ANNUAL REPORT JUNE 30, 2017

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1 ANNUAL REPORT JUNE 30, 207

2 Table of Contents Letter to Plan Participants 2 Investment Report 3 Average Annual Returns for College 2 3 Total Market Index 4 Fixed Income 5 Balanced 6 Money Market 7 Selected Financial Data 8 You should compare this Plan with any 529 college savings plan offered by your home state or your Beneficiary s home state and consider, before investing, any state tax or other benefits that are only available for investments in the home state s plan. If you do not already participate in the T. Rowe Price College Savings Plan, you should read the Plan Disclosure Document carefully before investing. The Plan Disclosure Document contains important information, including investment objectives, risks, fees, charges, and expenses. You may request a copy by calling or by going online to troweprice529.com. Definitions of the benchmarks cited in the report: Bloomberg Barclays U.S. 5 Year Treasury TIPS Index measures the performance of inflation protected public obligations of the U.S. Treasury with maturities of to 5 years; Bloomberg Barclays U.S. Aggregate Bond Index tracks the performance of investment-grade corporate and government bonds; Citigroup 3-Month Treasury Bill Index tracks the performance of short-term U.S. government debt instruments; MSCI All Country World Index ex USA measures equity market performance of developed and emerging countries, excluding the U.S.A.; MSCI EAFE (Europe, Australasia, and Far East) Index tracks the performance of large-cap international stocks; Nasdaq Composite Index a market valueweighted index of all common stocks listed on Nasdaq; Russell 2000 Index tracks the performance of 2,000 small-cap U.S. companies; Russell 3000 Index tracks the performance of the 3,000 largest U.S. companies, representing approximately 98% of the investable U.S. equity market; and S&P 500 Index tracks the performance of 500 primarily U.S. companies. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell is a trademark of Russell Investment Group. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Bloomberg Index Services Ltd. Copyright 207, Bloomberg Index Services Ltd. Used with permission.

3 Letter to Plan Participants DEAR COLLEGE INVESTOR, We are pleased to present this annual report for the T. Rowe Price College Savings Plan covering the 2 months ended June 30, 207. A COLLEGE DEGREE OFFERS CLEAR EMPLOYMENT AND EARNINGS ADVANTAGES The U.S. unemployment rate fell steadily over the past 2 months, continuing its decline in recent years as the economy recovered from the recession. While the labor market has improved for most workers, education plays a key role in determining one s job prospects. In recent years, unemployment rates for workers with a bachelor s degree or higher have been less than half of those with only a high school degree, according to the National Center for Education Statistics. Moreover, unemployment rates for workers with a two-year associate s degree have been significantly lower than workers with only a high school diploma. Education has a major impact on incomes. Simply put, workers with a college education earn substantially more than those who didn t attend college. According to the Bureau of Labor Statistics, last year, workers with a bachelor s degree earned a median income of $,56 a week, while those with only a high school diploma earned a median income of $692 a week. For most people, a college education is a positive investment toward potential employment and earnings compared with having no college degree. ANNUAL COLLEGE COST INCREASES HAVE SLOWED BUT STILL OUTPACE INFLATION The rate of annual increases in college costs has declined in recent years, but it continues to exceed inflation. In the 0 years between the and academic years, published in-state tuition and fees at public four-year institutions rose at an average rate of 3.5% per year beyond inflation compared with inflation-adjusted average annual increases of 3.9% and 4.2% over the two prior decades. At private four-year colleges, the inflation-adjusted average annual increases in tuition and fees was 2.4% in the most recent decade compared with 3.% and 2.9% for the two prior decades.* The costs of attending college have significantly risen over the past 30 years. The inflation-adjusted price of tuition and fees for public four-year institutions in was 3.0 times as high as it was in , while for private four-year colleges, the price of tuition and fees was 2.29 times as high.* The bottom line is that annual college cost increases have declined in recent years but continue to rise over the long term which is why a college savings plan remains important. HARNESSING THE POWER OF TAX-ADVANTAGED INVESTING There is no replacing personal savings as your best opportunity to pay for college. College savings plans can be an important consideration for anyone saving for higher education. For many families, 529 plans offer a highly effective way to plan ahead for college costs. Along with the chance to build a financial foundation that makes college more affordable, 529 plans offer another tangible financial advantage: a reduction in your tax liability. Earnings on 529 plans are not subject to federal tax and generally not subject to state tax when used for qualified education expenses. These expenses include tuition, fees, books, room and board, and computer equipment. While each state offers its own 529 plan, you are not limited to investing in the state where you live. You can also change the designated beneficiary of a plan to another family member without penalty. For example, you can roll funds from a 529 for one of your children into a sibling s plan without penalty. Average Estimated Full-Time Undergraduate Budgets, * Total expense with room and Type of college Tuition and fees board, books, supplies, other Public two-year commuter $3,520 $7,000 Public four-year in-state $9,650 $24,60 Public four-year out-of-state $24,930 $39,890 Private nonprofit four-year on-campus $33,480 $49,320 *Source: College Board. Sincerely, Edward C. Bernard Chairman, T. Rowe Price Investment Services, Inc. 2

4 Investment Report U.S. STOCKS SURGE AS ECONOMY PICKS UP, CORPORATE EARNINGS REBOUND Steady economic growth and a rebound in corporate profits lifted stock markets worldwide in our fiscal year ended June 30, 207. U.S. stocks were range-bound early in the period amid caution before November s presidential election and uncertainty about the timing of the Federal Reserve s interest rate hikes. After the election, U.S. stocks soared as investors pinned their hopes on tax cuts, deregulation, and other business-friendly policies under the new administration. A long-awaited corporate earnings recovery fueled the rally. Overall profits for the S&P 500 rose at their fastest year-over-year pace in several years in the first quarter of 207 a welcome change after five quarters of earnings declines that began in mid-205. The S&P 500 Index rose to record levels through June, joining many global stock benchmarks that reached all-time highs. U.S. small-cap stocks outperformed their larger peers. Growth stocks outpaced value stocks among large- and mid-cap stocks, while small-cap growth and small-cap value stocks fared roughly the same, according to various Russell indexes. Nine of sectors in the S&P 500 Index advanced, while two fell. Financials gained the most, driven by rising interest rates, hopes for deregulation, and favorable results of the Fed s annual stress test for banks. Information technology was the next best performer due to outsized gains in a few technology and Internet stocks. Conversely, telecommunication services retreated as wireless operators grappled with weak subscriber growth and growing competition. The energy sector declined as crude oil prices sank in the first half of 207 amid a persistent global oversupply of oil. Signs of steady economic growth outside the U.S. offset mounting concerns about the Trump administration s ability to deliver on its agenda. Evidence of a sustained recovery grew more plentiful in Europe and Japan, helped by ultralow interest rates and other accommodative measures implemented by central banks in both markets. Emerging markets outperformed developed markets stocks as the global recovery translated into increased trade, benefiting export-driven economies across the developing world. All major emerging regions advanced, led by Asia, as strong growth in China drove economic activity in the region. 30% Global Market Returns Periods Ended 6/30/7 6-Month Return 2-Month Return S&P 500 Index *Principal return only. NASDAQ Composite Index* Russell 2000 Index MSCI EAFE Index Bloomberg Barclays U.S. Aggregate Bond Index U.S. INVESTMENT-GRADE BONDS RETREAT, BUT HIGH YIELD SHINES Interest Rate Levels U.S. investment-grade bonds slightly declined 0-Year Treasury Note over the fiscal year. In the second half of 206, 3.5% yields on longer-term Treasuries rose and prices Year Treasury Note 90-Day Treasury Bill fell as economic data improved and the Fed signaled that it was drawing closer to raising interest rates for the first time since December 205. (Bond prices and yields move in opposite directions.) Yields spiked after the election on anticipation of pro-growth policies under 6/30/6 9/30/6 2/3/6 3/3/7 President Trump and an interest rate increase Source: Federal Reserve Board. in December. This year, however, longer-term Treasury yields reversed course as inflation stayed tame and investors surmised that Trump s expansionary fiscal agenda would take longer than expected to materialize. Following the Fed s rate hike in December 206, the central bank raised interest rates in March and June and signaled one more hike in 207. It also announced plans to start gradually reducing its $4.5 trillion balance sheet consisting of Treasuries and mortgage-backed securities later this year. In the investment-grade universe, long-term corporate bonds performed the best as credit spreads the yield difference between Treasuries and bonds with some credit risk narrowed as the earnings recovery supported corporate fundamentals. On the other hand, long-term Treasuries declined. 6/30/7 3

5 Investment Report (continued) High yield bonds widely outpaced their investment-grade peers. High yield bonds rallied as they benefited from commodity prices stabilizing well above their lows in early 206, a subdued default outlook, and strong demand in an environment of low-yielding securities globally. Bonds in developed non-u.s. markets declined in dollar terms as government bond yields in the UK and the eurozone rose over the past year. In the UK, government bond yields rebounded from their post-brexit lows and after some Bank of England policymakers signaled in June that they were leaning toward increasing rates. In the eurozone, government bond yields surged from very low levels as speculation grew that the improving economy would lead the European Central Bank to start unwinding its years-long stimulus program. Currency weakness in our fiscal year s first half also hurt dollar-based returns. The British pound and Japanese yen each fell sharply against the dollar over the last 2 months, though most global currencies have appreciated against the greenback in 207. Dollar-denominated emerging markets bonds rose modestly in dollar terms, overcoming a postelection sell-off last November. Stable global growth, higher commodity prices, and relatively higher interest rates in most developing countries helped support the asset class. Average Annual Returns Average Annualized Total Returns This table shows how each portfolio would have performed each year if its actual returns for the period shown had been earned at a constant rate. Periods Ended 6/30/7 One Year Three Years Five Years Ten Years Since Inception Inception Date % N/A N/A N/A 6.84% 5/29/ % 2.38% N/A /3/ N/A /29/ % /3/ /30/ /7/ /7/0 for College /7/ /7/0 Fixed Income /7/0 Balanced /7/0 Total Market Index /3/06 Money Market /30/04 Current performance may be higher or lower than the quoted past performance, which cannot guarantee future results. Unit price, principal value, and return will vary, and you may have a gain or loss when you sell your units. For the most recent month-end performance, please call or visit our website at troweprice529.com. Average annual total return figures include changes in principal value and any reinvested dividends. Investment return and principal value represent past performance and will vary. Units may be worth more or less at redemption than at original purchase. Returns do not reflect taxes that may be paid on distributions or the redemption of units. You could lose money by investing in the. Although the seeks to preserve the value of your investment at $.00 per unit, it cannot guarantee it will do so. An investment in the is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Neither the Program Manager nor the underlying fund s sponsor has any legal obligation to provide financial support to the or underlying fund, and you should not expect that either the Program Manager or the fund sponsor will provide financial support to the or the underlying fund at any time. Index Definitions The S&P 500 Index is an index of large-cap U.S. stocks. The Nasdaq Composite Index is an index primarily of small- and mid-cap stocks that is often considered a good representation of technology stock performance. The Russell 2000 Index is a broad index of smaller companies. The MSCI EAFE (Europe, Australasia, and Far East) Index is an index of large-cap international stocks. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad benchmark of investment-grade U.S. government and corporate bonds. 4

6 generated a double-digit return and performed in line with its weighted benchmark for the 2 months ending June 30, 207. The portfolio s focus is long-term capital appreciation. The majority of its assets are held in a diversified selection of U.S. and international stocks, including emerging markets. Later in the portfolio s life cycle, it will incorporate an allocation to lowervolatility investments. Initially, this will include the Spectrum Income Fund, a multi-sector income fund that includes investments in high yield bonds, non- U.S. dollar bonds, emerging markets bonds, and dividend-paying stocks. Seven years prior to the portfolio s target maturity date, the fixed income component of the portfolio will begin to transition to the New Income Fund, a core U.S. investment-grade bond fund. Security selection in U.S. large-cap stocks contributed the most to the portfolio s outperformance. Within U.S. large-cap stocks, growth and value portfolios outpaced their respective style-specific benchmarks, with growth outperforming value. This was partially offset by underperformance within our U.S. small-cap stock and real assets portfolios. International stock portfolios produced mixed results. Periods Ended 6/30/7 6 Months 2 Months % 9.58% Weighted Benchmark Composition 3 June 30, 206 June 30, % 00% /30/6 6/30/7 T. Rowe Price Index 500 Fund 29.7% 29.% T. Rowe Price Blue Chip Growth Fund.2 2. T. Rowe Price Value Fund T. Rowe Price Overseas Stock Fund T. Rowe Price International Value Fund T. Rowe Price International Stock Fund T. Rowe Price Small-Cap Stock Fund T. Rowe Price Mid-Cap Growth Fund T. Rowe Price Mid-Cap Value Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Real Assets Fund Tactical decisions to overweight and underweight asset classes lifted relative returns. An underweight to real assets relative to global stocks helped, as did an overweight to U.S. large-cap growth stocks over U.S. large-cap value stocks. We increased our exposure to U.S. growth stocks relative to value stocks over the past year due to more attractive valuations for growth stocks and our forecasts for low economic growth. On the other hand, our underweight to U.S. small-cap stocks relative to U.S. largecap stocks that we maintained for most of the past year detracted from relative returns. The inclusion of diversifying sectors that are not included in the benchmark detracted from relative performance. Specifically, our exposure to real assets detracted from relative returns as crude oil prices slumped in 207, putting pressure on energy sector companies. 2 As of June 30, 207, the weighted benchmark was composed of: Russell 3000 Index 70.00% MSCI All Country World Index ex USA Percentages may not total 00% due to rounding. 4 The T. Rowe Price International Growth & Income Fund was renamed the T. Rowe Price International Value Fund effective January,

7 generated a double-digit return and performed in line with its weighted benchmark for the 2 months ending June 30, 207. The portfolio s focus is long-term capital appreciation. The majority of its assets are held in a diversified selection of U.S. and international stocks, including emerging markets. Later in the portfolio s life cycle, it will incorporate an allocation to lowervolatility investments. Initially, this will include the Spectrum Income Fund, a multi-sector income fund that includes investments in high yield bonds, non- U.S. dollar bonds, emerging markets bonds, and dividend-paying stocks. Seven years prior to the portfolio s target maturity date, the fixed income component of the portfolio will begin to transition to the New Income Fund, a core U.S. investment-grade bond fund. Security selection in U.S. large-cap stocks contributed the most to the portfolio s outperformance. Within U.S. large-cap stocks, growth and value portfolios outpaced their respective style-specific benchmarks, with growth outperforming value. This was partially offset by underperformance within our U.S. small-cap stock and real assets portfolios. International stock portfolios produced mixed results. Periods Ended 6/30/7 6 Months 2 Months % 9.56% Weighted Benchmark Composition 3 June 30, 206 June 30, % 00% /30/6 6/30/7 T. Rowe Price Index 500 Fund 29.7% 29.% T. Rowe Price Blue Chip Growth Fund.2 2. T. Rowe Price Value Fund T. Rowe Price Overseas Stock Fund T. Rowe Price International Value Fund T. Rowe Price International Stock Fund T. Rowe Price Small-Cap Stock Fund T. Rowe Price Mid-Cap Growth Fund T. Rowe Price Mid-Cap Value Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Real Assets Fund Tactical decisions to overweight and underweight asset classes lifted relative returns. An underweight to real assets relative to global stocks helped, as did an overweight to U.S. large-cap growth stocks over U.S. large-cap value stocks. We increased our exposure to U.S. growth stocks relative to value stocks over the past year due to more attractive valuations for growth stocks and our forecasts for low economic growth. On the other hand, our underweight to U.S. small-cap stocks relative to U.S. large-cap stocks that we maintained for most of the past year detracted from relative returns. The inclusion of diversifying sectors that are not included in the benchmark detracted from relative performance. Specifically, our exposure to real assets detracted from relative returns as crude oil prices slumped in 207, putting pressure on energy sector companies. 2 As of June 30, 207, the weighted benchmark was composed of: Russell 3000 Index 70.00% MSCI All Country World Index ex USA Percentages may not total 00% due to rounding. 6 4 The T. Rowe Price International Growth & Income Fund was renamed the T. Rowe Price International Value Fund effective January, 207.

8 generated a double-digit return and outperformed its weighted benchmark for the 2 months ending June 30, 207. The portfolio s focus is long-term capital appreciation. The majority of its assets are held in a diversified selection of U.S. and international stocks, including emerging markets. Over time, the allocation to lower-volatility investments will increase. The portfolio currently holds an allocation to the Spectrum Income Fund, a multi-sector income fund that includes investments in high yield bonds, non-u.s. dollar bonds, emerging markets bonds, and dividend-paying stocks. Seven years prior to the portfolio s target maturity date, the fixed income component of the portfolio will begin to transition to the New Income Fund, a core U.S. investment-grade bond fund. Security selection in U.S. large-cap growth stocks contributed to the portfolio s outperformance. The Spectrum Income Fund outpaced its style-specific benchmark the Bloomberg Barclays U.S. Aggregate Bond Index due to its inclusion of high yield bonds and other diversifying asset classes not included in the benchmark. Security selection in international stock portfolios produced mixed results: International developed growth and core portfolios added value, while international developed value and emerging markets portfolios lagged their style-specific benchmarks. Tactical decisions to overweight and underweight asset classes lifted relative Periods Ended 6/30/7 6 Months 2 Months 2030.% 8.29% Weighted Benchmark % Composition June 30, 206 June 30, % /30/6 6/30/7 T. Rowe Price Index 500 Fund 28.2% 25.3% T. Rowe Price Spectrum Income Fund T. Rowe Price Blue Chip Growth Fund T. Rowe Price Value Fund T. Rowe Price Overseas Stock Fund T. Rowe Price International Value Fund T. Rowe Price International Stock Fund T. Rowe Price Small-Cap Stock Fund T. Rowe Price Mid-Cap Growth Fund T. Rowe Price Mid-Cap Value Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Real Assets Fund T. Rowe Price U.S. Treasury Money Fund T. Rowe Price Limited Duration Inflation Focused Bond Fund returns. An underweight to real assets relative to global stocks helped, as did an overweight to U.S. large-cap growth stocks over U.S. large-cap value stocks. We increased our exposure to U.S. growth stocks relative to value stocks over the past year due to more attractive valuations for growth stocks and our forecasts for low economic growth. On the other hand, our underweight to U.S. small-cap stocks relative to U.S. large-cap stocks that we maintained for most of the past year detracted from relative returns. The inclusion of diversifying sectors that are not included in the benchmark detracted from relative performance. Specifically, our exposure to real assets detracted from relative returns as crude oil prices slumped in 207, putting pressure on energy sector companies. 94.9% Fixed Income 87.5% 2 As of June 30, 207, the weighted benchmark was composed of: Russell 3000 Index 63.00% MSCI All Country World Index ex USA Bloomberg Barclays U.S. Aggregate Bond Index The T. Rowe Price International Growth & Income Fund was renamed the T. Rowe Price International Value Fund effective January,

9 generated a double-digit return and outperformed its weighted benchmark for the 2 months ending June 30, 207. The portfolio s focus is long-term capital appreciation. The majority of its assets are held in a diversified selection of U.S. and international stocks, including emerging markets. Over time, the allocation to lower-volatility investments will increase. The portfolio currently holds an allocation to the Spectrum Income Fund, a multi-sector income fund that includes investments in high yield bonds, non-u.s. dollar bonds, emerging markets bonds, and dividend-paying stocks. Seven years prior to the portfolio s target maturity date, the fixed income component of the portfolio will begin to transition to the New Income Fund, a core U.S. investment-grade bond fund. Security selection contributed the most to outperformance, particularly within the portfolio s multi-sector fixed income strategy. That strategy, represented by the Spectrum Income Fund, outpaced its style-specific benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. Security selection in U.S. large-cap growth stocks also contributed to relative performance. International stock portfolios produced mixed results. Tactical decisions to overweight and underweight asset classes lifted relative returns. An underweight to real assets relative to global stocks helped, as did an overweight to U.S. large-cap growth stocks over U.S. large-cap value stocks. On the other hand, our underweight to U.S. small-cap stocks relative to U.S. Periods Ended 6/30/7 6 Months 2 Months % 6.04% Weighted Benchmark June 30, % large-cap stocks that we maintained for most of the past year detracted from relative returns. The inclusion of diversifying sectors that are not included in the benchmark detracted from relative performance. Specifically, our exposure to real assets detracted from relative returns as crude oil prices slumped in 207, putting pressure on energy sector companies. 79.6% Fixed Income June 30, % 72.7% Composition /30/6 6/30/7 T. Rowe Price Spectrum Income Fund 20.4% 26.9% T. Rowe Price Index 500 Fund T. Rowe Price Blue Chip Growth Fund T. Rowe Price Value Fund T. Rowe Price Overseas Stock Fund T. Rowe Price International Value Fund T. Rowe Price International Stock Fund T. Rowe Price Small-Cap Stock Fund T. Rowe Price Mid-Cap Growth Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Mid-Cap Value Fund T. Rowe Price Real Assets Fund T. Rowe Price U.S. Treasury Money Fund T. Rowe Price Limited Duration Inflation Focused Bond Fund As of June 30, 207, the weighted benchmark was composed of: 8 Russell 3000 Index 52.50% Bloomberg Barclays U.S. Aggregate Bond Index MSCI All Country World Index ex USA The T. Rowe Price International Growth & Income Fund was renamed the T. Rowe Price International Value Fund effective January, 207.

10 generated a double-digit return and outperformed its weighted benchmark for the 2 months ending June 30, 207. The portfolio s focus is long-term capital appreciation. The portfolio is almost evenly split between equity and fixed income. The equity assets are held in a diversified selection of U.S. and international stocks, including emerging markets. Over time, this equity position will continue to decrease and the allocation to lower-volatility investments will increase. The portfolio currently holds an allocation to the Spectrum Income Fund, a multi-sector income fund that includes investments in high yield bonds, non-u.s. dollar bonds, emerging markets bonds, and dividend-paying stocks. The portfolio has started to transition to the New Income Fund, a core U.S. investment-grade bond fund, as part of its strategy of becoming more conservative as it approaches its target maturity date. Security selection contributed the most to outperformance, particularly within the portfolio s multi-sector fixed income strategy. That strategy, represented by the Spectrum Income Fund, outpaced its style-specific benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. Security selection in U.S. large-cap growth stocks also contributed to relative performance. International stock portfolios produced mixed results. Tactical decisions to overweight and underweight asset classes lifted relative returns. An underweight to real assets relative to global stocks helped, as did an overweight to U.S. large-cap growth stocks over U.S. large-cap value stocks. Periods Ended 6/30/7 6 Months 2 Months % 3.66% Weighted Benchmark June 30, % 64.0% Composition Fixed Income June 30, /30/6 6/30/7 T. Rowe Price Spectrum Income Fund 36.0% 4.3% T. Rowe Price Index 500 Fund T. Rowe Price Blue Chip Growth Fund T. Rowe Price Value Fund T. Rowe Price Overseas Stock Fund T. Rowe Price International Value Fund T. Rowe Price International Stock Fund T. Rowe Price Small-Cap Stock Fund T. Rowe Price Mid-Cap Growth Fund T. Rowe Price Mid-Cap Value Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price New Income Fund T. Rowe Price Real Assets Fund T. Rowe Price U.S. Treasury Money Fund T. Rowe Price Limited Duration Inflation Focused Bond Fund On the other hand, our underweight to U.S. small-cap stocks relative to U.S. large-cap stocks that we maintained for most of the past year detracted from relative returns. The inclusion of diversifying sectors that are not included in the benchmark detracted from relative performance. Specifically, our exposure to real assets detracted from relative returns as crude oil prices slumped in 207, putting pressure on energy sector companies. 43.6% 56.4% 2 As of June 30, 207, the weighted benchmark was composed of: Russell 3000 Index 4.30% Bloomberg Barclays U.S. Aggregate Bond Index 4.00 MSCI All Country World Index ex USA The T. Rowe Price International Growth & Income Fund was renamed the T. Rowe Price International Value Fund effective January,

11 generated a double-digit return and outperformed its weighted benchmark for the 2 months ending June 30, 207. The portfolio systematically increases its allocation to fixed income investments as part of its long-term strategy of becoming more conservative over time. The portfolio currently holds more than 30% in the Spectrum Income Fund, a multi-sector income fund that includes investments in high yield bonds, non-u.s. dollar bonds, emerging markets bonds, and dividendpaying stocks. Within fixed income, the portfolio is continuing to transition to the New Income Fund, a core U.S. investment-grade bond fund, as part of its strategy of becoming more conservative as it approaches its target maturity date. Security selection contributed the most to outperformance, particularly within the Spectrum Income Fund, which outpaced its style-specific benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. Security selection in U.S. largecap growth stocks also contributed to relative performance. International stock portfolios produced mixed results. Tactical decisions to overweight and underweight asset classes lifted relative returns. An underweight to real assets relative to global stocks added value; however, our underweight to U.S. smallcap stocks relative to U.S. large-cap stocks that we maintained for most of the past year detracted from relative returns. Periods Ended 6/30/7 6 Months 2 Months % 0.08% Weighted Benchmark June 30, % June 30, 207 Composition 202 6/30/6 6/30/7 T. Rowe Price Spectrum Income Fund 38.6% 32.6% T. Rowe Price Index 500 Fund T. Rowe Price New Income Fund T. Rowe Price Limited Duration Inflation Focused Bond Fund T. Rowe Price Blue Chip Growth Fund T. Rowe Price Value Fund T. Rowe Price Overseas Stock Fund T. Rowe Price International Value Fund T. Rowe Price International Stock Fund T. Rowe Price Small-Cap Stock Fund T. Rowe Price Mid-Cap Growth Fund.3. T. Rowe Price Real Assets Fund.7.0 T. Rowe Price Mid-Cap Value Fund.5.0 T. Rowe Price Emerging Markets Stock Fund The inclusion of diversifying sectors that are not included in the benchmark detracted from relative performance. T. Rowe Price U.S. Treasury Money Fund Specifically, our exposure to real assets detracted from relative returns as crude oil prices slumped in 207, putting pressure on energy sector companies. 48.% Fixed Income 60.0% 40.0% 2 As of June 30, 207, the weighted benchmark was composed of: 0 Bloomberg Barclays U.S. Aggregate Bond Index 50.00% Russell 3000 Index MSCI All Country World Index ex USA 9.40 Bloomberg Barclays U.S. 5 Year Treasury TIPS Index The T. Rowe Price International Growth & Income Fund was renamed the T. Rowe Price International Value Fund effective January, 207.

12 generated a single-digit return and outperformed its weighted benchmark for the 2 months ending June 30, 207. The portfolio systematically increases its allocation to fixed income investments as part of its long-term strategy of becoming more conservative over time. More than three-quarters of the portfolio is invested in fixed income funds. These funds include the New Income Fund, a core U.S. investment-grade bond fund; the Limited Duration Inflation Focused Bond Fund, which primarily holds short- and mediumterm, investment-grade, inflation-linked securities; and the Spectrum Income Fund, a multi-sector bond fund that includes investments in high yield bonds, non-u.s. dollar bonds, emerging markets bonds, and dividend-paying stocks. Security selection contributed the most to outperformance, particularly within the portfolio s multi-sector fixed income strategy. That strategy, represented by the Spectrum Income Fund, outpaced its stylespecific benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. International stock portfolios produced mixed results. Security selection in the New Income Fund also helped relative performance. Tactical decisions to overweight and underweight asset classes lifted relative returns. An underweight to real assets relative to global stocks added value; however, our underweight to U.S. smallcap stocks relative to U.S. large-cap stocks that we maintained for most of the past year detracted from relative returns. Periods Ended 6/30/7 6 Months 2 Months % 5.20% Weighted Benchmark June 30, % June 30, 207 Composition 208 6/30/6 6/30/7 T. Rowe Price New Income Fund 28.% 36.6% T. Rowe Price Limited Duration Inflation Focused Bond Fund T. Rowe Price Index 500 Fund T. Rowe Price Spectrum Income Fund T. Rowe Price Overseas Stock Fund.8.0 T. Rowe Price International Value Fund T. Rowe Price International Stock Fund T. Rowe Price U.S. Treasury Money Fund T. Rowe Price Real Assets Fund. 0.6 T. Rowe Price Blue Chip Growth Fund T. Rowe Price Value Fund T. Rowe Price Mid-Cap Value Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Mid-Cap Growth Fund The inclusion of diversifying sectors that are not included in the benchmark detracted from relative performance. Specifically, our exposure to real assets detracted from relative returns as crude oil prices slumped in 207, putting pressure on energy sector companies. 3.3% Fixed Income 77.5% 22.5% 2 As of June 30, 207, the weighted benchmark was composed of: Bloomberg Barclays U.S. Aggregate Bond Index 43.00% Bloomberg Barclays U.S. 5 Year Treasury TIPS Index 3.25 S&P 500 Index 23.5 MSCI All Country World Index ex USA The T. Rowe Price International Growth & Income Fund was renamed the T. Rowe Price International Value Fund effective January, 207.

13 for College The for College generated a single-digit return but underperformed its weighted benchmark for the 2 months ending June 30, 207. The portfolio invests in a diversified blend of fixed income securities, representing about 80% of assets. The remaining allocation is in stocks, mostly invested in the Index 500 Fund, which tracks the performance of the S&P 500 Index. This structure is designed to allow investors to generate growth in their college savings accounts while minimizing the risk of principal loss through a combination of diversification and conservative fixed income investments. Security selection detracted from relative performance. Roughly half of the portfolio s fixed income allocation is invested in the Limited Duration Inflation Focused Bond Fund, which holds short- and intermediate-term, investment-grade, inflation-linked securities. This fund detracted from relative returns amid a difficult environment for inflation-protected bonds due to low inflation readings and falling inflation expectations over the past year. The balance of the portfolio s fixed income allocation is predominantly invested in the New Income Fund, a Periods Ended 6/30/7 6 Months 2 Months for College 2.9% 3.3% Weighted Benchmark for College June 30, % Fixed Income June 30, 207 Composition for College 6/30/6 6/30/7 T. Rowe Price New Income Fund 40.2% 4.3% T. Rowe Price Limited Duration Inflation Focused Bond Fund T. Rowe Price Index 500 Fund T. Rowe Price International Stock Fund T. Rowe Price International Value Fund T. Rowe Price Overseas Stock Fund T. Rowe Price U.S. Treasury Money Fund T. Rowe Price Real Assets Fund core U.S. investment-grade bond fund, which exceeded its style-specific benchmark and contributed to relative performance. Tactical decisions to overweight and underweight asset classes lifted relative returns, particularly an underweight to real assets relative to global stocks. The inclusion of diversifying sectors that are not included in the benchmark detracted from relative performance. Specifically, our exposure to real assets detracted from relative returns as crude oil prices slumped in 207, putting pressure on energy sector companies. 9.8% 82.0% 8.0% 2 As of June 30, 207, the weighted benchmark was composed of: 2 Bloomberg Barclays U.S. Aggregate Bond Index 40.00% Bloomberg Barclays U.S. 5 Year Treasury TIPS Index S&P 500 Index 8.00 MSCI All Country World Index ex USA The T. Rowe Price International Growth & Income Fund was renamed the T. Rowe Price International Value Fund effective January, 207.

14 The generated a double-digit return and performed in line with its weighted benchmark for the 2 months ending June 30, 207. The portfolio s focus is long-term capital appreciation. It invests in a diversified selection of U.S. and international stocks, including emerging markets. Its largest allocation is in the Index 500 Fund, which tracks the performance of the S&P 500 Index. Security selection in U.S. large-cap stocks contributed the most to the portfolio s outperformance. Within U.S. large-cap stocks, growth and value portfolios outpaced their respective style-specific benchmarks, with growth outperforming value. This was partially offset by underperformance within our U.S. small-cap stock and real assets portfolios. International stock portfolios produced mixed results. Periods Ended 6/30/7 6 Months 2 Months.86% 9.53% Weighted Benchmark June 30, 206 Composition 6/30/6 6/30/7 T. Rowe Price Index 500 Fund 29.7% 29.% T. Rowe Price Blue Chip Growth Fund Tactical decisions to overweight and underweight asset classes lifted relative returns. An underweight to real assets relative to global stocks helped, as did an overweight to U.S. large-cap growth stocks over U.S. large-cap value stocks. We increased our exposure to U.S. growth stocks relative to value stocks over the past year due to more attractive valuations for growth stocks and our forecasts for low economic growth. On the other hand, our T. Rowe Price Value Fund T. Rowe Price Overseas Stock Fund T. Rowe Price International Value Fund 3 T. Rowe Price International Stock Fund T. Rowe Price Small-Cap Stock Fund T. Rowe Price Mid-Cap Growth Fund T. Rowe Price Mid-Cap Value Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Real Assets Fund underweight to U.S. small-cap stocks relative to U.S. large-cap stocks that we maintained for most of the past year detracted from relative returns. The inclusion of diversifying sectors that are not included in the benchmark detracted from relative performance. Specifically, our exposure to real assets detracted from relative returns as crude oil prices slumped in 207, putting pressure on energy sector companies. 00% June 30, % 2 As of June 30, 207, the weighted benchmark was composed of: Russell 3000 Index 70.00% MSCI All Country World Index ex USA The T. Rowe Price International Growth & Income Fund was renamed the T. Rowe Price International Value Fund effective January,

15 Total Market Index The Total Market Index generated a double-digit return and performed in line with its benchmark, the Russell 3000 Index, for the 2 months ending June 30, 207. The portfolio provides exposure to the entire U.S. stock market through investment in the Total Market Index Fund. Because this is a passively managed index fund, its sector allocations mirror those of its benchmark. As such, changes in the fund s sector diversification and other characteristics reflect changes in the composition of its respective benchmark rather than strategic shifts made by an active investment manager. The Total Market Index Fund represents the entire U.S. stock market and offers broad exposure to large-, mid-, small-, and micro-cap companies. Stocks in the S&P 500 represent a substantial majority of the fund s value. Over the past 2 months, U.S. stocks soared to record levels as corporate earnings recovered and investors pinned their hopes on tax cuts, deregulation, and other business-friendly policies following Donald Trump s presidential election victory. The S&P 500 Index rose to record levels through June. Periods Ended 6/30/7 6 Months 2 Months Total Market Index 8.92% 8.45% Russell 3000 Index Total Market Index June 30, 206 June 30, % 00% Composition Total Market Index 6/30/6 6/30/7 T. Rowe Price Total Market Index Fund 00.0% 00.0% 4

16 Fixed Income The Fixed Income generated a single-digit return and outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, for the 2 months ending June 30, 207. The portfolio invests in the Spectrum Income Fund, which holds an array of fixed income funds and an incomeoriented stock fund. This allocation blends core investment-grade bonds that are included in the benchmark with out-of-benchmark securities from diversifying sectors, including high yield bonds, non-u.s. dollar-denominated bonds, emerging markets bonds, and dividend-paying stocks. The inclusion of diversifying sectors that are not part of the benchmark contributed the most to outperformance. Specifically, the portfolio s high yield bonds, dividendpaying stocks, and emerging markets bonds did well over the year as strong investor demand for higher-yielding securities caused these asset classes to outperform the benchmark. Security selection within the underlying portfolios, most of which outpaced their respective style-specific benchmarks, helped relative performance. Security selection in emerging markets bonds and dividend-paying stocks contributed the most. Tactical decisions to overweight and underweight asset classes lifted relative returns. Our underweight allocations to long-term U.S. Treasuries and non- U.S. dollar bonds contributed to relative performance, as did our overweight allocations to high yield and floating rate bonds. Periods Ended 6/30/7 6 Months 2 Months Fixed Income 3.99% 5.08% Bloomberg Barclays U.S. Aggregate Bond Index Fixed Income June 30, % Fixed Income June 30, % Composition Fixed Income 6/30/6 6/30/7 T. Rowe Price Spectrum Income Fund 00.0% 00.0% 5

17 Balanced The Balanced generated a double-digit return and outperformed its weighted benchmark for the 2 months ending June 30, 207. Security selection contributed the most to outperformance, particularly within the portfolio s multi-sector fixed income strategy. That strategy, represented by the Spectrum Income Fund, outpaced its style-specific benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. Security selection in U.S. large-cap growth stocks also contributed to relative performance. International stock portfolios produced mixed results. Tactical decisions to overweight and underweight asset classes lifted relative returns. An underweight to real assets relative to global stocks helped, as did an overweight to U.S. large-cap growth stocks over U.S. large-cap value stocks. On the other hand, our underweight to U.S. small-cap stocks relative to U.S. large-cap stocks that we maintained for most of the past year detracted from relative returns. The inclusion of diversifying sectors that are not included in the benchmark detracted from relative performance. Specifically, our exposure to real assets detracted from relative returns as crude oil prices slumped in 207, putting pressure on energy sector companies. Periods Ended 6/30/7 6 Months 2 Months Balanced 8.57% 3.5% Weighted Benchmark Balanced June 30, % 59.4% Fixed Income June 30, % 58.4% Composition Balanced 6/30/6 6/30/7 T. Rowe Price Spectrum Income Fund 40.6% 4.2% T. Rowe Price Index 500 Fund T. Rowe Price Blue Chip Growth Fund T. Rowe Price Value Fund T. Rowe Price Overseas Stock Fund T. Rowe Price International Value Fund T. Rowe Price International Stock Fund T. Rowe Price Small-Cap Stock Fund T. Rowe Price Mid-Cap Growth Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price Mid-Cap Value Fund T. Rowe Price Real Assets Fund T. Rowe Price U.S. Treasury Money Fund T. Rowe Price Limited Duration Inflation Focused Bond Fund As of June 30, 207, the weighted benchmark was composed of: Russell 3000 Index 42.00% Bloomberg Barclays U.S. Aggregate Bond Index MSCI All Country World Index ex USA The T. Rowe Price International Growth & Income Fund was renamed the T. Rowe Price International Value Fund effective January, 207.

18 Money Market The Money Market posted a near-flat return for the 2 months ending June 30, 207, reflecting the low-rate environment that prevailed for most of the period. The portfolio underperformed its benchmark, the Citigroup 3-Month Treasury Bill Index. The portfolio invests in the U.S. Treasury Money Fund, which invests in shortterm Treasury securities and other U.S. government obligations. This fund is a high-quality, diversified portfolio whose primary aim is providing liquidity and stability of principal for investors. Over the past 2 months, the Federal Reserve raised its benchmark fed funds rate three times: in December 206, followed by increases in March and June 207. These successive rate hikes helped lift money market yields above the near-zero percent levels where they have long been anchored. Even so, continued strong demand for short-term, high-quality investments put downward pressure on yields over the period. Periods Ended 6/30/7 6 Months 2 Months Money Market 0.08% 0.09% Citigroup 3-Month Treasury Bill Index Money Market June 30, % 00% Fixed Income June 30, 207 Composition Money Market 6/30/6 6/30/7 T. Rowe Price U.S. Treasury Money Fund 00.0% 00.0% 7

19 Selected Financial Data* As of and for the fiscal year ended June 30, 207 (in thousands, except per-unit values and returns) Investments Investments in Mutual Funds T. Rowe Price Blue Chip Growth Fund $,507 $0,347 $9,00 $24,237 $29,93 $8,292 T. Rowe Price Emerging Markets Stock Fund 478 3,237 6,48 7,92 9,356 2,47 T. Rowe Price Index 500 Fund 3,640 25,000 45,637 57,785 69,722 88,326 T. Rowe Price Extended Market Index Fund T. Rowe Price International Value Fund,28 7,75 4,229 8,56 22,253 2,653 T. Rowe Price International Stock Fund,053 7,230 3,465 7,258 20,638 2,028 T. Rowe Price Limited Duration Inflation Focused Bond Fund ,420 T. Rowe Price Mid-Cap Growth Fund 507 3,453 6,226 7,934 9,586 4,937 T. Rowe Price Mid-Cap Value Fund 49 3,404 6,77 7,797 9,442 4,434 T. Rowe Price New Income Fund 8,393 85,278 T. Rowe Price Overseas Stock Fund,8 8,083 4,98 9,040 23,066 3,263 T. Rowe Price Real Assets Fund 302 2,05 3,723 4,825 5,87 4,59 T. Rowe Price Small-Cap Stock Fund 960 6,65 2,306 5,579 8,654 8,940 T. Rowe Price Spectrum Income Fund 2,9 74,525 78,48 50,046 T. Rowe Price Total Market Index Fund T. Rowe Price U.S. Bond Enhanced Index Fund T. Rowe Price U.S. Treasury Money Fund 650,000,500,24 T. Rowe Price Value Fund,263 8,682 6,05 20,435 24,992 4,257 Investments, at value $2,50 $85,853 $80,48 $276,498 $43,829 $460,05 NET ASSETS $2,509 $85,844 $80,399 $276,468 $43,746 $459,978 NET ASSET VALUE PER UNIT $.48 $8.64 $26.9 $20.40 $30.86 $24.25 Changes in Net Assets Net investment income $87 $790 $2,0 $4,0 $7,894 $9,026 Net realized gain (loss) ,858 6,328 9,687 Change in net unrealized gain (loss),260 0,955 22,907 30,46 36,76 22,327 Increase (decrease) from operations,365 2,092 25,780 36,384 50,398 4,040 Decrease from distributions Increase (decrease) from unit transactions 6,509 22,248 24,038 24,952 26,942 25,20 Increase (decrease) in net assets during the period $7,874 $34,340 $49,88 $6,336 $77,340 $66,250 TOTAL RETURN 9.58% 9.56% 8.29% 6.04% 3.66% 0.08% * Each portfolio is offered through the T. Rowe Price College Savings Plan and the University of Alaska College Savings Plan. Financial data for each portfolio relate to both plans and are summarized from the financial statements of The College Savings Program-Direct Plans, sponsored by the Education Trust of Alaska. For complete financial statements, call Reflects the activity of each portfolio and does not include the activity of the underlying funds in which the portfolios invest. However, investment performance of each portfolio is directly related to the investment performance of the underlying mutual funds in which it invests. Total return of a portfolio may be higher or lower than the investment results of individual underlying funds in which it invests. 8

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