Douglas “Doug” Spratley is head of the Cash Management team and a portfolio manager of the money market strategies in the Fixed Income Division. He is the president and chairman of the Investment Advisory Committees for the Reserve Investment, Tax-Exempt Money, and Cash Reserves Funds and the Government Money Portfolio; an executive vice president of the Fixed Income Series, U.S. Treasury, Institutional Income, and State Tax-Free Funds; a vice president of the Short-Term Bond Funds; and the Investment Advisory Committee chairman of the U.S. Treasury Money and Maryland Tax-Free Money Funds. He also is a member of the Investment Advisory Committee for the Ultra Short-Term Bond Fund. Doug is the head of the Money Market Policy Committee and a member of the Securities Lending Oversight Committee. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.