUEFUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND,INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2010 Fund T. Rowe Price Retirement2020 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWEPRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWEPRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Money Fund Maryland Tax-Free Bond Fund Maryland Short-Term Tax-Free Bond Fund NewYork Tax-Free Bond Fund New York Tax-Free Money Fund New Jersey Tax-Free Bond Fund VirginiaTax-Free Bond Fund Florida Intermediate Tax-Free Fund Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Balanced Fund T. Rowe Price Tax-Efficient Growth Fund T.Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

 

|                                      |
|-------------------------------------------|
|                                      |
| /s/Henry H. Hopkins                       |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 14TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, and October22, 2003 between State Street Bank and Trust Company and each of theParties listed on Appendix A thereto is hereby further amended, as of February 4, 2004, by adding theretoT. Rowe Price Retirement Funds, Inc., on behalf of T. Rowe Price Retirement 2005 Fund, T. Rowe PriceRetirement 2015 Fund, T. Rowe Price Retirement 2025 Fund, and T. Rowe Price Retirement 2035 Fund.

T.ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOMEFUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWEPRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCKFUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND,INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Large-Cap Value Fund T. Rowe Price InstitutionalSmall-Cap Stock Fund T. Rowe Price Institutional Mid-CapEquity Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap CoreGrowth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC. T. Rowe Price Institutional Emerging Markets EquityFund T. Rowe Price Institutional Foreign Equity Fund

T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceInternational Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund T.Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWEPRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund

T. ROWEPRICE STATE TAX-FREE INCOME TRUST Maryland Tax-FreeMoney Fund Maryland Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund New York Tax-Free BondFund New York Tax-Free Money Fund NewJersey Tax-Free Bond Fund Virginia Tax-Free Bond Fund Florida Intermediate Tax-Free Fund GeorgiaTax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Balanced Fund T. Rowe PriceTax-Efficient Growth Fund T. Rowe Price Tax-EfficientMulti-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWEPRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

 

|                                      |
|-------------------------------------------|
|                                      |
| /s/HenryH. Hopkins                        |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 15TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, and February 4, 2004 between State Street Bank and Trust Companyand each of the Parties listed on Appendix A thereto is hereby further amended, as of September 20, 2004by adding thereto T. Rowe Price Institutional Income Funds, Inc., on behalf of T. Rowe Price InstitutionalCore Plus Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T.ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOMEFUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T.ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe Price Institutional Large-Cap Value Fund T.Rowe Price Institutional Small-Cap Stock Fund T. RowePrice Institutional Mid-Cap Equity Growth Fund T. RowePrice Institutional Large-Cap Growth Fund T. Rowe PriceInstitutional Large-Cap Core Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional Core Plus Fund T.Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC. T. Rowe Price Institutional Emerging Markets EquityFund T. Rowe Price Institutional Foreign Equity Fund

T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceInternational Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund T.Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWEPRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWEPRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Money Fund Maryland Tax-Free Bond Fund Maryland Short-Term Tax-Free Bond Fund NewYork Tax-Free Bond Fund New York Tax-Free Money Fund New Jersey Tax-Free Bond Fund VirginiaTax-Free Bond Fund Florida Intermediate Tax-Free Fund Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Balanced Fund T. Rowe Price Tax-Efficient Growth Fund T.Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

|                                      |
|-------------------------------------------|
|                                      |
| /s/Henry H. Hopkins                       |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 16TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, and September 20, 2004 between State StreetBank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended,as of March 2, 2005 by adding thereto T. Rowe Price Retirement Funds, Inc., on behalf of T. RowePrice Retirement 2045 Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTHFUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T.ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOMEFUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T.ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe Price Institutional Large-Cap Value Fund T.Rowe Price Institutional Small-Cap Stock Fund T. RowePrice Institutional Mid-Cap Equity Growth Fund T. RowePrice Institutional Large-Cap Growth Fund T. Rowe PriceInstitutional Large-Cap Core Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional Core Plus Fund T.Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC. T. Rowe Price Institutional Emerging Markets EquityFund T. Rowe Price Institutional Foreign Equity Fund

T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceInternational Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Stock Fund T. Rowe Price European Stock Fund T.Rowe Price New Asia Fund T. Rowe Price Global BondFund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund T.Rowe Price Emerging Europe & Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price RetirementIncome Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BONDFUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund

T. ROWEPRICE STATE TAX-FREE INCOME TRUST Maryland Tax-FreeMoney Fund Maryland Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund New York Tax-Free BondFund New York Tax-Free Money Fund NewJersey Tax-Free Bond Fund Virginia Tax-Free Bond Fund Florida Intermediate Tax-Free Fund GeorgiaTax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Balanced Fund T. Rowe PriceTax-Efficient Growth Fund T. Rowe Price Tax-EfficientMulti-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWEPRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

 

|                                      |
|-------------------------------------------|
|                                      |
| /s/HenryH. Hopkins                        |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 17TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, and March 2, 2005 betweenState Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby furtheramended, as of April 19, 2006 by adding thereto T. Rowe Price Institutional International Funds,Inc., on behalf of T. Rowe Price Institutional Global Equity Fund.

T. ROWE PRICE BALANCED FUND,INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREEINCOME TRUST California Tax-Free Bond Fund California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATIONFUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOMEFUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAPGROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWEPRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWEPRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-Term Bond Portfolio T.Rowe Price Prime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T.ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe Price Institutional Large-Cap Value Fund T.Rowe Price Institutional Small-Cap Stock Fund T. RowePrice Institutional Mid-Cap Equity Growth Fund T. RowePrice Institutional Large-Cap Growth Fund T. Rowe PriceInstitutional Large-Cap Core Growth Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional Core Plus Fund T.Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC. T. Rowe Price Institutional Emerging Markets EquityFund T. Rowe Price Institutional Foreign Equity Fund T. Rowe Price Institutional Global Equity Fund

T. ROWEPRICE INTERNATIONAL FUNDS, INC. T. Rowe Price InternationalBond Fund T. Rowe Price International Discovery Fund T. Rowe Price International Stock Fund T.Rowe Price European Stock Fund T. Rowe Price New AsiaFund T. Rowe Price Global Bond Fund T.Rowe Price Japan Fund T. Rowe Price Latin America Fund T. Rowe Price Emerging Markets Bond Fund T.Rowe Price Emerging Markets Stock Fund T. Rowe PriceGlobal Stock Fund T. Rowe Price International Growth& Income Fund T. Rowe Price Emerging Europe &Mediterranean Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price RetirementIncome Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BONDFUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund

T. ROWEPRICE STATE TAX-FREE INCOME TRUST Maryland Tax-FreeMoney Fund Maryland Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund New York Tax-Free BondFund New York Tax-Free Money Fund NewJersey Tax-Free Bond Fund Virginia Tax-Free Bond Fund Florida Intermediate Tax-Free Fund GeorgiaTax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Balanced Fund T. Rowe PriceTax-Efficient Growth Fund T. Rowe Price Tax-EfficientMulti-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWEPRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

 

|                                      |
|-------------------------------------------|
|                                      |
| /s/HenryH. Hopkins                        |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 18TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, and April 19,2006 between State Street Bank and Trust Company and each of the Parties listed on Appendix A theretois hereby further amended, as of July 19, 2006 by adding thereto T. Rowe Price Short- Term Income Fund,Inc. and T. Rowe Price Institutional Equity Funds, Inc., on behalf of T. Rowe Price Institutional ConcentratedLarge- Cap Value Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTHFUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T.ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOMEFUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWEPRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCKFUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND,INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Large-Cap Value Fund T. Rowe Price InstitutionalSmall-Cap Stock Fund T. Rowe Price Institutional Mid-CapEquity Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap CoreGrowth Fund T. Rowe Price Institutional ConcentratedLarge-Cap Value

    Fund

T. ROWE PRICE INSTITUTIONALINCOME FUNDS, INC. T. Rowe Price Institutional CorePlus Fund T. Rowe Price Institutional High Yield Fund

T.ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Foreign Equity Fund T. RowePrice Institutional Global Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Stock Fund T. Rowe Price European StockFund T. Rowe Price New Asia Fund T.Rowe Price Global Bond Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Stock Fund

 T. Rowe Price Global Stock Fund T. Rowe Price International Growth & Income Fund T. Rowe Price Emerging Europe & Mediterranean Fund

T.ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe PriceInternational Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONSFUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUEFUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND,INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price RetirementIncome Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOMEFUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUEFUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Money Fund Maryland Tax-Free Bond Fund Maryland Short-Term Tax-Free Bond Fund NewYork Tax-Free Bond Fund New York Tax-Free Money Fund New Jersey Tax-Free Bond Fund VirginiaTax-Free Bond Fund Florida Intermediate Tax-Free Fund Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Balanced Fund T. Rowe Price Tax-Efficient Growth Fund T.Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

 

|                                      |
|-------------------------------------------|
|                                      |
| /s/Henry H. Hopkins                       |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 19TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, and July 19, 2006 between State Street Bank and Trust Company and each of the Parties listed onAppendix A thereto is hereby further amended, as of October 18, 2006 by adding thereto T. Rowe PriceInstitutional International Funds, Inc., on behalf of T. Rowe Price Institutional Emerging Markets BondFund, T. Rowe Price International Funds, Inc., on behalf of T. Rowe Price Overseas Stock Fund and T.Rowe Price Retirement Funds, Inc., on behalf of T. Rowe Price Retirement 2050 Fund and T. Rowe PriceRetirement 2055 Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTHFUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T.ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOMEFUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWEPRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCKFUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND,INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Large-Cap Value Fund T. Rowe Price InstitutionalSmall-Cap Stock Fund T. Rowe Price Institutional Mid-CapEquity Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap CoreGrowth Fund T. Rowe Price Institutional ConcentratedLarge-Cap Value

    Fund

T. ROWE PRICE INSTITUTIONALINCOME FUNDS, INC. T. Rowe Price Institutional CorePlus Fund T. Rowe Price Institutional High Yield Fund

T.ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Foreign Equity Fund T. RowePrice Institutional Global Equity Fund

 T.Rowe Price Institutional Emerging Markets Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Stock Fund T. Rowe Price European StockFund T. Rowe Price New Asia Fund T.Rowe Price Global Bond Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price Emerging Markets Bond Fund

 T. Rowe Price Emerging Markets StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Growth & Income Fund T.Rowe Price Emerging Europe & Mediterranean Fund T.Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Reserve Investment Fund T. Rowe Price GovernmentReserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund

 T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST MarylandTax-Free Money Fund Maryland Tax-Free Bond Fund Maryland Short-Term Tax-Free Bond Fund NewYork Tax-Free Bond Fund New York Tax-Free Money Fund New Jersey Tax-Free Bond Fund VirginiaTax-Free Bond Fund Florida Intermediate Tax-Free Fund Georgia Tax-Free Bond Fund

T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Balanced Fund T. Rowe Price Tax-Efficient Growth Fund T.Rowe Price Tax-Efficient Multi-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND,INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Money Market Fund T. RowePrice Summit Municipal Intermediate Fund T. Rowe PriceSummit Municipal Income Fund

T. ROWE PRICE VALUE FUND, INC.

 

|                                      |
|-------------------------------------------|
|                                      |
| /s/Henry H. Hopkins                       |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 20TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, and October 18, 2006 between State Street Bank and Trust Company and each of theParties listed on Appendix A thereto is hereby further amended, as of April 24, 2007 by adding theretoT. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional InternationalBond Fund; and by removing Florida Intermediate Tax-Free Fund and T. Rowe Price Tax-Free IntermediateBond, Inc. which were merged into the T. Rowe Price Summit Municipal Intermediate Fund on November 13,2006.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIPGROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T.ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOMEFUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWEPRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCKFUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND,INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Concentrated Large-Cap Value

   Fund T. Rowe Price Institutional Large-Cap Core GrowthFund T. Rowe Price Institutional Large-Cap Growth Fund T. Rowe Price Institutional Large-Cap Value Fund T.Rowe Price Institutional Mid-Cap Equity Growth Fund T.Rowe Price Institutional Small-Cap Stock Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional Core Plus Fund T.Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC. T. Rowe Price Institutional Emerging Markets BondFund T. Rowe Price Institutional Emerging Markets EquityFund T. Rowe Price Institutional Foreign Equity Fund T. Rowe Price Institutional Global Equity Fund T.Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Emerging Markets Bond Fund T.Rowe Price Emerging Markets Stock Fund T. Rowe PriceEmerging Europe & Mediterranean Fund T. Rowe PriceEuropean Stock Fund T. Rowe Price Global Bond Fund T. Rowe Price Global Stock Fund T.Rowe Price International Bond Fund T. Rowe Price InternationalDiscovery Fund

 T. Rowe Price International Growth &Income Fund T. Rowe Price International Stock Fund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price New AsiaFund T. Rowe Price Overseas Stock Fund

T. ROWEPRICE INTERNATIONAL INDEX FUND, INC. T. Rowe PriceInternational Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONSFUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUEFUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND,INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund

 T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE TAX-EFFICIENT FUNDS, INC. T. Rowe PriceTax-Efficient Balanced Fund T. Rowe Price Tax-EfficientGrowth Fund T. Rowe Price Tax-Efficient Multi-Cap GrowthFund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S.Treasury Intermediate Fund U.S. Treasury Long-TermFund U.S. Treasury Money Fund

T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund T. Rowe Price Summit GNMA Fund

T.ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe PriceSummit Municipal Income Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal MoneyMarket Fund

T. ROWE PRICE VALUE FUND, INC.

 

|                                      |
|-------------------------------------------|
|                                      |
| /s/Henry H. Hopkins                       |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 21TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, and April 24, 2007 between State Street Bank and Trust Companyand each of the Parties listed on Appendix A thereto is hereby further amended, as of June 12, 2007,by adding thereto T. Rowe Price International Funds, Inc., on behalf of T. Rowe Price Africa& Middle East Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTHFUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T.ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOMEFUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWEPRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCKFUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND,INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Concentrated Large-Cap Value

   Fund T. Rowe Price Institutional Large-Cap Core GrowthFund T. Rowe Price Institutional Large-Cap Growth Fund T. Rowe Price Institutional Large-Cap Value Fund T.Rowe Price Institutional Mid-Cap Equity Growth Fund T.Rowe Price Institutional Small-Cap Stock Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional Core Plus Fund T.Rowe Price Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC. T. Rowe Price Institutional Emerging Markets BondFund T. Rowe Price Institutional Emerging Markets EquityFund T. Rowe Price Institutional Foreign Equity Fund T. Rowe Price Institutional Global Equity Fund T.Rowe Price Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa & Middle East Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EmergingEurope & Mediterranean Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Bond Fund T. Rowe Price Global Stock Fund T.Rowe Price International Bond Fund

 T. Rowe Price International DiscoveryFund T. Rowe Price International Growth & IncomeFund T. Rowe Price International Stock Fund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price New AsiaFund T. Rowe Price Overseas Stock Fund

T. ROWEPRICE INTERNATIONAL INDEX FUND, INC. T. Rowe PriceInternational Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONSFUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUEFUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND,INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund

 T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWEPRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWEPRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWEPRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE TAX-EFFICIENT FUNDS, INC. T. Rowe PriceTax-Efficient Balanced Fund T. Rowe Price Tax-EfficientGrowth Fund T. Rowe Price Tax-Efficient Multi-Cap GrowthFund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. TreasuryIntermediate Fund U.S. Treasury Long-Term Fund U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE VALUE FUND, INC.

 

|                                      |
|-------------------------------------------|
|                                      |
| /s/Henry H. Hopkins                       |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 22TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, and June 12, 2007 between State Street Bankand Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, asof July 24, 2007, by adding thereto T. Rowe Price Institutional Equity Funds, Inc., on behalf ofT. Rowe Price Institutional U.S. Structured Research Fund.

T. ROWE PRICE BALANCED FUND,INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREEINCOME TRUST California Tax-Free Bond Fund California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATIONFUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOMEFUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAPGROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWEPRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWEPRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWEPRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCKFUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND,INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Concentrated Large-Cap Value

   Fund T. Rowe Price Institutional Large-Cap Core GrowthFund T. Rowe Price Institutional Large-Cap Growth Fund T. Rowe Price Institutional Large-Cap Value Fund T.Rowe Price Institutional Mid-Cap Equity Growth Fund T.Rowe Price Institutional Small-Cap Stock Fund

 T.Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONALINCOME FUNDS, INC. T. Rowe Price Institutional CorePlus Fund T. Rowe Price Institutional High Yield Fund

T.ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Foreign Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa & Middle East Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EmergingEurope & Mediterranean Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Bond Fund T. Rowe Price Global Stock Fund

 T. Rowe Price International Bond Fund T. Rowe Price International Discovery Fund T.Rowe Price International Growth & Income Fund T.Rowe Price International Stock Fund T. Rowe Price JapanFund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund

 T. Rowe Price Retirement 2045 Fund T. Rowe Price Retirement 2050 Fund T.Rowe Price Retirement 2055 Fund T. Rowe Price RetirementIncome Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BONDFUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCKFUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund

T. ROWEPRICE STATE TAX-FREE INCOME TRUST Georgia Tax-FreeBond Fund Maryland Short-Term Tax-Free Bond Fund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE TAX-EFFICIENT FUNDS, INC. T. Rowe PriceTax-Efficient Balanced Fund T. Rowe Price Tax-EfficientGrowth Fund T. Rowe Price Tax-Efficient Multi-Cap GrowthFund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. TreasuryIntermediate Fund U.S. Treasury Long-Term Fund U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE VALUE FUND, INC.

 

 

|                                       |
|--------------------------------------------|
|                                       |
| /s/Henry H. Hopkins                        |
| By:_____________________________________   |
| HenryH. Hopkins, Vice President            |
|                                       |
|                                       |
| STATE STREETBANK AND TRUST COMPANY         |
|                                       |
| /s/ Joseph L. Hooley                       |
| By:_____________________________________   |
| Joseph L. Hooley, Executive Vice President |
|                                       |
|                                       |

AMENDMENTNO. 23TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, and July 24, 2007 betweenState Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby furtheramended, as of October 23, 2007, by adding thereto T. Rowe Price Institutional Income Funds, Inc.,on behalf of T. Rowe Price Institutional Floating Rate Fund.

T. ROWE PRICE BALANCED FUND,INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREEINCOME TRUST California Tax-Free Bond Fund California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATIONFUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOMEFUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAPGROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWEPRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWEPRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWEPRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCKFUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND,INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Concentrated Large-Cap Value

   Fund T. Rowe Price Institutional Large-Cap Core GrowthFund T. Rowe Price Institutional Large-Cap Growth Fund T. Rowe Price Institutional Large-Cap Value Fund T.Rowe Price Institutional Mid-Cap Equity Growth Fund T.Rowe Price Institutional Small-Cap Stock Fund

 T.Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONALINCOME FUNDS, INC. T. Rowe Price Institutional CorePlus Fund T. Rowe Price Institutional Floating RateFund T. Rowe Price Institutional High Yield Fund

T.ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Foreign Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa & Middle East Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EmergingEurope & Mediterranean Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Bond Fund

 T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund

 T. Rowe Price Retirement 2040 Fund T. Rowe Price Retirement 2045 Fund T.Rowe Price Retirement 2050 Fund T. Rowe Price Retirement2055 Fund T. Rowe Price Retirement Income Fund

T.ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE TAX-EFFICIENT FUNDS, INC. T. Rowe PriceTax-Efficient Balanced Fund T. Rowe Price Tax-EfficientGrowth Fund T. Rowe Price Tax-Efficient Multi-Cap GrowthFund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S.Treasury Intermediate Fund U.S. Treasury Long-TermFund U.S. Treasury Money Fund

T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund T. Rowe Price Summit GNMA Fund

T.ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe PriceSummit Municipal Income Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal MoneyMarket Fund

T. ROWE PRICE VALUE FUND, INC.

|                                      |
|-------------------------------------------|
|                                      |
| /s/HenryH. Hopkins                        |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 24TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, and October 23,2007 between State Street Bank and Trust Company and each of the Parties listed on Appendix A theretois hereby further amended, as of February 6, 2008, by adding thereto T. Rowe Price InstitutionalInternational Funds, Inc., on behalf of T. Rowe Price Institutional Africa & Middle East Fund.

T.ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOMEFUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWEPRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCKFUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND,INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Concentrated Large-Cap Value

   Fund T. Rowe Price Institutional Large-Cap Core GrowthFund T. Rowe Price Institutional Large-Cap Growth Fund T. Rowe Price Institutional Large-Cap Value Fund T.Rowe Price Institutional Mid-Cap Equity Growth Fund T.Rowe Price Institutional Small-Cap Stock Fund

 T.Rowe Price Institutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONALINCOME FUNDS, INC. T. Rowe Price Institutional CorePlus Fund T. Rowe Price Institutional Floating RateFund T. Rowe Price Institutional High Yield Fund

T.ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Africa & Middle East Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Foreign Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa & Middle East Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EmergingEurope & Mediterranean Fund T. Rowe Price EuropeanStock Fund

 T. Rowe Price Global Bond Fund T. Rowe Price Global Stock Fund T.Rowe Price International Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Growth &Income Fund T. Rowe Price International Stock Fund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price New AsiaFund T. Rowe Price Overseas Stock Fund

T. ROWEPRICE INTERNATIONAL INDEX FUND, INC. T. Rowe PriceInternational Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONSFUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUEFUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND,INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund

 T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE TAX-EFFICIENT FUNDS, INC. T. Rowe PriceTax-Efficient Balanced Fund T. Rowe Price Tax-EfficientGrowth Fund T. Rowe Price Tax-Efficient Multi-Cap GrowthFund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. TreasuryIntermediate Fund U.S. Treasury Long-Term Fund U.S. Treasury Money Fund

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE VALUE FUND, INC.

 

|                                      |
|-------------------------------------------|
|                                      |
| /s/Henry H. Hopkins                       |
| By:_____________________________________  |
| Henry H. Hopkins, Vice President          |
|                                      |
|                                      |
| STATE STREET BANK AND TRUST COMPANY       |
|                                      |
| /s/ Joseph L. Hooley                      |
| By:_____________________________________  |
| JosephL. Hooley, Executive Vice President |
|                                      |
|                                      |

AMENDMENTNO. 25TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, and February 6, 2008 between State Street Bank and Trust Company and each of the Parties listedon Appendix A thereto is hereby further amended, as of July 22, 2008, by adding thereto T. RowePrice Global Real Estate Fund, Inc., T. Rowe Price Institutional International Funds, Inc., on behalfof T. Rowe Price Institutional Global Large-Cap Equity Fund, and T. Rowe Price InternationalFunds, Inc., on behalf of T. Rowe Price Global Large-Cap Stock Fund.

T. ROWEPRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOMEFUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH &INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe Price Institutional Concentrated Large-Cap Value

    Fund T.Rowe Price Institutional Large-Cap Core Growth Fund T.Rowe Price Institutional Large-Cap Growth Fund T. RowePrice Institutional Large-Cap Value Fund T. Rowe PriceInstitutional Mid-Cap Equity Growth Fund T. Rowe PriceInstitutional Small-Cap Stock Fund T. Rowe Price InstitutionalU.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Africa & Middle East Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Foreign Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional Global Large-Cap Equity Fund T. RowePrice Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa & Middle East Fund T.Rowe Price Emerging Markets Bond Fund

 T. Rowe Price Emerging Markets StockFund T. Rowe Price Emerging Europe & MediterraneanFund T. Rowe Price European Stock Fund T.Rowe Price Global Bond Fund T. Rowe Price Global Large-CapStock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund

 T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE TAX-EFFICIENT FUNDS, INC. T. Rowe PriceTax-Efficient Balanced Fund T. Rowe Price Tax-EfficientGrowth Fund T. Rowe Price Tax-Efficient Multi-Cap GrowthFund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S.Treasury Intermediate Fund U.S. Treasury Long-TermFund U.S. Treasury Money Fund

T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund T. Rowe Price Summit GNMA Fund

T.ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe PriceSummit Municipal Income Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal MoneyMarket Fund

T. ROWE PRICE VALUE FUND, INC.

|                                     |
|------------------------------------------|
|                                     |
| /s/ DavidOestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Joseph C. Antonellis                 |
| By:_____________________________________ |
| JosephC. Antonellis, Vice Chairman       |
|                                     |
|                                     |

AMENDMENTNO. 26TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, and July 22, 2008 between State Street Bank and Trust Company and each ofthe Parties listed on Appendix A thereto is hereby further amended, as of October 21, 2008, by addingthereto T. Rowe Price Strategic Income Fund, Inc.

T. ROWE PRICE BALANCED FUND,INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREEINCOME TRUST California Tax-Free Bond Fund California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATIONFUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOMEFUND, INC.

T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAPGROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWEPRICE DIVIDEND GROWTH FUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio

T. ROWEPRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH &INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe Price Institutional Concentrated Large-Cap Value

    Fund T.Rowe Price Institutional Large-Cap Core Growth Fund T.Rowe Price Institutional Large-Cap Growth Fund T. RowePrice Institutional Large-Cap Value Fund T. Rowe PriceInstitutional Mid-Cap Equity Growth Fund T. Rowe PriceInstitutional Small-Cap Stock Fund T. Rowe Price InstitutionalU.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Africa & Middle East Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Foreign Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional Global Large-Cap Equity Fund T. RowePrice Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa & Middle East Fund T.Rowe Price Emerging Markets Bond Fund

 T. Rowe Price Emerging Markets StockFund T. Rowe Price Emerging Europe & MediterraneanFund T. Rowe Price European Stock Fund T.Rowe Price Global Bond Fund T. Rowe Price Global Large-CapStock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund

 T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Balanced Fund T. Rowe PriceTax-Efficient Growth Fund T. Rowe Price Tax-EfficientMulti-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWEPRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. TreasuryIntermediate Fund U.S. Treasury Long-Term Fund U.S. Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

 

|                                     |
|------------------------------------------|
|                                     |
| /s/ David Oestreicher                    |
| By:_____________________________________ |
| DavidOestreicher, Vice President         |
|                                     |
|                                     |
| STATE STREETBANK AND TRUST COMPANY       |
|                                     |
| /s/ Joseph C. Antonellis                 |
| By:_____________________________________ |
| Joseph C. Antonellis, Vice Chairman      |
|                                     |
|                                     |

AMENDMENTNO. 27TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, and October 21, 2008 between State Street Bank and TrustCompany and each of the Parties listed on Appendix A thereto is hereby further amended, as of April 22,2009, by adding thereto T. Rowe Price U.S. Large-Cap Core Fund, Inc., by removing T. Rowe PriceDeveloping Technologies Fund, Inc. which merged into the T. Rowe Price Science & Technology Fundon November 17, 2008, and by removing T. Rowe Price Institutional Concentrated Large-Cap Value Fund whichwas liquidated on March 19, 2009.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTHFUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTHFUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH &INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe Price Institutional Large-Cap Core Growth Fund T. Rowe Price Institutional Large-Cap Growth Fund T.Rowe Price Institutional Large-Cap Value Fund T. RowePrice Institutional Mid-Cap Equity Growth Fund T. RowePrice Institutional Small-Cap Stock Fund T. Rowe PriceInstitutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional Core Plus Fund T.Rowe Price Institutional Floating Rate Fund T. RowePrice Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC. T. Rowe Price Institutional Africa & MiddleEast Fund T. Rowe Price Institutional Emerging MarketsBond Fund T. Rowe Price Institutional Emerging MarketsEquity Fund T. Rowe Price Institutional Foreign EquityFund T. Rowe Price Institutional Global Equity Fund T. Rowe Price Institutional Global Large-Cap Equity Fund T. Rowe Price Institutional International Bond Fund

T. ROWEPRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa& Middle East Fund T. Rowe Price Emerging MarketsBond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Emerging Europe & Mediterranean Fund

 T. Rowe Price European Stock Fund T. Rowe Price Global Bond Fund T.Rowe Price Global Large-Cap Stock Fund T. Rowe PriceGlobal Stock Fund T. Rowe Price International BondFund T. Rowe Price International Discovery Fund T. Rowe Price International Growth & Income Fund T. Rowe Price International Stock Fund T.Rowe Price Japan Fund T. Rowe Price Latin America Fund T. Rowe Price New Asia Fund T.Rowe Price Overseas Stock Fund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund

 T. Rowe Price Retirement 2025 Fund T. Rowe Price Retirement 2030 Fund T.Rowe Price Retirement 2035 Fund T. Rowe Price Retirement2040 Fund T. Rowe Price Retirement 2045 Fund T. Rowe Price Retirement 2050 Fund T.Rowe Price Retirement 2055 Fund T. Rowe Price RetirementIncome Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BONDFUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCKFUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund

T. ROWEPRICE STATE TAX-FREE INCOME TRUST Georgia Tax-FreeBond Fund Maryland Short-Term Tax-Free Bond Fund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Balanced Fund T. Rowe PriceTax-Efficient Growth Fund T. Rowe Price Tax-EfficientMulti-Cap Growth Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOMEFUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEXFUND, INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

|                                     |
|------------------------------------------|
|                                     |
| /s/ DavidOestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Joseph C. Antonellis                 |
| By:_____________________________________ |
| JosephC. Antonellis, Vice Chairman       |
|                                     |
|                                     |

AMENDMENTNO. 28TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, and April 22, 2009 between State StreetBank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended,as of October 20, 2009, by adding thereto T. Rowe Price International Funds, Inc., on behalfof T. Rowe Price Global Infrastructure Fund, by removing T. Rowe Price Tax-Efficient BalancedFund which was merged into the T. Rowe Price Balanced Fund, Inc., on August 28, 2009; by removingT. Rowe Price Tax-Efficient Growth Fund which merged into the T. Rowe Price Tax-Efficient Multi-CapGrowth Fund on August 28, 2009, and by changing the name of the T. Rowe Price Tax-Efficient Multi-CapGrowth Fund to the T. Rowe Price Tax-Efficient Equity Fund.

T. ROWE PRICE BALANCED FUND,INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREEINCOME TRUST California Tax-Free Bond Fund California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATIONFUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOMEFUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAPGROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWEPRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOMESERIES, INC. T. Rowe Price Limited-Term Bond Portfolio T. Rowe Price Prime Reserve Portfolio

T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T.ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWEPRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWEPRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Large-Cap Core Growth Fund T. Rowe PriceInstitutional Large-Cap Growth Fund T. Rowe Price InstitutionalLarge-Cap Value Fund T. Rowe Price Institutional Mid-CapEquity Growth Fund T. Rowe Price Institutional Small-CapStock Fund T. Rowe Price Institutional U.S. StructuredResearch Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Africa & Middle East Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Foreign Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional Global Large-Cap Equity Fund T. RowePrice Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa & Middle East Fund

 T. Rowe Price Emerging Markets Bond Fund T. Rowe Price Emerging Markets Stock Fund T.Rowe Price Emerging Europe & Mediterranean Fund T.Rowe Price European Stock Fund T. Rowe Price GlobalBond Fund T. Rowe Price Global InfrastructureFund T. Rowe Price Global Large-Cap Stock Fund T. Rowe Price Global Stock Fund T.Rowe Price International Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Growth &Income Fund T. Rowe Price International Stock Fund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price New AsiaFund T. Rowe Price Overseas Stock Fund

T. ROWEPRICE INTERNATIONAL INDEX FUND, INC. T. Rowe PriceInternational Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONSFUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUEFUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND,INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. Treasury Intermediate Fund U.S.Treasury Long-Term Fund U.S. Treasury Money Fund

T.ROWE PRICE VALUE FUND, INC.

|                                     |
|------------------------------------------|
|                                     |
| /s/ David Oestreicher                    |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Joseph C. Antonellis                 |
| By:_____________________________________ |
| JosephC. Antonellis, Vice Chairman       |
|                                     |
|                                     |

AMENDMENTNO. 29TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, and October20, 2009 between State Street Bank and Trust Company and each of the Parties listed on Appendix A theretois hereby further amended, as of February 10, 2010, by adding thereto T. Rowe Price Real AssetsFund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIPGROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTHFUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGYFUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T.ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWEPRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWEPRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe PriceInstitutional Large-Cap Core Growth Fund T. Rowe PriceInstitutional Large-Cap Growth Fund T. Rowe Price InstitutionalLarge-Cap Value Fund T. Rowe Price Institutional Mid-CapEquity Growth Fund T. Rowe Price Institutional Small-CapStock Fund T. Rowe Price Institutional U.S. StructuredResearch Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Africa & Middle East Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Foreign Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional Global Large-Cap Equity Fund T. RowePrice Institutional International Bond Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa & Middle East Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EmergingEurope & Mediterranean Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Bond Fund T. Rowe Price Global Infrastructure Fund

 T. Rowe Price Global Large-Cap StockFund T. Rowe Price Global Stock Fund T.Rowe Price International Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Growth &Income Fund T. Rowe Price International Stock Fund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price New AsiaFund T. Rowe Price Overseas Stock Fund

T. ROWEPRICE INTERNATIONAL INDEX FUND, INC. T. Rowe PriceInternational Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONSFUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUEFUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND,INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe PriceGovernment Reserve Investment Fund T. Rowe Price ReserveInvestment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund

 T. Rowe Price Retirement 2025 Fund T. Rowe Price Retirement 2030 Fund T.Rowe Price Retirement 2035 Fund T. Rowe Price Retirement2040 Fund T. Rowe Price Retirement 2045 Fund T. Rowe Price Retirement 2050 Fund T.Rowe Price Retirement 2055 Fund T. Rowe Price RetirementIncome Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BONDFUND, INC.

T. ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCKFUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund

T. ROWEPRICE STATE TAX-FREE INCOME TRUST Georgia Tax-FreeBond Fund Maryland Short-Term Tax-Free Bond Fund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S.Treasury Intermediate Fund U.S. Treasury Long-TermFund U.S. Treasury Money Fund

T. ROWEPRICE VALUE FUND, INC.

 

|                                     |
|------------------------------------------|
|                                     |
| /s/ DavidOestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Joseph C. Antonellis                 |
| By:_____________________________________ |
| JosephC. Antonellis, Vice Chairman       |
|                                     |
|                                     |

AMENDMENTNO. 30TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October20, 2009, and February 10, 2009 between State Street Bank and Trust Company and each of the Parties listedon Appendix A thereto is hereby further amended, as of April 29, 2010, by changing the name of the T.Rowe Price Institutional Foreign Equity Fund to the T. Rowe Price Institutional International GrowthEquity Fund.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTHFUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH &INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe Price Institutional Large-Cap Core Growth Fund T. Rowe Price Institutional Large-Cap Growth Fund T.Rowe Price Institutional Large-Cap Value Fund T. RowePrice Institutional Mid-Cap Equity Growth Fund T. RowePrice Institutional Small-Cap Stock Fund T. Rowe PriceInstitutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional Core Plus Fund T.Rowe Price Institutional Floating Rate Fund T. RowePrice Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC. T. Rowe Price Institutional Africa & MiddleEast Fund T. Rowe Price Institutional Emerging MarketsBond Fund T. Rowe Price Institutional Emerging MarketsEquity Fund T. Rowe Price Institutional Global EquityFund T. Rowe Price Institutional Global Large-Cap EquityFund T. Rowe Price Institutional International BondFund

 T. Rowe Price Institutional InternationalGrowth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T.Rowe Price Africa & Middle East Fund T. Rowe PriceEmerging Markets Bond Fund T. Rowe Price Emerging MarketsStock Fund T. Rowe Price Emerging Europe & MediterraneanFund T. Rowe Price European Stock Fund T.Rowe Price Global Bond Fund T. Rowe Price GlobalInfrastructure Fund T. Rowe Price Global Large-CapStock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SHORT-TERM INCOME FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. Treasury Intermediate Fund U.S.Treasury Long-Term Fund U.S. Treasury Money Fund

T.ROWE PRICE VALUE FUND, INC.

 

|                                     |
|------------------------------------------|
|                                     |
| /s/ DavidOestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Joseph C. Antonellis                 |
| By:_____________________________________ |
| JosephC. Antonellis, Vice Chairman       |
|                                     |
|                                     |

AMENDMENTNO. 31TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October20, 2009, February 10, 2009, and April 29, 2010 between State Street Bank and Trust Company and eachof the Parties listed on Appendix A thereto is hereby further amended, as of July 6, 2010, by changingthe name of the T. Rowe Price Short-Term Income Fund, Inc. to the T. Rowe Price Inflation FocusedBond Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTHFUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH &INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND,INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T.Rowe Price Institutional Large-Cap Core Growth Fund T.Rowe Price Institutional Large-Cap Growth Fund T. RowePrice Institutional Large-Cap Value Fund T. Rowe PriceInstitutional Mid-Cap Equity Growth Fund T. Rowe PriceInstitutional Small-Cap Stock Fund T. Rowe Price InstitutionalU.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Africa & Middle East Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Global Equity Fund T. RowePrice Institutional Global Large-Cap Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Growth Equity Fund

T. ROWE PRICE INTERNATIONALFUNDS, INC. T. Rowe Price Africa & Middle EastFund

 T. Rowe Price Emerging Markets Bond Fund T. Rowe Price Emerging Markets Stock Fund T.Rowe Price Emerging Europe & Mediterranean Fund T.Rowe Price European Stock Fund T. Rowe Price GlobalBond Fund T. Rowe Price Global InfrastructureFund T. Rowe Price Global Large-Cap Stock Fund T. Rowe Price Global Stock Fund T.Rowe Price International Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Growth &Income Fund T. Rowe Price International Stock Fund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price New AsiaFund T. Rowe Price Overseas Stock Fund

T. ROWEPRICE INTERNATIONAL INDEX FUND, INC. T. Rowe PriceInternational Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio

T. ROWE PRICE MEDIA & TELECOMMUNICATIONSFUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T. ROWE PRICE MID-CAP VALUEFUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWE PRICE NEW ERA FUND,INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWE PRICE NEW INCOME FUND,INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe PriceGovernment Reserve Investment Fund T. Rowe Price ReserveInvestment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T.ROWE PRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. Treasury Intermediate Fund U.S.Treasury Long-Term Fund U.S. Treasury Money Fund

T.ROWE PRICE VALUE FUND, INC.

 

|                                     |
|------------------------------------------|
|                                     |
| /s/ DavidOestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Joseph C. Antonellis                 |
| By:_____________________________________ |
| JosephC. Antonellis, Vice Chairman       |
|                                     |
|                                     |

AMENDMENTNO. 32TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October20, 2009, February 10, 2009, April 29, 2010, and July 6, 2010 between State Street Bank and TrustCompany and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 21,2010, by adding thereto T. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe PriceInstitutional Concentrated International Equity Fund.

T. ROWE PRICE BALANCED FUND,INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREEINCOME TRUST California Tax-Free Bond Fund California Tax-Free Money Fund

T. ROWE PRICE CAPITAL APPRECIATIONFUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWE PRICE CORPORATE INCOMEFUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAPGROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T. ROWEPRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH &INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND,INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T.Rowe Price Institutional Large-Cap Core Growth Fund T.Rowe Price Institutional Large-Cap Growth Fund T. RowePrice Institutional Large-Cap Value Fund T. Rowe PriceInstitutional Mid-Cap Equity Growth Fund T. Rowe PriceInstitutional Small-Cap Stock Fund T. Rowe Price InstitutionalU.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International   Equity Fund T. Rowe Price Institutional EmergingMarkets Bond Fund T. Rowe Price Institutional EmergingMarkets Equity Fund T. Rowe Price Institutional GlobalEquity Fund T. Rowe Price Institutional Global Large-CapEquity Fund T. Rowe Price Institutional InternationalBond Fund T. Rowe Price Institutional InternationalGrowth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T.Rowe Price Africa & Middle East Fund T. Rowe PriceEmerging Markets Bond Fund T. Rowe Price Emerging MarketsStock Fund T. Rowe Price Emerging Europe & MediterraneanFund T. Rowe Price European Stock Fund T.Rowe Price Global Bond Fund T. Rowe Price GlobalInfrastructure Fund T. Rowe Price Global Large-CapStock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T.ROWE PRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. Treasury Intermediate Fund U.S.Treasury Long-Term Fund U.S. Treasury Money Fund

T.ROWE PRICE VALUE FUND, INC.

 

|                                     |
|------------------------------------------|
|                                     |
| /s/ DavidOestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |
|                                     |
| STATE STREET BANK AND TRUST COMPANY      |
|                                     |
| /s/ Joseph C. Antonellis                 |
| By:_____________________________________ |
| JosephC. Antonellis, Vice Chairman       |
|                                     |
|                                     |

AMENDMENTNO. 33TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002,September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005,April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007,October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, and July 21, 2010 betweenState Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby furtheramended, as of October 21, 2010, by adding thereto T. Rowe Price Institutional International Funds,Inc., on behalf of T. Rowe Price Institutional International Core Equity Fund.

T. ROWEPRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH &INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND,INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T.Rowe Price Institutional Large-Cap Core Growth Fund T.Rowe Price Institutional Large-Cap Growth Fund T. RowePrice Institutional Large-Cap Value Fund T. Rowe PriceInstitutional Mid-Cap Equity Growth Fund T. Rowe PriceInstitutional Small-Cap Stock Fund T. Rowe Price InstitutionalU.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International   Equity Fund T. Rowe Price Institutional EmergingMarkets Bond Fund T. Rowe Price Institutional EmergingMarkets Equity Fund T. Rowe Price Institutional GlobalEquity Fund T. Rowe Price Institutional Global Large-CapEquity Fund T. Rowe Price Institutional InternationalBond Fund T. Rowe Price Institutional InternationalCore Equity Fund

 T. Rowe Price InstitutionalInternational Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T.Rowe Price Africa & Middle East Fund T. Rowe PriceEmerging Markets Bond Fund T. Rowe Price Emerging MarketsStock Fund T. Rowe Price Emerging Europe & MediterraneanFund T. Rowe Price European Stock Fund T.Rowe Price Global Bond Fund T. Rowe Price GlobalInfrastructure Fund T. Rowe Price Global Large-CapStock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T.ROWE PRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. Treasury Intermediate Fund U.S.Treasury Long-Term Fund U.S. Treasury Money Fund

T.ROWE PRICE VALUE FUND, INC.

|                                       |
|--------------------------------------------|
|                                       |
| /s/ David Oestreicher                      |
| By:_____________________________________   |
| David Oestreicher, Vice President          |
|                                       |
|                                       |
| STATE STREET BANK AND TRUST COMPANY        |
|                                       |
| /s/ Michael F. Rogers                      |
| By:_____________________________________   |
| MichaelF. Rogers, Executive Vice President |
|                                       |
|                                       |

AMENDMENTNO. 34TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002,September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005,April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007,October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, andOctober 21, 2010 between State Street Bank and Trust Company and each of the Parties listed on AppendixA thereto is hereby further amended, as of April 15, 2011, by adding thereto T. Rowe Price InternationalFunds, Inc., on behalf of T. Rowe Price Emerging Markets Local Currency Bond Fund.

T. ROWEPRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH &INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND,INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T.Rowe Price Institutional Large-Cap Core Growth Fund T.Rowe Price Institutional Large-Cap Growth Fund T. RowePrice Institutional Large-Cap Value Fund T. Rowe PriceInstitutional Mid-Cap Equity Growth Fund T. Rowe PriceInstitutional Small-Cap Stock Fund T. Rowe Price InstitutionalU.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International   Equity Fund T. Rowe Price Institutional EmergingMarkets Bond Fund T. Rowe Price Institutional EmergingMarkets Equity Fund T. Rowe Price Institutional GlobalEquity Fund T. Rowe Price Institutional Global Large-CapEquity Fund T. Rowe Price Institutional InternationalBond Fund T. Rowe Price Institutional InternationalCore Equity Fund

 T. Rowe Price InstitutionalInternational Growth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T.Rowe Price Africa & Middle East Fund T. Rowe PriceEmerging Markets Bond Fund T. Rowe Price Emerging MarketsLocal Currency Bond Fund T. Rowe Price Emerging MarketsStock Fund T. Rowe Price Emerging Europe & MediterraneanFund T. Rowe Price European Stock Fund T.Rowe Price Global Bond Fund T. Rowe Price GlobalInfrastructure Fund T. Rowe Price Global Large-CapStock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T.Rowe Price Government Reserve Investment Fund T. RowePrice Reserve Investment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T.ROWE PRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. Treasury Intermediate Fund U.S.Treasury Long-Term Fund U.S. Treasury Money Fund

T.ROWE PRICE VALUE FUND, INC.

|                                       |
|--------------------------------------------|
|                                       |
| /s/ David Oestreicher                      |
| By:_____________________________________   |
| David Oestreicher, Vice President          |
|                                       |
|                                       |
| STATE STREET BANK AND TRUST COMPANY        |
|                                       |
| /s/ Michael F. Rogers                      |
| By:_____________________________________   |
| MichaelF. Rogers, Executive Vice President |
|                                       |
|                                       |

AMENDMENTNO. 35TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002,September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005,April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007,October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October21, 2010, and April 15, 2011 between State Street Bank and Trust Company and each of the Partieslisted on Appendix A thereto is hereby further amended, as of April 20, 2011, by adding theretoT. Rowe Price Floating Rate Fund, Inc.

T. ROWE PRICE BALANCED FUND, INC.

T. ROWEPRICE BLUE CHIP GROWTH FUND, INC.

T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund

T.ROWE PRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T.ROWE PRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND,INC.

T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTHFUND, INC.

T. ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T.ROWE PRICE GNMA FUND

T. ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWEPRICE GROWTH STOCK FUND, INC.

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

T. ROWEPRICE HIGH YIELD FUND, INC.

T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund

T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWEPRICE INFLATION PROTECTED BOND FUND, INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T. Rowe Price Institutional Large-Cap Core Growth Fund T. Rowe Price Institutional Large-Cap Growth Fund T.Rowe Price Institutional Large-Cap Value Fund T. RowePrice Institutional Mid-Cap Equity Growth Fund T. RowePrice Institutional Small-Cap Stock Fund T. Rowe PriceInstitutional U.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe Price Institutional Core Plus Fund T.Rowe Price Institutional Floating Rate Fund T. RowePrice Institutional High Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS,INC. T. Rowe Price Institutional Africa & MiddleEast Fund T. Rowe Price Institutional ConcentratedInternational    Equity Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Global Equity Fund T. RowePrice Institutional Global Large-Cap Equity Fund T.Rowe Price Institutional International Bond Fund

 T. Rowe Price Institutional InternationalCore Equity Fund T. Rowe Price Institutional InternationalGrowth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T.Rowe Price Africa & Middle East Fund T. Rowe PriceEmerging Markets Bond Fund T. Rowe Price Emerging MarketsLocal Currency Bond Fund T. Rowe Price Emerging MarketsStock Fund T. Rowe Price Emerging Europe & MediterraneanFund T. Rowe Price European Stock Fund T.Rowe Price Global Bond Fund T. Rowe Price GlobalInfrastructure Fund T. Rowe Price Global Large-CapStock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE NEW AMERICA GROWTH FUND

T. ROWEPRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T. ROWEPRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWE PRICE RESERVE INVESTMENTFUNDS, INC. T. Rowe Price Government Reserve InvestmentFund T. Rowe Price Reserve Investment Fund

T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement Income Fund

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWEPRICE SHORT-TERM BOND FUND, INC.

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWEPRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund

T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund

 T. Rowe Price Summit Municipal IntermediateFund T. Rowe Price Summit Municipal Money Market Fund

T.ROWE PRICE TAX-EFFICIENT FUNDS, INC. T. Rowe PriceTax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T. ROWEPRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND INDEX FUND, INC.

T.ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURY FUNDS, INC. U.S. Treasury Intermediate Fund U.S.Treasury Long-Term Fund U.S. Treasury Money Fund

T.ROWE PRICE VALUE FUND, INC.

 

|                                       |
|--------------------------------------------|
|                                       |
| /s/ DavidOestreicher                       |
| By:_____________________________________   |
| David Oestreicher, Vice President          |
|                                       |
|                                       |
| STATE STREET BANK AND TRUST COMPANY        |
|                                       |
| /s/ Michael F. Rogers                      |
| By:_____________________________________   |
| MichaelF. Rogers, Executive Vice President |
|                                       |
|                                       |

AMENDMENTNO. 36TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002,September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005,April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007,October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October21, 2010, April 15, 2011, and April 20, 2011 between State Street Bank and Trust Company and eachof the Parties listed on Appendix A thereto is hereby further amended, as of October 17, 2011, by addingthereto T. Rowe Price Multi-Sector Account Portfolios, Inc., on behalf of T. Rowe Price Emerging MarketsBond Multi-Sector Account Portfolio, T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio,T. Rowe Price Floating Rate Multi-Sector Account Portfolio, T. Rowe Price High Yield Multi-Sector AccountPortfolio, T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio, and T. Rowe PriceMortgage-Backed Securities Multi-Sector Account Portfolio; and by changing the name of the T. RowePrice U.S. Bond Index Fund, Inc. to the T. Rowe Price U.S. Bond Enhanced Index Fund, Inc.

T.ROWE PRICE BALANCED FUND, INC.

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund

T. ROWEPRICE CAPITAL APPRECIATION FUND

T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.

T. ROWEPRICE CORPORATE INCOME FUND, INC.

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

T.ROWE PRICE EQUITY INCOME FUND

T. ROWE PRICE EQUITY SERIES, INC. T.Rowe Price Blue Chip Growth Portfolio T. Rowe PriceEquity Income Portfolio T. Rowe Price Equity Index500 Portfolio T. Rowe Price Health Sciences Portfolio T. Rowe Price Mid-Cap Growth Portfolio T.Rowe Price New America Growth Portfolio T. Rowe PricePersonal Strategy Balanced Portfolio

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

T.ROWE PRICE FIXED INCOME SERIES, INC. T. Rowe PriceLimited-Term Bond Portfolio T. Rowe Price Prime ReservePortfolio

T. ROWE PRICE FLOATING RATE FUND, INC.

T. ROWE PRICE GLOBAL REAL ESTATEFUND, INC.

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

T. ROWE PRICE GNMA FUND

T.ROWE PRICE GROWTH & INCOME FUND, INC.

T. ROWE PRICE GROWTH STOCK FUND, INC.

T. ROWEPRICE HEALTH SCIENCES FUND, INC.

T. ROWE PRICE HIGH YIELD FUND, INC.

T. ROWEPRICE INDEX TRUST, INC. T. Rowe Price Equity Index500 Fund T. Rowe Price Extended Equity Market IndexFund T. Rowe Price Total Equity Market Index Fund

T.ROWE PRICE INFLATION FOCUSED BOND FUND, INC.

T. ROWE PRICE INFLATION PROTECTED BOND FUND,INC.

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. T.Rowe Price Institutional Large-Cap Core Growth Fund T.Rowe Price Institutional Large-Cap Growth Fund T. RowePrice Institutional Large-Cap Value Fund T. Rowe PriceInstitutional Mid-Cap Equity Growth Fund T. Rowe PriceInstitutional Small-Cap Stock Fund T. Rowe Price InstitutionalU.S. Structured Research Fund

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T.Rowe Price Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International   Equity Fund T. Rowe Price Institutional EmergingMarkets Bond Fund T. Rowe Price Institutional EmergingMarkets Equity Fund T. Rowe Price Institutional GlobalEquity Fund T. Rowe Price Institutional Global Large-CapEquity Fund T. Rowe Price Institutional InternationalBond Fund T. Rowe Price Institutional InternationalCore Equity Fund T. Rowe Price Institutional InternationalGrowth Equity Fund

T. ROWE PRICE INTERNATIONAL FUNDS, INC. T.Rowe Price Africa & Middle East Fund T. Rowe PriceEmerging Markets Bond Fund T. Rowe Price Emerging MarketsLocal Currency Bond Fund T. Rowe Price Emerging MarketsStock Fund T. Rowe Price Emerging Europe & MediterraneanFund T. Rowe Price European Stock Fund T.Rowe Price Global Bond Fund T. Rowe Price GlobalInfrastructure Fund T. Rowe Price Global Large-CapStock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund

T. ROWE PRICE INTERNATIONAL SERIES, INC. T. Rowe Price International Stock Portfolio

T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

T.ROWE PRICE MID-CAP VALUE FUND, INC.

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T.Rowe Price Emerging Markets Bond Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio 

T. ROWE PRICE NEW AMERICA GROWTHFUND

T. ROWE PRICE NEW ERA FUND, INC.

T. ROWE PRICE NEW HORIZONS FUNDS, INC.

T.ROWE PRICE NEW INCOME FUND, INC.

T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T.Rowe Price Personal Strategy Balanced Fund T. RowePrice Personal Strategy Growth Fund T. Rowe Price PersonalStrategy Income Fund

T. ROWE PRICE PRIME RESERVE FUND, INC.

T. ROWEPRICE REAL ASSETS FUND, INC.

T. ROWE PRICE REAL ESTATE FUND, INC.

T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe PriceGovernment Reserve Investment Fund T. Rowe Price ReserveInvestment Fund

T. ROWE PRICE RETIREMENT FUNDS, INC. T.Rowe Price Retirement 2005 Fund T. Rowe Price Retirement2010 Fund T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund T.Rowe Price Retirement 2025 Fund T. Rowe Price Retirement2030 Fund T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund T.Rowe Price Retirement 2045 Fund T. Rowe Price Retirement2050 Fund T. Rowe Price Retirement 2055 Fund T. Rowe Price Retirement Income Fund

T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

T.ROWE PRICE SMALL-CAP STOCK FUND, INC.

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund

T. ROWEPRICE STATE TAX-FREE INCOME TRUST Georgia Tax-FreeBond Fund Maryland Short-Term Tax-Free Bond Fund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund

T.ROWE PRICE STRATEGIC INCOME FUND, INC.

T. ROWE PRICE SUMMIT FUNDS, INC. T.Rowe Price Summit Cash Reserves Fund T. Rowe PriceSummit GNMA Fund

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. T.Rowe Price Tax-Efficient Equity Fund

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

T.ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND,INC.

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund

T. ROWE PRICE VALUE FUND, INC.

 

|                                       |
|--------------------------------------------|
|                                       |
| /s/ DavidOestreicher                       |
| By:_____________________________________   |
| David Oestreicher, Vice President          |
|                                       |
|                                       |
| STATE STREET BANK AND TRUST COMPANY        |
|                                       |
| /s/ Michael F. Rogers                      |
| By:_____________________________________   |
| MichaelF. Rogers, Executive Vice President |
|                                       |
|                                       |

AMENDMENTNO. 37TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract ofJanuary 28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000,July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002,September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005,April 19, 2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24,2007, October 23, 2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009,August 28, 2009, October 20, 2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21,2010, October 21, 2010, April 15, 2011, April 20, 2011, and October 17, 2011 between State StreetBank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended,as of February 9, 2012, by adding thereto T. Rowe Price International Funds, Inc., on behalf of T. RowePrice Emerging Markets Corporate Bond Fund.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T.ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWE PRICE FIXED INCOME SERIES, INC. T.Rowe Price Limited-Term Bond Portfolio T. Rowe PricePrime Reserve Portfolio                                                                                                                                                                                                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund                                                                                                                                                                                                                       |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE INSTITUTIONALINTERNATIONAL FUNDS, INC. T. Rowe Price InstitutionalAfrica & Middle East Fund T. Rowe Price InstitutionalConcentrated International Equity Fund T. Rowe PriceInstitutional Emerging Markets Bond Fund T. Rowe PriceInstitutional Emerging Markets Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional Global Large-Cap Equity Fund T. RowePrice Institutional International Bond Fund T. RowePrice Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa& Middle East Fund T. Rowe Price Emerging MarketsBond Fund T. Rowe Price Emerging Markets CorporateBond Fund T. Rowe Price Emerging Markets Local CurrencyBond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Emerging Europe & Mediterranean Fund T. Rowe Price European Stock Fund T.Rowe Price Global Bond Fund T. Rowe Price GlobalInfrastructure Fund T. Rowe Price Global Large-CapStock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Bond Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe PriceGovernment Reserve Investment Fund T. Rowe Price ReserveInvestment Fund                                                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE RETIREMENT FUNDS,INC. T. Rowe Price Retirement 2005 Fund T.Rowe Price Retirement 2010 Fund T. Rowe Price Retirement2015 Fund T. Rowe Price Retirement 2020 Fund T. Rowe Price Retirement 2025 Fund T.Rowe Price Retirement 2030 Fund T. Rowe Price Retirement2035 Fund T. Rowe Price Retirement 2040 Fund T. Rowe Price Retirement 2045 Fund T.Rowe Price Retirement 2050 Fund T. Rowe Price Retirement2055 Fund T. Rowe Price Retirement Income Fund |
| T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE SHORT-TERM BOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T.ROWE PRICE SMALL-CAP STOCK FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE SMALL-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE SPECTRUM FUND, INC. Spectrum Growth Fund  Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund                                                                                                                                                                                                      |
| T. ROWE PRICE STRATEGIC INCOMEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE SUMMIT FUNDS,INC. T. Rowe Price Summit Cash Reserves Fund T. Rowe Price Summit GNMA Fund                                                                                                                                                                                                                                                                                                                                                                                                                |

|                                                                                                                                                                                               |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe Price SummitMunicipal Income Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal MoneyMarket Fund |
| T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Equity Fund                                                                                                                |
| T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.                                                                                                                                                          |
| T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                        |
| T. ROWEPRICE TAX-FREE INCOME FUND, INC.                                                                                                                                                            |
| T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.                                                                                                                                                |
| T. ROWEPRICE U.S. BOND ENHANCED INDEX FUND, INC.                                                                                                                                                   |
| T. ROWEPRICE U.S. LARGE-CAP CORE FUND, INC.                                                                                                                                                        |
| T. ROWEPRICE U.S. TREASURY FUNDS, INC. U.S. Treasury IntermediateFund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                          |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                     |

 

|                                       |
|--------------------------------------------|
| /s/ David Oestreicher                      |
| By:_____________________________________   |
| David Oestreicher, Vice President          |
|                                       |
|                                       |
| STATE STREET BANK AND TRUST COMPANY        |
|                                       |
| /s/ Michael F. Rogers                      |
| By:_____________________________________   |
| MichaelF. Rogers, Executive Vice President |

AMENDMENTNO. 38TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000,October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002,July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, and February 9, 2012 between State Street Bank and Trust Companyand each of the Parties listed on Appendix A thereto is hereby further amended, as of April 24, 2012,by adding thereto T. Rowe Price Institutional International Funds, Inc., on behalf of T. Rowe PriceInstitutional Global Value Equity Fund and by removing T. Rowe Price Global Bond Fund which mergedinto the T. Rowe Price International Bond Fund on October 31, 2000.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE INSTITUTIONALINTERNATIONAL FUNDS, INC. T. Rowe Price InstitutionalAfrica & Middle East Fund T. Rowe Price InstitutionalConcentrated International Equity Fund T. Rowe PriceInstitutional Emerging Markets Bond Fund T. Rowe PriceInstitutional Emerging Markets Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional Global Large-Cap Equity Fund T. RowePrice Institutional Global Value Equity Fund T. RowePrice Institutional International Bond Fund T. RowePrice Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa& Middle East Fund T. Rowe Price Emerging MarketsBond Fund T. Rowe Price Emerging Markets CorporateBond Fund T. Rowe Price Emerging Markets Local CurrencyBond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Emerging Europe & Mediterranean Fund T. Rowe Price European Stock Fund T. RowePrice Global Infrastructure Fund T. Rowe Price GlobalLarge-Cap Stock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Bond Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                                 |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe PriceGovernment Reserve Investment Fund T. Rowe Price ReserveInvestment Fund                                                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE RETIREMENT FUNDS,INC. T. Rowe Price Retirement 2005 Fund T.Rowe Price Retirement 2010 Fund T. Rowe Price Retirement2015 Fund T. Rowe Price Retirement 2020 Fund T. Rowe Price Retirement 2025 Fund T.Rowe Price Retirement 2030 Fund T. Rowe Price Retirement2035 Fund T. Rowe Price Retirement 2040 Fund T. Rowe Price Retirement 2045 Fund T.Rowe Price Retirement 2050 Fund T. Rowe Price Retirement2055 Fund T. Rowe Price Retirement Income Fund |
| T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE SHORT-TERM BOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T.ROWE PRICE SMALL-CAP STOCK FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE SMALL-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE SPECTRUM FUND, INC. Spectrum Growth Fund  Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund                                                                                                                                                                                                      |
| T. ROWE PRICE STRATEGIC INCOMEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE SUMMIT FUNDS,INC. T. Rowe Price Summit Cash Reserves Fund T. Rowe Price Summit GNMA Fund                                                                                                                                                                                                                                                                                                                                                                                                                |

|                                                                                                                                                                                               |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe Price SummitMunicipal Income Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal MoneyMarket Fund |
| T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Equity Fund                                                                                                                |
| T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.                                                                                                                                                          |
| T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                        |
| T. ROWEPRICE TAX-FREE INCOME FUND, INC.                                                                                                                                                            |
| T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.                                                                                                                                                |
| T. ROWEPRICE U.S. BOND ENHANCED INDEX FUND, INC.                                                                                                                                                   |
| T. ROWEPRICE U.S. LARGE-CAP CORE FUND, INC.                                                                                                                                                        |
| T. ROWEPRICE U.S. TREASURY FUNDS, INC. U.S. Treasury IntermediateFund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                          |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                     |

 

|                                        |
|---------------------------------------------|
|                                        |
| /s/ David Oestreicher                       |
| By:_____________________________________    |
| DavidOestreicher, Vice President            |
|                                        |
|                                        |
| STATE STREETBANK AND TRUST COMPANY          |
|                                        |
| /s/ Michael F. Rogers                       |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 39TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000,October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002,July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, February 9, 2012, and April 24, 2012 between State Street Bankand Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended, asof September 9, 2012, by adding thereto T. Rowe Price Short-Term Bond Fund, Inc. on behalf of T. RowePrice Ultra Short-Term Bond Fund and T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. on behalfof T. Rowe Price Tax-Free Ultra Short-Term Bond Fund.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                              |
| T.ROWE PRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund                                                                                                                                                                                                    |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International Equity Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Global Equity Fund T. RowePrice Institutional Global Large-Cap Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                    |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets CorporateBond Fund T. Rowe Price Emerging Markets Local CurrencyBond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Emerging Europe & Mediterranean Fund T. Rowe Price European Stock Fund T. RowePrice Global Infrastructure Fund T. Rowe Price GlobalLarge-Cap Stock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Bond Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                                 |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund                                                                                                                                                                                                                                                                                                                                                                                   |
| T.ROWE PRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement Income Fund |
| T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE SHORT-TERM BOND FUND, INC. T. Rowe Price UltraShort-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE SMALL-CAP STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE SMALL-CAP VALUEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund                                                                                                                                                                                                                                                                                                                                                                                                            |

|                                                                                                                                                                                                                                                                                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE STATE TAX-FREE INCOME TRUST Georgia Tax-FreeBond Fund Maryland Short-Term Tax-Free Bond Fund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund |
| T. ROWE PRICE STRATEGIC INCOME FUND, INC.                                                                                                                                                                                                                                                                                   |
| T.ROWE PRICE SUMMIT FUNDS, INC. T. Rowe Price SummitCash Reserves Fund T. Rowe Price Summit GNMA Fund                                                                                                                                                                                                             |
| T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund                                                                                                                         |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                                                                                                                                          |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.  T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                                                                                                                                                  |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                                                                                                                                                  |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                                                                                                                                              |

 

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUST COMPANY         |
|                                        |
| /s/Michael F. Rogers                        |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 40TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000,October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002,July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, and September 9, 2012between State Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is herebyfurther amended, as of November 7, 2012, by adding thereto T. Rowe Price Reserve Investment Funds,Inc. on behalf of the T. Rowe Price Short-Term Reserve Fund.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE INSTITUTIONALINTERNATIONAL FUNDS, INC. T. Rowe Price InstitutionalAfrica & Middle East Fund T. Rowe Price InstitutionalConcentrated International Equity Fund T. Rowe PriceInstitutional Emerging Markets Bond Fund T. Rowe PriceInstitutional Emerging Markets Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional Global Large-Cap Equity Fund T. RowePrice Institutional Global Value Equity Fund T. RowePrice Institutional International Bond Fund T. RowePrice Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa& Middle East Fund T. Rowe Price Emerging MarketsBond Fund T. Rowe Price Emerging Markets CorporateBond Fund T. Rowe Price Emerging Markets Local CurrencyBond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Emerging Europe & Mediterranean Fund T. Rowe Price European Stock Fund T. RowePrice Global Infrastructure Fund T. Rowe Price GlobalLarge-Cap Stock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Bond Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                                 |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Reserve Fund                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement Income Fund |
| T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE SHORT-TERM BOND FUND, INC. T. Rowe Price UltraShort-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE SMALL-CAP STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE SMALL-CAP VALUEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund                                                                                                                                                                                                     |
| T. ROWE PRICE STRATEGIC INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T.ROWE PRICE SUMMIT FUNDS, INC. T. Rowe Price SummitCash Reserves Fund T. Rowe Price Summit GNMA Fund                                                                                                                                                                                                                                                                                                                                                                                                                 |

|                                                                                                                                                                                               |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe Price SummitMunicipal Income Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal MoneyMarket Fund |
| T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Equity Fund                                                                                                                |
| T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.                                                                                                                                                          |
| T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                        |
| T. ROWEPRICE TAX-FREE INCOME FUND, INC.                                                                                                                                                            |
| T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.  T. RowePrice Tax-Free Ultra Short-Term Bond Fund                                                                                         |
| T. ROWEPRICE U.S. BOND ENHANCED INDEX FUND, INC.                                                                                                                                                   |
| T. ROWEPRICE U.S. LARGE-CAP CORE FUND, INC.                                                                                                                                                        |
| T. ROWEPRICE U.S. TREASURY FUNDS, INC. U.S. Treasury IntermediateFund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                          |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                     |

 

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUST COMPANY         |
|                                        |
| /s/Michael F. Rogers                        |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 41TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000,October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002,July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, andNovember 7, 2012 between State Street Bank and Trust Company and each of the Parties listed on AppendixA thereto is hereby further amended, as of March 14, 2013, by adding thereto T. Rowe Price ReserveInvestment Funds, Inc. on behalf of the T. Rowe Price Short-Term Government Reserve Fund.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE INSTITUTIONALINTERNATIONAL FUNDS, INC. T. Rowe Price InstitutionalAfrica & Middle East Fund T. Rowe Price InstitutionalConcentrated International Equity Fund T. Rowe PriceInstitutional Emerging Markets Bond Fund T. Rowe PriceInstitutional Emerging Markets Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional Global Large-Cap Equity Fund T. RowePrice Institutional Global Value Equity Fund T. RowePrice Institutional International Bond Fund T. RowePrice Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa& Middle East Fund T. Rowe Price Emerging MarketsBond Fund T. Rowe Price Emerging Markets CorporateBond Fund T. Rowe Price Emerging Markets Local CurrencyBond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Emerging Europe & Mediterranean Fund T. Rowe Price European Stock Fund T. RowePrice Global Infrastructure Fund T. Rowe Price GlobalLarge-Cap Stock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Bond Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                                 |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                                                     |
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement Income Fund |
| T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE SHORT-TERM BOND FUND, INC. T. Rowe Price UltraShort-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE SMALL-CAP STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE SMALL-CAP VALUEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund                                                                                                                                                                                                     |
| T. ROWE PRICE STRATEGIC INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

|                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund T. Rowe Price Summit GNMA Fund                                                                                     |
| T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                  |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                            |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                         |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                             |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.  T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                          |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                    |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                         |
| T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                          |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                      |

 

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUST COMPANY         |
|                                        |
| /s/Michael F. Rogers                        |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 42TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000,October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002,July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7,2012, and March 14, 2013 between State Street Bank and Trust Company and each of the Parties listed onAppendix A thereto is hereby further amended, as of April 4, 2013, by adding thereto T. Rowe PriceGlobal Allocation Fund, Inc.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T.ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE INSTITUTIONALINTERNATIONAL FUNDS, INC. T. Rowe Price InstitutionalAfrica & Middle East Fund T. Rowe Price InstitutionalConcentrated International Equity Fund T. Rowe PriceInstitutional Emerging Markets Bond Fund T. Rowe PriceInstitutional Emerging Markets Equity Fund T. RowePrice Institutional Global Equity Fund T. Rowe PriceInstitutional Global Large-Cap Equity Fund T. RowePrice Institutional Global Value Equity Fund T. RowePrice Institutional International Bond Fund T. RowePrice Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INTERNATIONAL FUNDS, INC. T. Rowe Price Africa& Middle East Fund T. Rowe Price Emerging MarketsBond Fund T. Rowe Price Emerging Markets CorporateBond Fund T. Rowe Price Emerging Markets Local CurrencyBond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Emerging Europe & Mediterranean Fund T. Rowe Price European Stock Fund T. RowePrice Global Infrastructure Fund T. Rowe Price GlobalLarge-Cap Stock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Bond Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                                 |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                                                     |
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement Income Fund |
| T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE SHORT-TERM BOND FUND, INC. T. Rowe Price UltraShort-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE SMALL-CAP STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE SMALL-CAP VALUEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund                                                                                                                                                                                                     |
| T. ROWE PRICE STRATEGIC INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

|                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund T. Rowe Price Summit GNMA Fund                                                                                     |
| T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                  |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                            |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                         |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                             |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.  T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                          |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                    |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                         |
| T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                          |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                      |

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUSTCOMPANY          |
|                                        |
| /s/Michael F. Rogers                        |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 43TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000,October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002,July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7,2012, March 14, 2013, and April 4, 2013 between State Street Bank and Trust Company and each ofthe Parties listed on Appendix A thereto is hereby further amended, as of April 22, 2013, by adding theretoT. Rowe Price Institutional Income Funds, Inc. on behalf of the T. Rowe Price InstitutionalLong Duration Credit Fund.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T.ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                              |
| T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                                                                                                                                          |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International Equity Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Global Equity Fund T. RowePrice Institutional Global Large-Cap Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                    |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets CorporateBond Fund T. Rowe Price Emerging Markets Local CurrencyBond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Emerging Europe & Mediterranean Fund T. Rowe Price European Stock Fund T. RowePrice Global Infrastructure Fund T. Rowe Price GlobalLarge-Cap Stock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Bond Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                                 |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                                                     |
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement Income Fund |
| T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE SHORT-TERM BOND FUND, INC. T. Rowe Price UltraShort-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE SMALL-CAP STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE SMALL-CAP VALUEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund                                                                                                                                                                                                                                                                                                                                                                                                            |

|                                                                                                                                                                                                                                                                                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE STATE TAX-FREE INCOME TRUST Georgia Tax-FreeBond Fund Maryland Short-Term Tax-Free Bond Fund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund |
| T. ROWE PRICE STRATEGIC INCOME FUND, INC.                                                                                                                                                                                                                                                                                   |
| T.ROWE PRICE SUMMIT FUNDS, INC. T. Rowe Price SummitCash Reserves Fund T. Rowe Price Summit GNMA Fund                                                                                                                                                                                                             |
| T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund                                                                                                                         |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                                                                                                                                          |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.  T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                                                                                                                                                  |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                                                                                                                                                  |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                                                                                                                                              |

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUST COMPANY         |
|                                        |
| Michael F. Rogers                           |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 44TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000,October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002,July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7,2012, March 14, 2013, April 4, 2013, and April 22, 2013 between State Street Bank and TrustCompany and each of the Parties listed on Appendix A thereto is hereby further amended, as of July 1,2013, by changing the name of the T. Rowe Price Emerging Markets Bond Multi-Sector Account Portfolioto the T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio, on behalf of theT. Rowe Price Multi-Sector Account Portfolios, Inc.; and by adding thereto T. Rowe Price RetirementFunds, Inc. on behalf of the T. Rowe Price Target Retirement 2005 Fund, T. Rowe Price Target Retirement2010 Fund, T. Rowe Price Target Retirement 2015 Fund, T. Rowe Price Target Retirement 2020 Fund, T. RowePrice Target Retirement 2025 Fund, T. Rowe Price Target Retirement 2030 Fund, T. Rowe Price Target Retirement2035 Fund, T. Rowe Price Target Retirement 2040 Fund, T. Rowe Price Target Retirement 2045 Fund, T. RowePrice Target Retirement 2050 Fund, and T. Rowe Price Target Retirement 2055 Fund.

|                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------|
| T. ROWE PRICE BALANCED FUND, INC.                                                                                   |
| T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.                                                                           |
| T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                             |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                         |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                            |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                  |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                             |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                     |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE EQUITY SERIES, INC. T. Rowe Price Blue Chip GrowthPortfolio T. Rowe Price Equity Income Portfolio T. Rowe Price Equity Index 500 Portfolio T.Rowe Price Health Sciences Portfolio T. Rowe PriceMid-Cap Growth Portfolio T. Rowe Price New AmericaGrowth Portfolio T. Rowe Price Personal Strategy BalancedPortfolio                                 |
| T. ROWE PRICE FINANCIAL SERVICESFUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE FIXED INCOMESERIES, INC. T. Rowe Price Limited-Term Bond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                    |
| T.ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                                                                                                                                          |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International Equity Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Global Equity Fund T. RowePrice Institutional Global Large-Cap Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                    |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets CorporateBond Fund T. Rowe Price Emerging Markets Local CurrencyBond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Emerging Europe & Mediterranean Fund T. Rowe Price European Stock Fund T. RowePrice Global Infrastructure Fund T. Rowe Price GlobalLarge-Cap Stock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund T.Rowe Price International Discovery Fund T. Rowe PriceInternational Growth & Income Fund T. Rowe PriceInternational Stock Fund T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                            |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement Income Fund T. Rowe Price TargetRetirement 2005 Fund T. Rowe Price Target Retirement2010 Fund T. Rowe Price Target Retirement 2015 Fund T. Rowe Price Target Retirement 2020 Fund T.Rowe Price Target Retirement 2025 Fund T. Rowe PriceTarget Retirement 2030 Fund T. Rowe Price Target Retirement2035 Fund T. Rowe Price Target Retirement 2040 Fund T. Rowe Price Target Retirement 2045 Fund T.Rowe Price Target Retirement 2050 Fund T. Rowe PriceTarget Retirement 2055 Fund |
| T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE SHORT-TERM BOND FUND, INC. T. Rowe Price UltraShort-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE SMALL-CAP STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

|                                                                                                                                                                                                                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SMALL-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                       |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund |
| T. ROWE PRICE STRATEGIC INCOMEFUND, INC.                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE SUMMIT FUNDS,INC. T. Rowe Price Summit Cash Reserves Fund T. Rowe Price Summit GNMA Fund                                                                                                                                                                                                           |
| T.ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe PriceSummit Municipal Income Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal MoneyMarket Fund                                                                                                                         |
| T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Equity Fund                                                                                                                                                                                                                                        |
| T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.                                                                                                                                                                                                                                                                                  |
| T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE TAX-FREE INCOME FUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.  T. RowePrice Tax-Free Ultra Short-Term Bond Fund                                                                                                                                                                                                                 |
| T. ROWEPRICE U.S. BOND ENHANCED INDEX FUND, INC.                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE U.S. LARGE-CAP CORE FUND, INC.                                                                                                                                                                                                                                                                                |

|                                                                                                                                      |
|-------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE U.S. TREASURY FUNDS, INC. U.S. Treasury IntermediateFund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                            |

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUSTCOMPANY          |
|                                        |
| /s/Michael F. Rogers                        |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 45TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000,October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002,July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7,2012, March 14, 2013, April 4, 2013, April 22, 2013, and July 1, 2013 between State StreetBank and Trust Company and each of the Parties listed on Appendix A thereto is hereby further amended,as of July 24, 2013, by adding thereto T. Rowe Price Institutional Income Funds, Inc. on behalf of theT. Rowe Price Institutional Global Multi-Sector Bond Fund and T. Rowe Price International Funds, Inc.on behalf of the T. Rowe Price Global Industrials Fund; by changing the names of the T. Rowe PriceInstitutional Global Equity Fund to the T. Rowe Price Institutional Global Focused Growth EquityFund and T. Rowe Price Institutional Global Large-Cap Equity Fund to the T. Rowe Price InstitutionalGlobal Growth Equity Fund, on behalf of the T. Rowe Price Institutional International Funds, Inc.;by changing the name of the T. Rowe Price Global Large-Cap Stock Fund to the T. Rowe PriceGlobal Growth Stock Fund, on behalf of the T. Rowe Price International Funds, Inc.; and effectiveMarch 1, 2012 by changing the name of the T. Rowe Price Emerging Europe & MediterraneanFund to the T. Rowe Price Emerging Europe Fund, on behalf of the T. Rowe Price InternationalFunds, Inc.

|                                                                                                                 |
|----------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE BALANCED FUND, INC.                                                                                     |
| T. ROWE PRICE BLUE CHIP GROWTHFUND, INC.                                                                             |
| T. ROWE PRICE CALIFORNIA TAX-FREEINCOME TRUST California Tax-Free Bond Fund California Tax-Free Money Fund |
| T.ROWE PRICE CAPITAL APPRECIATION FUND                                                                               |
| T. ROWEPRICE CAPITAL OPPORTUNITY FUND, INC.                                                                          |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                             |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                   |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                 |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                              |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                      |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE EQUITY SERIES, INC. T. Rowe Price Blue Chip GrowthPortfolio T. Rowe Price Equity Income Portfolio T. Rowe Price Equity Index 500 Portfolio T.Rowe Price Health Sciences Portfolio T. Rowe PriceMid-Cap Growth Portfolio T. Rowe Price New AmericaGrowth Portfolio T. Rowe Price Personal Strategy BalancedPortfolio                                 |
| T. ROWE PRICE FINANCIAL SERVICESFUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE FIXED INCOMESERIES, INC. T. Rowe Price Limited-Term Bond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                    |
| T.ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalGlobal Multi-Sector Bond Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                                                                            |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International Equity Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Global Focused Growth Equity Fund T.Rowe Price Institutional Global Growth Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                                |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets CorporateBond Fund T. Rowe Price Emerging Markets Local CurrencyBond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Emerging Europe Fund T.Rowe Price European Stock Fund T. Rowe Price GlobalIndustrials Fund T. Rowe Price Global InfrastructureFund T. Rowe Price Global Growth Stock Fund T. Rowe Price Global Stock Fund T.Rowe Price International Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Growth &Income Fund T. Rowe Price International Stock Fund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price New AsiaFund T. Rowe Price Overseas Stock Fund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE INTERNATIONAL SERIES, INC. T. Rowe Price InternationalStock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE MEDIA &TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                    |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement Income Fund T. Rowe Price TargetRetirement 2005 Fund T. Rowe Price Target Retirement2010 Fund T. Rowe Price Target Retirement 2015 Fund T. Rowe Price Target Retirement 2020 Fund T.Rowe Price Target Retirement 2025 Fund T. Rowe PriceTarget Retirement 2030 Fund T. Rowe Price Target Retirement2035 Fund T. Rowe Price Target Retirement 2040 Fund T. Rowe Price Target Retirement 2045 Fund T.Rowe Price Target Retirement 2050 Fund T. Rowe PriceTarget Retirement 2055 Fund |
| T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE SHORT-TERM BOND FUND, INC. T. Rowe Price UltraShort-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

|                                                                                                                                                                                                                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SMALL-CAP STOCK FUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE SMALL-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                       |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund |
| T. ROWE PRICE STRATEGIC INCOMEFUND, INC.                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE SUMMIT FUNDS,INC. T. Rowe Price Summit Cash Reserves Fund T. Rowe Price Summit GNMA Fund                                                                                                                                                                                                           |
| T.ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe PriceSummit Municipal Income Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal MoneyMarket Fund                                                                                                                         |
| T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Equity Fund                                                                                                                                                                                                                                        |
| T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.                                                                                                                                                                                                                                                                                  |
| T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE TAX-FREE INCOME FUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.  T. RowePrice Tax-Free Ultra Short-Term Bond Fund                                                                                                                                                                                                                 |
| T. ROWEPRICE U.S. BOND ENHANCED INDEX FUND, INC.                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE U.S. LARGE-CAP CORE FUND, INC.                                                                                                                                                                                                                                                                                |

|                                                                                                                                      |
|-------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE U.S. TREASURY FUNDS, INC. U.S. Treasury IntermediateFund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                            |

|                                     |
|------------------------------------------|
|                                     |
| /s/ David Oestreicher                    |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUSTCOMPANY          |
|                                        |
| /s/ Michael F. Rogers                       |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 46TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000,October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002,July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7,2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, and July 24, 2013 betweenState Street Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby furtheramended, as of February 4, 2014, by adding thereto T. Rowe Price New Horizons Fund, Inc. on behalfof WF NHF I, LLC.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE BLUE CHIP GROWTHFUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE CALIFORNIA TAX-FREEINCOME TRUST California Tax-Free Bond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                  |
| T.ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                              |
| T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalGlobal Multi-Sector Bond Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                                                                            |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International Equity Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Global Focused Growth Equity Fund T.Rowe Price Institutional Global Growth Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                                |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price EmergingMarkets Bond Fund T. Rowe Price Emerging Markets CorporateBond Fund T. Rowe Price Emerging Markets Local CurrencyBond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Emerging Europe Fund T.Rowe Price European Stock Fund T. Rowe Price GlobalIndustrials Fund T. Rowe Price Global InfrastructureFund T. Rowe Price Global Growth Stock Fund T. Rowe Price Global Stock Fund T.Rowe Price International Bond Fund T. Rowe Price InternationalDiscovery Fund T. Rowe Price International Growth &Income Fund T. Rowe Price International Stock Fund T. Rowe Price Japan Fund T.Rowe Price Latin America Fund T. Rowe Price New AsiaFund T. Rowe Price Overseas Stock Fund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T.Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE INTERNATIONAL SERIES, INC. T. Rowe Price InternationalStock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE MEDIA &TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                    |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC. WF NHF I, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T.ROWE PRICE NEW INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWEPRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price PersonalStrategy Balanced Fund T. Rowe Price Personal StrategyGrowth Fund T. Rowe Price Personal Strategy IncomeFund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T.ROWE PRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement Income Fund T. Rowe Price TargetRetirement 2005 Fund T. Rowe Price Target Retirement2010 Fund T. Rowe Price Target Retirement 2015 Fund T. Rowe Price Target Retirement 2020 Fund T.Rowe Price Target Retirement 2025 Fund T. Rowe PriceTarget Retirement 2030 Fund T. Rowe Price Target Retirement2035 Fund T. Rowe Price Target Retirement 2040 Fund T. Rowe Price Target Retirement 2045 Fund T.Rowe Price Target Retirement 2050 Fund T. Rowe PriceTarget Retirement 2055 Fund |
| T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE SHORT-TERM BOND FUND, INC. T. Rowe Price UltraShort-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

|                                                                                                                                                                                                                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SMALL-CAP STOCK FUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE SMALL-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                       |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund |
| T. ROWE PRICE STRATEGIC INCOMEFUND, INC.                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE SUMMIT FUNDS,INC. T. Rowe Price Summit Cash Reserves Fund T. Rowe Price Summit GNMA Fund                                                                                                                                                                                                           |
| T.ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe PriceSummit Municipal Income Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal MoneyMarket Fund                                                                                                                         |
| T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Equity Fund                                                                                                                                                                                                                                        |
| T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.                                                                                                                                                                                                                                                                                  |
| T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE TAX-FREE INCOME FUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.  T. RowePrice Tax-Free Ultra Short-Term Bond Fund                                                                                                                                                                                                                 |
| T. ROWEPRICE U.S. BOND ENHANCED INDEX FUND, INC.                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE U.S. LARGE-CAP CORE FUND, INC.                                                                                                                                                                                                                                                                                |

|                                                                                                                                      |
|-------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE U.S. TREASURY FUNDS, INC. U.S. Treasury IntermediateFund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                            |

|                                     |
|------------------------------------------|
|                                     |
| /s/ David Oestreicher                    |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUSTCOMPANY          |
|                                        |
| /s/ Michael F. Rogers                       |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 47TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18, 2000,October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24, 2002, September 4, 2002,July 23, 2003, October 22, 2003, February 4, 2004, September 20, 2004, March 2, 2005, April 19,2006, July 19, 2006, October 18, 2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23,2007, February 6, 2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9, 2012, November 7,2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1, 2013, July 24, 2013, andFebruary 4, 2014 between State Street Bank and Trust Company and each of the Parties listed on AppendixA thereto is hereby further amended, as of March 19, 2014, by adding thereto T. Rowe Price Credit OpportunitiesFund, Inc., T. Rowe Price Institutional Income Funds, Inc. on behalf of the T. Rowe Price InstitutionalCredit Opportunities Fund, and T. Rowe Price International Funds, Inc. on behalf of the T. Rowe PriceAsia Opportunities Fund.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T.ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CREDIT OPPORTUNITIES FUND, INC.                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                              |
| T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Credit Opportunities Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalGlobal Multi-Sector Bond Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                  |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International Equity Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Global Focused Growth Equity Fund T.Rowe Price Institutional Global Growth Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                                                                         |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price Asia OpportunitiesFund T. Rowe Price Emerging Europe Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Corporate Bond Fund T. Rowe PriceEmerging Markets Local Currency Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Growth Stock Fund T. Rowe Price Global Industrials Fund T. RowePrice Global Infrastructure Fund T. Rowe Price GlobalStock Fund T. Rowe Price International Bond Fund T. Rowe Price International Discovery Fund T.Rowe Price International Growth & Income Fund T.Rowe Price International Stock Fund T. Rowe Price JapanFund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC. WF NHF I, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T.ROWE PRICE NEW INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWEPRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price PersonalStrategy Balanced Fund T. Rowe Price Personal StrategyGrowth Fund T. Rowe Price Personal Strategy IncomeFund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T.ROWE PRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement Income Fund T. Rowe Price TargetRetirement 2005 Fund T. Rowe Price Target Retirement2010 Fund T. Rowe Price Target Retirement 2015 Fund T. Rowe Price Target Retirement 2020 Fund T.Rowe Price Target Retirement 2025 Fund T. Rowe PriceTarget Retirement 2030 Fund T. Rowe Price Target Retirement2035 Fund T. Rowe Price Target Retirement 2040 Fund T. Rowe Price Target Retirement 2045 Fund T.Rowe Price Target Retirement 2050 Fund T. Rowe PriceTarget Retirement 2055 Fund |
| T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE SHORT-TERM BOND FUND, INC. T. Rowe Price UltraShort-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

|                                                                                                                                                                                                                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SMALL-CAP STOCK FUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE SMALL-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                       |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund |
| T. ROWE PRICE STRATEGIC INCOMEFUND, INC.                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE SUMMIT FUNDS,INC. T. Rowe Price Summit Cash Reserves Fund T. Rowe Price Summit GNMA Fund                                                                                                                                                                                                           |
| T.ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T. Rowe PriceSummit Municipal Income Fund T. Rowe Price Summit MunicipalIntermediate Fund T. Rowe Price Summit Municipal MoneyMarket Fund                                                                                                                         |
| T. ROWE PRICE TAX-EFFICIENTFUNDS, INC. T. Rowe Price Tax-Efficient Equity Fund                                                                                                                                                                                                                                        |
| T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.                                                                                                                                                                                                                                                                                  |
| T.ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE TAX-FREE INCOME FUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.  T. RowePrice Tax-Free Ultra Short-Term Bond Fund                                                                                                                                                                                                                 |
| T. ROWEPRICE U.S. BOND ENHANCED INDEX FUND, INC.                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE U.S. LARGE-CAP CORE FUND, INC.                                                                                                                                                                                                                                                                                |

|                                                                                                                                      |
|-------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE U.S. TREASURY FUNDS, INC. U.S. Treasury IntermediateFund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                            |

|                                     |
|------------------------------------------|
|                                     |
| /s/ David Oestreicher                    |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUSTCOMPANY          |
|                                        |
| /s/ Michael F. Rogers                       |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 48TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18,2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24,2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20,2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24,2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22,2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10,2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9,2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1,2013, July 24, 2013, February 4, 2014, and March 19, 2014 between State Street Bank andTrust Company and each of the Parties listed on Appendix A thereto is hereby further amended, as of,May 14, 2014 by adding thereto T. Rowe Price Retirement Funds, Inc. on behalf of the T. RowePrice Retirement 2060 Fund and T. Rowe Price Target Retirement 2060 Fund.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CREDIT OPPORTUNITIES FUND, INC.                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                              |
| T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Credit Opportunities Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalGlobal Multi-Sector Bond Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                  |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International Equity Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Global Focused Growth Equity Fund T.Rowe Price Institutional Global Growth Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                                                                         |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price Asia OpportunitiesFund T. Rowe Price Emerging Europe Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Corporate Bond Fund T. Rowe PriceEmerging Markets Local Currency Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Growth Stock Fund T. Rowe Price Global Industrials Fund T. RowePrice Global Infrastructure Fund T. Rowe Price GlobalStock Fund T. Rowe Price International Bond Fund T. Rowe Price International Discovery Fund T.Rowe Price International Growth & Income Fund T.Rowe Price International Stock Fund T. Rowe Price JapanFund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC. WF NHF I, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE NEW INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWEPRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price PersonalStrategy Balanced Fund T. Rowe Price Personal StrategyGrowth Fund T. Rowe Price Personal Strategy IncomeFund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T.ROWE PRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement 2060 Fund T. Rowe Price RetirementIncome Fund T. Rowe Price Target Retirement 2005 Fund T. Rowe Price Target Retirement 2010 Fund T.Rowe Price Target Retirement 2015 Fund T. Rowe PriceTarget Retirement 2020 Fund T. Rowe Price Target Retirement2025 Fund T. Rowe Price Target Retirement 2030 Fund T. Rowe Price Target Retirement 2035 Fund T.Rowe Price Target Retirement 2040 Fund T. Rowe PriceTarget Retirement 2045 Fund T. Rowe Price Target Retirement2050 Fund T. Rowe Price Target Retirement 2055 Fund T. Rowe Price Target Retirement 2060 Fund |
| T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

|                                                                                                                                                                                                                                                                                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SHORT-TERM BOND FUND, INC. T. Rowe Price UltraShort-Term Bond Fund                                                                                                                                                                                                                                        |
| T. ROWE PRICE SMALL-CAP STOCKFUND, INC.                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE SMALL-CAP VALUEFUND, INC.                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund                                                                                                                                                                                                        |
| T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund |
| T. ROWE PRICE STRATEGIC INCOME FUND, INC.                                                                                                                                                                                                                                                                                   |
| T.ROWE PRICE SUMMIT FUNDS, INC. T. Rowe Price SummitCash Reserves Fund T. Rowe Price Summit GNMA Fund                                                                                                                                                                                                             |
| T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund                                                                                                                         |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                                                                                                                                          |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                                                                                                                                                 |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.  T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                                                                                                                                                  |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                                                                                                                                                 |

|                                                                                                                                      |
|-------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE U.S. TREASURY FUNDS, INC. U.S. Treasury IntermediateFund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                            |

|                                     |
|------------------------------------------|
|                                     |
| /s/ David Oestreicher                    |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUSTCOMPANY          |
|                                        |
| /s/ Michael F. Rogers                       |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 49TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January 28, 1998, asamended November 4, 1998, April 21, 1999, February 9, 2000, April 19, 2000, July 18,2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24, 2002, July 24,2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4, 2004, September 20,2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18, 2006, April 24,2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6, 2008, July 22,2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20, 2009, February 10,2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21, 2010, April 15,2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24, 2012, September 9,2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22, 2013, July 1,2013, July 24, 2013, February 4, 2014, March 19, 2014, and May 14, 2014 between StateStreet Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby furtheramended, as of, June 5, 2014 by adding thereto T. Rowe Price Intermediate Tax-Free High YieldFund, Inc., T. Rowe Price Institutional International Funds, Inc. on behalf of the T. RowePrice Institutional Frontier Markets Equity Fund, and T. Rowe Price International Funds, Inc. onbehalf of the T. Rowe Price International Concentrated Equity Fund.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CREDIT OPPORTUNITIES FUND, INC.                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                              |
| T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Credit Opportunities Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalGlobal Multi-Sector Bond Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                  |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International Equity Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Frontier Markets Equity Fund T.Rowe Price Institutional Global Focused Growth Equity Fund T.Rowe Price Institutional Global Growth Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                                                                      |
| T.ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price Asia OpportunitiesFund T. Rowe Price Emerging Europe Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Corporate Bond Fund T. Rowe PriceEmerging Markets Local Currency Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Growth Stock Fund T. Rowe Price Global Industrials Fund T. RowePrice Global Infrastructure Fund T. Rowe Price GlobalStock Fund T. Rowe Price International Bond Fund T. Rowe Price International Concentrated Equity Fund T. Rowe Price International Discovery Fund T.Rowe Price International Growth & Income Fund T.Rowe Price International Stock Fund T. Rowe Price JapanFund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC. WF NHF I, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T.ROWE PRICE NEW INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price PersonalStrategy Balanced Fund T. Rowe Price Personal StrategyGrowth Fund T. Rowe Price Personal Strategy IncomeFund                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T.ROWE PRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement 2060 Fund T. Rowe Price RetirementIncome Fund T. Rowe Price Target Retirement 2005 Fund T. Rowe Price Target Retirement 2010 Fund T.Rowe Price Target Retirement 2015 Fund T. Rowe PriceTarget Retirement 2020 Fund T. Rowe Price Target Retirement2025 Fund T. Rowe Price Target Retirement 2030 Fund

 T. Rowe Price Target Retirement 2035 Fund T.Rowe Price Target Retirement 2040 Fund T. Rowe PriceTarget Retirement 2045 Fund T. Rowe Price Target Retirement2050 Fund T. Rowe Price Target Retirement 2055 Fund T. Rowe Price Target Retirement 2060 Fund |
| T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE SHORT-TERM BOND FUND, INC. T.Rowe Price Ultra Short-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE SMALL-CAP STOCK FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE SMALL-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWEPRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE STRATEGIC INCOMEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

|                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund T. Rowe Price Summit GNMA Fund                                                                                     |
| T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                  |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                            |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                         |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                             |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.  T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                          |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                    |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                         |
| T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                          |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                      |

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUSTCOMPANY          |
|                                        |
| /s/Michael F. Rogers                        |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 50TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19,2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24,2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4,2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18,2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6,2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21,2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24,2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22,2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14,2014, and June 5, 2014 between State Street Bank and Trust Company and each of the Parties listedon Appendix A thereto is hereby further amended, as of, August 5, 2014 by adding thereto T. RowePrice New Horizons Fund, Inc. on behalf of CHEWY NHF, LLC and T. Rowe Price Small-Cap Value Fund, Inc.on behalf of CHEWY SCVF, LLC.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T.ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CREDIT OPPORTUNITIES FUND, INC.                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                              |
| T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Credit Opportunities Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalGlobal Multi-Sector Bond Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                  |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Concentrated International Equity Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Frontier Markets Equity Fund T.Rowe Price Institutional Global Focused Growth Equity Fund T.Rowe Price Institutional Global Growth Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                                                                      |
| T.ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price Asia OpportunitiesFund T. Rowe Price Emerging Europe Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Corporate Bond Fund T. Rowe PriceEmerging Markets Local Currency Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Growth Stock Fund T. Rowe Price Global Industrials Fund T. RowePrice Global Infrastructure Fund T. Rowe Price GlobalStock Fund T. Rowe Price International Bond Fund T. Rowe Price International Concentrated Equity Fund T. Rowe Price International Discovery Fund T.Rowe Price International Growth & Income Fund T.Rowe Price International Stock Fund T. Rowe Price JapanFund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC. CHEWY NHF, LLC

 WFNHF I, LLC                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement 2060 Fund T. Rowe Price RetirementIncome Fund T. Rowe Price Target Retirement 2005 Fund T. Rowe Price Target Retirement 2010 Fund T.Rowe Price Target Retirement 2015 Fund T. Rowe PriceTarget Retirement 2020 Fund T. Rowe Price Target Retirement2025 Fund

 T. Rowe Price Target Retirement 2030Fund T. Rowe Price Target Retirement 2035 Fund T. Rowe Price Target Retirement 2040 Fund T.Rowe Price Target Retirement 2045 Fund T. Rowe PriceTarget Retirement 2050 Fund T. Rowe Price Target Retirement2055 Fund T. Rowe Price Target Retirement 2060 Fund |
| T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE SHORT-TERM BOND FUND, INC. T.Rowe Price Ultra Short-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE SMALL-CAP STOCK FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE SMALL-CAP VALUE FUND, INC.

 CHEWY SCVF, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE STRATEGIC INCOMEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

|                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund T. Rowe Price Summit GNMA Fund                                                                                     |
| T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                  |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                            |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                         |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                             |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.  T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                          |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                    |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                         |
| T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                          |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                      |

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUSTCOMPANY          |
|                                        |
| /s/Michael F. Rogers                        |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 51TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19,2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24,2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4,2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18,2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6,2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21,2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24,2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22,2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14,2014, June 5, 2014, August 5, 2014 between State Street Bank and Trust Company and each of the Partieslisted on Appendix A thereto is hereby further amended, as of, November 21, 2014 by adding theretoT. Rowe Price Global High Income Bond Fund and T. Rowe Price Global Unconstrained Bond Fund, and by removingthe T. Rowe Price Global Infrastructure Fund on behalf of T. Rowe Price International Funds, Inc.; andby changing the name of the T. Rowe Price Institutional Concentrated International Equity Fund to theT. Rowe Price Institutional International Concentrated Equity Fund on behalf of the T. Rowe Price InstitutionalInternational Funds, Inc.; by changing the name of the T. Rowe Price Retirement Income Fund to the T.Rowe Price Retirement Balanced Fund on behalf of the T. Rowe Price Retirement Funds, Inc.; and byremoving T. Rowe Price Summit GNMA Fund on behalf of T. Rowe Price Summit Funds, Inc.

|                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------|
| T. ROWE PRICE BALANCED FUND, INC.                                                                                   |
| T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.                                                                           |
| T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                             |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                         |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                            |
| T. ROWEPRICE CREDIT OPPORTUNITIES FUND, INC.                                                                        |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                  |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                             |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                     |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE EQUITY SERIES, INC. T. Rowe Price Blue Chip GrowthPortfolio T. Rowe Price Equity Income Portfolio T. Rowe Price Equity Index 500 Portfolio T.Rowe Price Health Sciences Portfolio T. Rowe PriceMid-Cap Growth Portfolio T. Rowe Price New AmericaGrowth Portfolio T. Rowe Price Personal Strategy BalancedPortfolio                                 |
| T. ROWE PRICE FINANCIAL SERVICESFUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE FIXED INCOMESERIES, INC. T. Rowe Price Limited-Term Bond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                    |
| T.ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe PriceInstitutional Core Plus Fund T. Rowe Price InstitutionalCredit Opportunities Fund T. Rowe Price InstitutionalFloating Rate Fund T. Rowe Price Institutional GlobalMulti-Sector Bond Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE INSTITUTIONALINTERNATIONAL FUNDS, INC. T. Rowe Price InstitutionalAfrica & Middle East Fund T. Rowe Price InstitutionalEmerging Markets Bond Fund T. Rowe Price InstitutionalEmerging Markets Equity Fund T. Rowe Price InstitutionalFrontier Markets Equity Fund T. Rowe Price InstitutionalGlobal Focused Growth Equity Fund T. Rowe Price InstitutionalGlobal Growth Equity Fund T. Rowe Price InstitutionalGlobal Value Equity Fund T. Rowe Price InstitutionalInternational Bond Fund T. Rowe Price InstitutionalInternational Concentrated Equity Fund T. Rowe PriceInstitutional International Core Equity Fund T. RowePrice Institutional International Growth Equity Fund                                                                                                                                                                                                                                                                                                    |
| T.ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price Asia OpportunitiesFund T. Rowe Price Emerging Europe Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Corporate Bond Fund T. Rowe PriceEmerging Markets Local Currency Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Growth Stock Fund T. Rowe Price Global High Income Bond Fund T. RowePrice Global Industrials Fund T. Rowe Price GlobalStock Fund T. Rowe Price Global Unconstrained BondFund T. Rowe Price International Bond Fund T. Rowe Price International Concentrated Equity Fund T. Rowe Price International Discovery Fund T.Rowe Price International Growth & Income Fund T.Rowe Price International Stock Fund T. Rowe Price JapanFund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC. CHEWY NHF, LLC

 WFNHF I, LLC                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement 2060 Fund

 T. Rowe Price RetirementBalanced Fund T. Rowe Price Target Retirement 2005Fund T. Rowe Price Target Retirement 2010 Fund T. Rowe Price Target Retirement 2015 Fund T.Rowe Price Target Retirement 2020 Fund T. Rowe PriceTarget Retirement 2025 Fund T. Rowe Price Target Retirement2030 Fund T. Rowe Price Target Retirement 2035 Fund T. Rowe Price Target Retirement 2040 Fund T.Rowe Price Target Retirement 2045 Fund T. Rowe PriceTarget Retirement 2050 Fund T. Rowe Price Target Retirement2055 Fund T. Rowe Price Target Retirement 2060 Fund |
| T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE SHORT-TERM BOND FUND, INC. T.Rowe Price Ultra Short-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWEPRICE SMALL-CAP STOCK FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE SMALL-CAP VALUE FUND, INC.

 CHEWY SCVF, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE STRATEGIC INCOMEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

|                                                                                                                                                                                                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund                                                                                                                          |
| T. ROWE PRICE SUMMIT MUNICIPALFUNDS, INC. T. Rowe Price Summit Municipal Income Fund T. Rowe Price Summit Municipal Intermediate Fund T.Rowe Price Summit Municipal Money Market Fund |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                   |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                             |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                          |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                              |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.  T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                           |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                     |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                          |
| T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                           |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                       |

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                        |
|---------------------------------------------|
|                                        |
| STATE STREET BANK AND TRUSTCOMPANY          |
|                                        |
| /s/Michael F. Rogers                        |
| By:_____________________________________    |
| Michael F. Rogers, Executive Vice President |
|                                        |

AMENDMENTNO. 52TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19,2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24,2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4,2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18,2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6,2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21,2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24,2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22,2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14,2014, June 5, 2014, August 5, 2014, and November 21, 2014  between State Street Bank and TrustCompany and each of the Parties listed on Appendix A thereto is hereby further amended, as of June 8,2015 by adding thereto T. Rowe Price New Horizons Fund, Inc. on behalf of Encapsys NHF, LLC.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                             |
| T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CREDIT OPPORTUNITIES FUND, INC.                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                              |
| T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Credit Opportunities Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalGlobal Multi-Sector Bond Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                  |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Frontier Markets Equity Fund T.Rowe Price Institutional Global Focused Growth Equity Fund T.Rowe Price Institutional Global Growth Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Concentrated Equity Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                                                                                                                    |
| T.ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price Asia OpportunitiesFund T. Rowe Price Emerging Europe Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Corporate Bond Fund T. Rowe PriceEmerging Markets Local Currency Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Growth Stock Fund T. Rowe Price Global High Income Bond Fund T. RowePrice Global Industrials Fund T. Rowe Price GlobalStock Fund T. Rowe Price Global Unconstrained BondFund T. Rowe Price International Bond Fund T. Rowe Price International Concentrated Equity Fund T. Rowe Price International Discovery Fund T.Rowe Price International Growth & Income Fund T.Rowe Price International Stock Fund T. Rowe Price JapanFund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC. CHEWY NHF, LLC EncapsysNHF, LLC WF NHF I, LLC                                                                                                                                                                                                                                                                                                                                                                                         |
| T.ROWE PRICE NEW INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price PersonalStrategy Balanced Fund T. Rowe Price Personal StrategyGrowth Fund T. Rowe Price Personal Strategy IncomeFund                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T.ROWE PRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement 2060 Fund T. Rowe Price RetirementBalanced Fund T. Rowe Price Target Retirement 2005Fund T. Rowe Price Target Retirement 2010 Fund T. Rowe Price Target Retirement 2015 Fund T.Rowe Price Target Retirement 2020 Fund

 T.Rowe Price Target Retirement 2025 Fund T. Rowe PriceTarget Retirement 2030 Fund T. Rowe Price Target Retirement2035 Fund T. Rowe Price Target Retirement 2040 Fund T. Rowe Price Target Retirement 2045 Fund T.Rowe Price Target Retirement 2050 Fund T. Rowe PriceTarget Retirement 2055 Fund T. Rowe Price Target Retirement2060 Fund |
| T. ROWE PRICE SCIENCE &TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE SHORT-TERM BONDFUND, INC. T. Rowe Price Ultra Short-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE SMALL-CAP STOCK FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE SMALL-CAP VALUE FUND, INC.

 CHEWYSCVF, LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE SPECTRUM FUND,INC. Spectrum Growth Fund SpectrumIncome Fund Spectrum International Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE STATE TAX-FREE INCOME TRUST GeorgiaTax-Free Bond Fund Maryland Short-Term Tax-Free BondFund Maryland Tax-Free Bond Fund MarylandTax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax-Free Bond Fund NewYork Tax-Free Money Fund Virginia Tax-Free Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE STRATEGIC INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

|                                                                                                                                                                                                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund                                                                                                                          |
| T. ROWE PRICE SUMMIT MUNICIPALFUNDS, INC. T. Rowe Price Summit Municipal Income Fund T. Rowe Price Summit Municipal Intermediate Fund T.Rowe Price Summit Municipal Money Market Fund |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                   |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                             |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                          |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                              |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.  T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                           |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                     |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                          |
| T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                           |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                       |

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                     |
|------------------------------------------|
|                                     |
| STATE STREET BANK AND TRUSTCOMPANY       |
|                                     |
| /s/Gunjan Kedia                          |
| By:_____________________________________ |
| Gunjan Kedia, Executive Vice President   |
|                                     |

AMENDMENTNO. 53TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19,2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24,2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4,2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18,2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6,2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21,2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24,2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22,2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14,2014, June 5, 2014, August 5, 2014, November 21, 2014, and June 8, 2015 between StateStreet Bank and Trust Company and each of the Parties listed on Appendix A thereto is hereby furtheramended, as of July 16, 2015 by adding thereto Alclear NHF LLC, and by removing WF NHF I LLC onbehalf of T. Rowe Price New Horizons Fund, Inc.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                     |
| T.ROWE PRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CREDIT OPPORTUNITIES FUND, INC.                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                              |
| T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Credit Opportunities Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalGlobal Multi-Sector Bond Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                  |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Frontier Markets Equity Fund T.Rowe Price Institutional Global Focused Growth Equity Fund T.Rowe Price Institutional Global Growth Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund

 T.Rowe Price Institutional International Concentrated Equity Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                                                                                                                  |
| T.ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price Asia OpportunitiesFund T. Rowe Price Emerging Europe Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Corporate Bond Fund T. Rowe PriceEmerging Markets Local Currency Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Growth Stock Fund T. Rowe Price Global High Income Bond Fund T. RowePrice Global Industrials Fund T. Rowe Price GlobalStock Fund T. Rowe Price Global Unconstrained BondFund T. Rowe Price International Bond Fund T. Rowe Price International Concentrated Equity Fund T. Rowe Price International Discovery Fund T.Rowe Price International Growth & Income Fund T.Rowe Price International Stock Fund T. Rowe Price JapanFund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC. Alclear NHF LLC CHEWYNHF LLC Encapsys NHF LLC                                                                                                                                                                                                                                                                                                                                                                                         |
| T.ROWE PRICE NEW INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price PersonalStrategy Balanced Fund T. Rowe Price Personal StrategyGrowth Fund T. Rowe Price Personal Strategy IncomeFund                                                                                                                                                                                                                                                                                               |
| T. ROWE PRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T.ROWE PRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement 2060 Fund T. Rowe Price RetirementBalanced Fund T. Rowe Price Target Retirement 2005Fund T. Rowe Price Target Retirement 2010 Fund T. Rowe Price Target Retirement 2015 Fund T.Rowe Price Target Retirement 2020 Fund T. Rowe PriceTarget Retirement 2025 Fund T. Rowe Price Target Retirement2030 Fund T. Rowe Price Target Retirement 2035 Fund T. Rowe Price Target Retirement 2040 Fund T.Rowe Price Target Retirement 2045 Fund T. Rowe PriceTarget Retirement 2050 Fund T. Rowe Price Target Retirement2055 Fund T. Rowe Price Target Retirement 2060 Fund |
| T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE SHORT-TERM BOND FUND, INC. T.Rowe Price Ultra Short-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE SMALL-CAP STOCK FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE SMALL-CAP VALUE FUND, INC.

 CHEWY SCVF LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE STRATEGIC INCOMEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

|                                                                                                                                                                                                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund                                                                                                                          |
| T. ROWE PRICE SUMMIT MUNICIPALFUNDS, INC. T. Rowe Price Summit Municipal Income Fund T. Rowe Price Summit Municipal Intermediate Fund T.Rowe Price Summit Municipal Money Market Fund |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                   |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                             |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                          |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                              |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.  T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                           |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                     |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                          |
| T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                           |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                       |

|                                     |
|------------------------------------------|
|                                     |
| /s/ David Oestreicher                    |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                     |
|------------------------------------------|
|                                     |
| STATE STREET BANK AND TRUSTCOMPANY       |
|                                     |
| /s/ Gunjan Kedia                         |
| By:_____________________________________ |
| Gunjan Kedia, Executive Vice President   |
|                                     |

AMENDMENTNO. 54TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19,2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24,2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4,2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18,2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6,2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21,2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24,2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22,2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14,2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, and July 16,2015 between State Street Bank and Trust Company and each of the Parties listed on Appendix A theretois hereby further amended, as of July 30, 2015 by adding thereto Wheels Up NHF LLC on behalf ofT. Rowe Price New Horizons Fund, Inc.

|                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T.ROWE PRICE BALANCED FUND, INC.                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE BLUE CHIP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CALIFORNIA TAX-FREE INCOME TRUST California Tax-FreeBond Fund California Tax-Free Money Fund                                                                                                                                                                                                                                                   |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                                                                                                                                                                                                                                                                               |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE CREDIT OPPORTUNITIES FUND, INC.                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                  |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE EQUITY SERIES,INC. T. Rowe Price Blue Chip Growth Portfolio T. Rowe Price Equity Income Portfolio T.Rowe Price Equity Index 500 Portfolio T. Rowe PriceHealth Sciences Portfolio T. Rowe Price Mid-Cap GrowthPortfolio T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio |
| T. ROWE PRICE FINANCIAL SERVICES FUND, INC.                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE FIXED INCOME SERIES, INC. T. Rowe Price Limited-TermBond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                     |
| T. ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                              |
| T.ROWE PRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |
| T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC. T.Rowe Price Institutional Core Plus Fund T. Rowe PriceInstitutional Credit Opportunities Fund T. Rowe PriceInstitutional Floating Rate Fund T. Rowe Price InstitutionalGlobal Multi-Sector Bond Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                  |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. T. RowePrice Institutional Africa & Middle East Fund T.Rowe Price Institutional Emerging Markets Bond Fund T.Rowe Price Institutional Emerging Markets Equity Fund T.Rowe Price Institutional Frontier Markets Equity Fund T.Rowe Price Institutional Global Focused Growth Equity Fund T.Rowe Price Institutional Global Growth Equity Fund T.Rowe Price Institutional Global Value Equity Fund T.Rowe Price Institutional International Bond Fund T.Rowe Price Institutional International Concentrated Equity Fund T.Rowe Price Institutional International Core Equity Fund T.Rowe Price Institutional International Growth Equity Fund                                                                                                                                                                                                                                                                                                    |
| T.ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price Asia OpportunitiesFund T. Rowe Price Emerging Europe Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Corporate Bond Fund T. Rowe PriceEmerging Markets Local Currency Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EuropeanStock Fund T. Rowe Price Global Growth Stock Fund T. Rowe Price Global High Income Bond Fund T. RowePrice Global Industrials Fund T. Rowe Price GlobalStock Fund T. Rowe Price Global Unconstrained BondFund T. Rowe Price International Bond Fund T. Rowe Price International Concentrated Equity Fund T. Rowe Price International Discovery Fund T.Rowe Price International Growth & Income Fund T.Rowe Price International Stock Fund T. Rowe Price JapanFund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC. Alclear NHF LLC CHEWYNHF LLC Encapsys NHF LLC WheelsUp NHF LLC                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement 2060 Fund T. Rowe Price RetirementBalanced Fund T. Rowe Price Target Retirement 2005Fund T. Rowe Price Target Retirement 2010 Fund T. Rowe Price Target Retirement 2015 Fund

 T.Rowe Price Target Retirement 2020 Fund T. Rowe PriceTarget Retirement 2025 Fund T. Rowe Price Target Retirement2030 Fund T. Rowe Price Target Retirement 2035 Fund T. Rowe Price Target Retirement 2040 Fund T.Rowe Price Target Retirement 2045 Fund T. Rowe PriceTarget Retirement 2050 Fund T. Rowe Price Target Retirement2055 Fund T. Rowe Price Target Retirement 2060 Fund |
| T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE SHORT-TERM BOND FUND, INC. T.Rowe Price Ultra Short-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWEPRICE SMALL-CAP STOCK FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. ROWEPRICE SMALL-CAP VALUE FUND, INC.

 CHEWY SCVF LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWE PRICE SPECTRUM FUND, INC. SpectrumGrowth Fund Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE STRATEGIC INCOMEFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

|                                                                                                                                                                                                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SUMMIT FUNDS, INC. T. Rowe Price Summit CashReserves Fund                                                                                                                          |
| T. ROWE PRICE SUMMIT MUNICIPALFUNDS, INC. T. Rowe Price Summit Municipal Income Fund T. Rowe Price Summit Municipal Intermediate Fund T.Rowe Price Summit Municipal Money Market Fund |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                   |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                             |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                          |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                              |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC.  T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                           |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                     |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                          |
| T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                           |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                       |

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                     |
|------------------------------------------|
|                                     |
| STATE STREET BANK AND TRUSTCOMPANY       |
|                                     |
| /s/Gunjan Kedia                          |
| By:_____________________________________ |
| Gunjan Kedia, Executive Vice President   |
|                                     |

AMENDMENTNO. 55TOCUSTODIAN CONTRACT BETWEENSTATE STREET BANK AND TRUST COMPANY ANDTHE T. ROWE PRICE FUNDS

The Custodian Contract of January28, 1998, as amended November 4, 1998, April 21, 1999, February 9, 2000, April 19,2000, July 18, 2000, October 25, 2000, February 7, 2001, July 24, 2001, April 24,2002, July 24, 2002, September 4, 2002, July 23, 2003, October 22, 2003, February 4,2004, September 20, 2004, March 2, 2005, April 19, 2006, July 19, 2006, October 18,2006, April 24, 2007, June 12, 2007, July 24, 2007, October 23, 2007, February 6,2008, July 22, 2008, October 21, 2008, April 22, 2009, August 28, 2009, October 20,2009, February 10, 2009, April 29, 2010, July 6, 2010, July 21, 2010, October 21,2010, April 15, 2011, April 20, 2011, October 17, 2011, February 9, 2012, April 24,2012, September 9, 2012, November 7, 2012, March 14, 2013, April 4, 2013, April 22,2013, July 1, 2013, July 24, 2013, February 4, 2014, March 19, 2014, May 14,2014, June 5, 2014, August 5, 2014, November 21, 2014, June 8, 2015, July 16, 2015,and July 30, 2015 between State Street Bank and Trust Company and each of the Parties listed on AppendixA thereto is hereby further amended, as of August 3, 2015 by adding thereto T. Rowe Price EmergingMarkets Value Stock Fund on behalf of T. Rowe Price International Funds, Inc. and T. Rowe PriceRetirement I 2005 Fund—I Class, T. Rowe Price Retirement I 2010 Fund—I Class, T. RowePrice Retirement I 2015 Fund—I Class, T. Rowe Price Retirement I 2020 Fund—I Class,T. Rowe Price Retirement I 2025 Fund—I Class, T. Rowe Price Retirement I 2030 Fund—IClass, T. Rowe Price Retirement I 2035 Fund—I Class, T. Rowe Price Retirement I 2040Fund—I Class, T. Rowe Price Retirement I 2045 Fund—I Class, T. Rowe Price RetirementI 2050 Fund—I Class, T. Rowe Price Retirement I 2055 Fund—I Class, T. Rowe PriceRetirement I 2060 Fund—I Class, and T. Rowe Price Retirement Balanced I Fund—I Classon behalf of T. Rowe Price Retirement Funds, Inc.; and by changing the name of the T. RowePrice Strategic Income Fund, Inc. to the T. Rowe Price Global Multi-Sector Bond Fund, Inc.

|                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------|
| T. ROWE PRICE BALANCED FUND, INC.                                                                                   |
| T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.                                                                           |
| T.ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST CaliforniaTax-Free Bond Fund California Tax-Free Money Fund |
| T. ROWE PRICE CAPITAL APPRECIATION FUND                                                                             |
| T.ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.                                                                         |
| T. ROWEPRICE CORPORATE INCOME FUND, INC.                                                                            |
| T. ROWEPRICE CREDIT OPPORTUNITIES FUND, INC.                                                                        |
| T. ROWEPRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.                                                                  |
| T. ROWEPRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.                                                                |
| T. ROWEPRICE DIVIDEND GROWTH FUND, INC.                                                                             |
| T. ROWEPRICE EQUITY INCOME FUND                                                                                     |

|                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE EQUITY SERIES, INC. T. Rowe Price Blue Chip GrowthPortfolio T. Rowe Price Equity Income Portfolio T. Rowe Price Equity Index 500 Portfolio T.Rowe Price Health Sciences Portfolio T. Rowe PriceMid-Cap Growth Portfolio T. Rowe Price New AmericaGrowth Portfolio T. Rowe Price Personal Strategy BalancedPortfolio                                 |
| T. ROWE PRICE FINANCIAL SERVICESFUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE FIXED INCOMESERIES, INC. T. Rowe Price Limited-Term Bond Portfolio T. Rowe Price Prime Reserve Portfolio                                                                                                                                                                                                                                                                    |
| T.ROWE PRICE FLOATING RATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                               |
| T. ROWEPRICE GLOBAL ALLOCATION FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GLOBAL MULTI-SECTOR BOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWEPRICE GLOBAL REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWEPRICE GLOBAL TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                           |
| T. ROWEPRICE GNMA FUND                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWE PRICE GROWTH &INCOME FUND, INC.                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE GROWTH STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE HEALTH SCIENCESFUND, INC.                                                                                                                                                                                                                                                                                                                                                             |
| T. ROWE PRICE HIGH YIELD FUND,INC.                                                                                                                                                                                                                                                                                                                                                                  |
| T. ROWE PRICE INDEX TRUST, INC. T.Rowe Price Equity Index 500 Fund T. Rowe Price ExtendedEquity Market Index Fund T. Rowe Price Total EquityMarket Index Fund                                                                                                                                                                                                                        |
| T. ROWE PRICE INFLATION FOCUSEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWE PRICE INFLATION PROTECTEDBOND FUND, INC.                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INSTITUTIONALEQUITY FUNDS, INC. T. Rowe Price Institutional Large-CapCore Growth Fund T. Rowe Price Institutional Large-CapGrowth Fund T. Rowe Price Institutional Large-Cap ValueFund T. Rowe Price Institutional Mid-Cap Equity GrowthFund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional U.S. Structured Research Fund |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE INSTITUTIONAL INCOME FUNDS, INC. T. Rowe PriceInstitutional Core Plus Fund T. Rowe Price InstitutionalCredit Opportunities Fund T. Rowe Price InstitutionalFloating Rate Fund

 T. Rowe Price InstitutionalGlobal Multi-Sector Bond Fund T. Rowe Price InstitutionalHigh Yield Fund T. Rowe Price Institutional Long DurationCredit Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE INSTITUTIONALINTERNATIONAL FUNDS, INC. T. Rowe Price InstitutionalAfrica & Middle East Fund T. Rowe Price InstitutionalEmerging Markets Bond Fund T. Rowe Price InstitutionalEmerging Markets Equity Fund T. Rowe Price InstitutionalFrontier Markets Equity Fund T. Rowe Price InstitutionalGlobal Focused Growth Equity Fund T. Rowe Price InstitutionalGlobal Growth Equity Fund T. Rowe Price InstitutionalGlobal Value Equity Fund T. Rowe Price InstitutionalInternational Bond Fund T. Rowe Price InstitutionalInternational Concentrated Equity Fund T. Rowe PriceInstitutional International Core Equity Fund T. RowePrice Institutional International Growth Equity Fund                                                                                                                                                                                                                                                                                                                                                        |
| T.ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T.ROWE PRICE INTERNATIONAL FUNDS, INC. T. Rowe PriceAfrica & Middle East Fund T. Rowe Price Asia OpportunitiesFund T. Rowe Price Emerging Europe Fund T.Rowe Price Emerging Markets Bond Fund T. Rowe PriceEmerging Markets Corporate Bond Fund T. Rowe PriceEmerging Markets Local Currency Bond Fund T. Rowe PriceEmerging Markets Stock Fund T. Rowe Price EmergingMarkets Value Stock Fund T. Rowe Price European StockFund T. Rowe Price Global Growth Stock Fund T. Rowe Price Global High Income Bond Fund T. RowePrice Global Industrials Fund T. Rowe Price GlobalStock Fund T. Rowe Price Global Unconstrained BondFund T. Rowe Price International Bond Fund T. Rowe Price International Concentrated Equity Fund T. Rowe Price International Discovery Fund T.Rowe Price International Growth & Income Fund T.Rowe Price International Stock Fund T. Rowe Price JapanFund T. Rowe Price Latin America Fund T.Rowe Price New Asia Fund T. Rowe Price Overseas StockFund |
| T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. T. Rowe Price International Equity Index Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE INTERNATIONAL SERIES, INC. T.Rowe Price International Stock Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE MEDIA & TELECOMMUNICATIONS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWEPRICE MID-CAP GROWTH FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. ROWEPRICE MID-CAP VALUE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. T. RowePrice Emerging Markets Corporate Multi-Sector Account Portfolio T.Rowe Price Emerging Markets Local Multi-Sector Account Portfolio T.Rowe Price Floating Rate Multi-Sector Account Portfolio  T.Rowe Price High Yield Multi-Sector Account Portfolio T.Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio T.Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio |
| T.ROWE PRICE NEW AMERICA GROWTH FUND                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWEPRICE NEW ERA FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. ROWE PRICE NEW HORIZONSFUNDS, INC. Alclear NHF LLC CHEWYNHF LLC Encapsys NHF LLC WheelsUp NHF LLC                                                                                                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE NEW INCOME FUND,INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. T. Rowe Price Personal Strategy Balanced Fund T.Rowe Price Personal Strategy Growth Fund T. Rowe PricePersonal Strategy Income Fund                                                                                                                                                                                                                                                                                             |
| T. ROWEPRICE PRIME RESERVE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. ROWEPRICE REAL ASSETS FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE REAL ESTATE FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. ROWEPRICE RESERVE INVESTMENT FUNDS, INC. T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund T.Rowe Price Short-Term Government Reserve Fund T. RowePrice Short-Term Reserve Fund                                                                                                                                                                                                                                                |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE RETIREMENT FUNDS, INC. T. Rowe Price Retirement2005 Fund T. Rowe Price Retirement 2010 Fund T. Rowe Price Retirement 2015 Fund T.Rowe Price Retirement 2020 Fund T. Rowe Price Retirement2025 Fund T. Rowe Price Retirement 2030 Fund T. Rowe Price Retirement 2035 Fund T.Rowe Price Retirement 2040 Fund T. Rowe Price Retirement2045 Fund T. Rowe Price Retirement 2050 Fund T. Rowe Price Retirement 2055 Fund T.Rowe Price Retirement 2060 Fund T. Rowe Price RetirementBalanced Fund T. Rowe Price Retirement I 2005 Fund—IClass

 T. Rowe Price Retirement I 2010 Fund—IClass T. Rowe Price Retirement I 2015 Fund—I Class T. Rowe Price Retirement I 2020 Fund—I Class T.Rowe Price Retirement I 2025 Fund—I Class T. RowePrice Retirement I 2030 Fund—I Class T. Rowe PriceRetirement I 2035 Fund—I Class T. Rowe Price RetirementI 2040 Fund—I Class T. Rowe Price Retirement I2045 Fund—I Class T. Rowe Price Retirement I 2050Fund—I Class T. Rowe Price Retirement I 2055 Fund—IClass T. Rowe Price Retirement I 2060 Fund—I Class T. Rowe Price Retirement Balanced I Fund—I Class T. Rowe Price Target Retirement 2005 Fund T.Rowe Price Target Retirement 2010 Fund T. Rowe PriceTarget Retirement 2015 Fund T. Rowe Price Target Retirement2020 Fund T. Rowe Price Target Retirement 2025 Fund T. Rowe Price Target Retirement 2030 Fund T.Rowe Price Target Retirement 2035 Fund T. Rowe PriceTarget Retirement 2040 Fund T. Rowe Price Target Retirement2045 Fund T. Rowe Price Target Retirement 2050 Fund T. Rowe Price Target Retirement 2055 Fund T.Rowe Price Target Retirement 2060 Fund |
| T. ROWEPRICE SCIENCE & TECHNOLOGY FUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. ROWEPRICE SHORT-TERM BOND FUND, INC. T. Rowe Price UltraShort-Term Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. ROWE PRICE SMALL-CAP STOCKFUND, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. ROWE PRICE SMALL-CAP VALUEFUND, INC.

 CHEWY SCVF LLC                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

|                                                                                                                                                                                                                                                                                                                       |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. ROWEPRICE SPECTRUM FUND, INC. Spectrum Growth Fund Spectrum Income Fund SpectrumInternational Fund                                                                                                                                                                                                       |
| T. ROWE PRICE STATE TAX-FREEINCOME TRUST Georgia Tax-Free Bond Fund MarylandShort-Term Tax-Free Bond Fund Maryland Tax-Free BondFund Maryland Tax-Free Money Fund NewJersey Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund VirginiaTax-Free Bond Fund |
| T. ROWE PRICE SUMMIT FUNDS,INC. T. Rowe Price Summit Cash Reserves Fund                                                                                                                                                                                                                                               |
| T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. T.Rowe Price Summit Municipal Income Fund T. Rowe PriceSummit Municipal Intermediate Fund T. Rowe Price SummitMunicipal Money Market Fund                                                                                                                        |
| T. ROWEPRICE TAX-EFFICIENT FUNDS, INC. T. Rowe Price Tax-EfficientEquity Fund                                                                                                                                                                                                                                         |
| T. ROWE PRICE TAX-EXEMPT MONEYFUND, INC.                                                                                                                                                                                                                                                                                   |
| T. ROWE PRICE TAX-FREE HIGHYIELD FUND, INC.                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE TAX-FREE INCOMEFUND, INC.                                                                                                                                                                                                                                                                                    |
| T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATEFUND, INC. T. Rowe Price Tax-Free Ultra Short-TermBond Fund                                                                                                                                                                                                                  |
| T. ROWE PRICE U.S. BOND ENHANCEDINDEX FUND, INC.                                                                                                                                                                                                                                                                           |
| T. ROWE PRICE U.S. LARGE-CAPCORE FUND, INC.                                                                                                                                                                                                                                                                                |
| T. ROWE PRICE U.S. TREASURYFUNDS, INC. U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S.Treasury Money Fund                                                                                                                                                                                 |
| T. ROWE PRICE VALUE FUND, INC.                                                                                                                                                                                                                                                                                             |

|                                     |
|------------------------------------------|
|                                     |
| /s/David Oestreicher                     |
| By:_____________________________________ |
| David Oestreicher, Vice President        |
|                                     |

|                                     |
|------------------------------------------|
|                                     |
| STATE STREET BANK AND TRUSTCOMPANY       |
|                                     |
| /s/Gunjan Kedia                          |
| By:_____________________________________ |
| Gunjan Kedia, Executive Vice President   |
|                                     |