Disclosure: Views expressed are the author’s, are subject to change without notice, and may differ from those of other T. Rowe Price associates. Information and opinions are derived from sources deemed reliable; their accuracy is not guaranteed. This material does not constitute a distribution, offer, invitation, recommendation, or solicitation to sell or buy any securities; it does not constitute investment advice and should not be relied upon as such. Investors should seek independent legal and financial advice before making investment decisions. Past performance cannot guarantee future results. All investments involve risk. The charts and tables are shown for illustrative purposes only.