2021 Tax Information T Rowe Price Funds

Summary

2021 Tax Information
T. ROWE PRICE FUNDS
The enclosed tables provide supplemental tax information on T. Rowe Price funds that can help in the preparation of your taxes and can assist you in tax planning. These tables
contain the following:
• Interest on U.S. Government Securities: the percentage of ordinary income dividends paid by T. Rowe Price funds derived from interest on U.S. government securities

• Long-Term Capital Gains: the portion of long-term capital gain that was derived from section 1250 property

• Qualified Dividend Income Percentage: the percentage of ordinary income dividends paid by T. Rowe Price funds that may qualify for taxation at the reduced capital
gains rate

• Qualified REIT Dividends: the percentage of ordinary income dividends paid by T. Rowe Price funds that may be eligible for a deduction of up to 20% on qualified real
estate investment trust (REIT) dividends

• Reporting for Foreign Taxes Paid: information you will need to take a credit or a deduction for foreign taxes paid by the T. Rowe Price funds

• Return of Capital and Reclassifications: lists nontaxable distributions—or return of capital on a fund—and indicates if any dividends paid throughout the year were reclassified
for 1099 purposes

• Dividends-Received Deduction (for corporations only): the percentage of ordinary income dividends paid by T. Rowe Price funds that may qualify for a deduction applicable
to corporate shareholders

• Tax Information for Tax-Free Funds: state and federal tax reporting requirements for your T. Rowe Price tax-free fund investments

For help regarding your federal tax filings, we recommend that you consult a tax adviser or contact the IRS

The complexity and diversity of state requirements are such that we cannot provide guidance concerning what must be reported and on what forms. If you have questions
about state tax requirements, contact your local tax office

This document is not intended to be tax advice and cannot be used to avoid any tax penalties. You should consult your own tax advisor

Page 1 of 28
2021 INTEREST ON U.S. GOVERNMENT SECURITIES
In most states, fund dividends from interest on direct U.S. government securities are exempt from state and local taxes. To determine this amount for each of your funds,
multiply the “% of dividends from U.S. government securities” (shown below in Column 1) by the amount for that fund in Box 1a of your Form 1099-DIV

Check the specific requirements for your state. For example, some states only exempt dividends for those funds holding a minimum percentage, usually 50%, of government
securities at the end of each quarter. We indicate in Column 3 below whether any of your investments meet this requirement

State intangible property tax
If you pay state intangible property tax on the value of your fund, you may be able to exempt the percentage of the fund’s investments held in U.S. government securities. To
determine this amount, multiply the “% of funds held in U.S. government securities on December 31, 2021” (shown below in Column 2) by the total value of your shares at
year-end. Consult your tax adviser for more information

Column 1 Column 2 Column 3
% of Dividends From U.S. % of Funds Held in U.S. Government U.S. Government Securities Are at Least
T. Rowe Price Fund Government Securities Securities on December 31, 2021 50% of Holdings at Each Quarter End
Domestic Stock Funds
All-Cap Opportunities1 - 1.09% No
Balanced 3.02% 10.75 No
Blue Chip Growth - 0.06 No
Capital Appreciation 0.05 4.46 No
Communications & Technology - 0.01 No
Diversified Mid-Cap Growth - 0.19 No
Dividend Growth 0.07 1.45 No
Equity Income 0.01 0.60 No
Equity Index 500 0.01 0.21 No
Extended Equity Market Index 0.05 1.42 No
Financial Services 0.02 1.52 No
Growth & Income - - No
Growth Stock - 0.61 No
Health Sciences - 0.03 No
Large-Cap Growth - 0.31 No
Large-Cap Value 0.02 1.10 No
Mid-Cap Growth - 1.30 No
Mid-Cap Index 0.01 0.61 No
Mid-Cap Value 0.05 2.54 No
Multi-Strategy Total Return 0.29 13.50 No
New Era 0.01 0.34 No
New Horizons - 0.30 No
QM U.S. Small & Mid-Cap Core Equity 0.03 0.54 No
QM U.S. Small-Cap Growth Equity - 0.35 No
QM U.S. Value Equity 0.02 0.76 No
Real Assets 0.03 0.81 No
Real Estate - 0.12 No
Page 2 of 28
2021 INTEREST ON U.S. GOVERNMENT SECURITIES
Column 1 Column 2 Column 3
% of Dividends From U.S. % of Funds Held in U.S. Government U.S. Government Securities Are at Least
T. Rowe Price Fund Government Securities Securities on December 31, 2021 50% of Holdings at Each Quarter End
Domestic Stock Funds (continued)
Science & Technology - 1.36% No
Small-Cap Index 0.03% 1.70 No
Small-Cap Stock 0.01 0.49 No
Small-Cap Value 0.01 0.79 No
Spectrum Conservative Allocation 3.39 11.68 No
Spectrum Moderate Allocation 2.52 9.06 No
Spectrum Moderate Growth Allocation 1.86 6.55 No
Tax-Efficient Equity 0.01 0.19 No
Total Equity Market Index 0.02 0.36 No
U.S. Equity Research 0.01 0.35 No
U.S. Large-Cap Core 0.01 0.69 No
Value - 0.12 No
International/Global Stock Funds
Africa & Middle East 0.01 0.47 No
Asia Opportunities 0.01 - No
China Evolution Equity - 0.94 No
Emerging Europe - 0.01 No
Emerging Markets Discovery Stock 0.01 1.55 No
Emerging Markets Stock 0.02 0.15 No
European Stock 0.01 0.13 No
Global Allocation 3.29 9.91 No
Global Consumer - - No
Global Growth Stock - 0.73 No
Global Impact Equity - 0.29 No
Global Industrials - 1.15 No
Global Real Estate - 0.02 No
Global Stock - 0.17 No
Global Technology - 0.72 No
Global Value Equity 0.01 0.99 No
International Disciplined Equity 0.01 2.54 No
International Discovery - 1.51 No
International Equity Index 0.01 0.76 No
International Stock 0.01 1.31 No
International Value Equity 0.02 1.93 No
Japan - 2.47 No
Latin America 0.01 0.37 No
New Asia - 0.51 No
Page 3 of 28
2021 INTEREST ON U.S. GOVERNMENT SECURITIES
Column 1 Column 2 Column 3
% of Dividends From U.S. % of Funds Held in U.S. Government U.S. Government Securities Are at Least
T. Rowe Price Fund Government Securities Securities on December 31, 2021 50% of Holdings at Each Quarter End
International/Global Stock Funds (continued)
Overseas Stock 0.02% 1.39% No
QM Global Equity 0.02 1.35 No
International/Global Bond Funds
Dynamic Credit 0.21 10.83 No
Dynamic Global Bond 15.48 5.55 No
Emerging Markets Bond 0.02 1.14 No
Emerging Markets Corporate Bond 0.03 0.70 No
Emerging Markets Local Currency Bond 0.03 3.30 No
Global High Income Bond 0.02 1.54 No
Global Multi-Sector Bond 3.34 8.53 No
International Bond 0.12 5.02 No
International Bond (USD Hedged) 0.16 5.20 No
Taxable Bond and Money Market Funds
Cash Reserves 11.85 14.42 No
Corporate Income 0.57 2.85 No
Credit Opportunities 0.02 1.61 No
Floating Rate 0.06 4.42 No
GNMA 5.37 7.48 No
Government Money 85.77 56.55 Yes
High Yield 0.01 0.66 No
Inflation Protected Bond 88.56 93.05 Yes
Limited Duration Inflation Focused Bond 80.53 88.68 Yes
New Income 10.41 28.97 No
QM U.S. Bond Index 16.68 24.51 No
Short Duration Income 2.05 11.69 No
Short-Term Bond 2.80 16.47 No
Total Return 9.39 19.12 No
U.S. High Yield 0.03 2.02 No
U.S. Limited Duration TIPS Index 92.67 98.92 Yes
U.S. Treasury Intermediate Index 100.00 92.66 Yes
U.S. Treasury Long-Term Index 99.56 94.29 Yes
U.S. Treasury Money 87.19 59.74 Yes
Ultra Short-Term Bond 0.13 3.19 No
Tax-Free Bond and Money Market Funds
California Tax-Free Bond N/A N/A No
California Tax-Free Money N/A N/A No
Georgia Tax-Free Bond N/A N/A No
Page 4 of 28
2021 INTEREST ON U.S. GOVERNMENT SECURITIES
Column 1 Column 2 Column 3
% of Dividends From U.S. % of Funds Held in U.S. Government U.S. Government Securities Are at Least
T. Rowe Price Fund Government Securities Securities on December 31, 2021 50% of Holdings at Each Quarter End
Tax-Free Bond and Money Market Funds (continued)
Intermediate Tax-Free High Yield N/A N/A No
Maryland Short-Term Tax-Free Bond N/A N/A No
Maryland Tax-Free Bond N/A N/A No
Maryland Tax-Free Money N/A N/A No
New Jersey Tax-Free Bond N/A N/A No
New York Tax-Free Bond N/A N/A No
New York Tax-Free Money N/A N/A No
Summit Municipal Income N/A N/A No
Summit Municipal Intermediate N/A N/A No
Tax-Exempt Money N/A N/A No
Tax-Free High Yield N/A N/A No
Tax-Free Income N/A N/A No
Tax-Free Short-Intermediate N/A N/A No
Virginia Tax-Free Bond N/A N/A No
Variable Annuity Portfolios
All-Cap Opportunities Portfolio2 - 1.19 No
Blue Chip Growth Portfolio - 0.24 No
Equity Income Portfolio 0.01 0.64 No
Equity Index 500 Portfolio 0.02 0.43 No
Government Money Portfolio 100.00 80.07 Yes
Health Sciences Portfolio - 0.20 No
International Stock Portfolio 0.01 1.19 No
Limited-Term Bond Portfolio 1.21 20.09 No
Mid-Cap Growth Portfolio - 1.30 No
Moderate Allocation Portfolio 1.96 9.75 No
Institutional Funds
Institutional Cash Reserves 1.51 - No
Institutional Emerging Markets Bond 0.02 2.48 No
Institutional Emerging Markets Equity 0.02 0.31 No
Institutional Floating Rate 0.08 5.51 No
Institutional High Yield 0.02 0.56 No
Institutional International Disciplined Equity 0.05 2.84 No
Institutional Large-Cap Core Growth - 0.07 No
Institutional Long Duration Credit 1.19 10.77 No
Institutional Mid-Cap Equity Growth - 0.78 No
Institutional Small-Cap Stock - 0.59 No
Page 5 of 28
2021 INTEREST ON U.S. GOVERNMENT SECURITIES
Column 1 Column 2 Column 3
% of Dividends From U.S. % of Funds Held in U.S. Government U.S. Government Securities Are at Least
T. Rowe Price Fund Government Securities Securities on December 31, 2021 50% of Holdings at Each Quarter End
Retirement, Spectrum and Target Funds
Retirement 2005 26.39% 24.53% No
Retirement 2010 23.08 22.53 No
Retirement 2015 22.16 20.33 No
Retirement 2020 15.89 17.71 No
Retirement 2025 13.70 13.89 No
Retirement 2030 6.38 9.14 No
Retirement 2035 2.87 6.78 No
Retirement 2040 1.96 4.71 No
Retirement 2045 1.73 3.70 No
Retirement 2050 1.59 3.11 No
Retirement 2055 1.57 3.14 No
Retirement 2060 1.57 3.15 No
Retirement 2065 0.76 2.98 No
Retirement Balanced 30.35 27.20 No
Retirement Balanced I - I Class 27.28 27.21 No
Retirement I 2005 - I Class 24.17 24.52 No
Retirement I 2010 - I Class 22.38 22.50 No
Retirement I 2015 - I Class 20.21 20.85 No
Retirement I 2020 - I Class 17.40 17.95 No
Retirement I 2025 - I Class 11.91 14.13 No
Retirement I 2030 - I Class 5.64 9.47 No
Retirement I 2035 - I Class 2.86 6.85 No
Retirement I 2040 - I Class 2.08 4.95 No
Retirement I 2045 - I Class 1.59 3.77 No
Retirement I 2050 - I Class 1.51 3.16 No
Retirement I 2055 - I Class 1.46 3.17 No
Retirement I 2060 - I Class 1.39 3.16 No
Retirement I 2065 - I Class 0.76 3.01 No
Retirement Income 2020 12.30 18.68 No
Retirement Blend 2005 31.54 24.33 No
Retirement Blend 2010 28.47 22.49 No
Retirement Blend 2015 22.82 20.71 No
Retirement Blend 2020 21.60 18.79 No
Retirement Blend 2025 13.09 14.71 No
Retirement Blend 2030 3.80 9.45 No
Retirement Blend 2035 1.58 6.66 No
Retirement Blend 2040 1.23 4.82 No
Retirement Blend 2045 0.86 3.58 No
Page 6 of 28
2021 INTEREST ON U.S. GOVERNMENT SECURITIES
Column 1 Column 2 Column 3
% of Dividends From U.S. % of Funds Held in U.S. Government U.S. Government Securities Are at Least
T. Rowe Price Fund Government Securities Securities on December 31, 2021 50% of Holdings at Each Quarter End
Retirement, Spectrum and Target Funds (continued)
Retirement Blend 2050 0.73% 2.92% No
Retirement Blend 2055 0.73 2.79 No
Retirement Blend 2060 0.74 2.74 No
Retirement Blend 2065 0.80 2.82 No
Spectrum Diversified Equity 0.01 0.82 No
Spectrum Income 7.08 13.98 No
Spectrum International Equity 0.01 1.20 No
Target 2005 26.17 28.09 No
Target 2010 28.09 27.84 No
Target 2015 28.26 27.63 No
Target 2020 27.14 27.07 No
Target 2025 25.13 23.74 No
Target 2030 18.92 18.62 No
Target 2035 11.63 13.58 No
Target 2040 5.07 8.40 No
Target 2045 2.42 5.55 No
Target 2050 1.97 4.36 No
Target 2055 1.66 3.43 No
Target 2060 1.41 3.14 No
Target 2065 0.80 3.00 No
ETFs
Blue Chip Growth ETF - - No
Dividend Growth ETF - - No
Equity Income ETF - - No
Growth Stock ETF - - No
QM U.S. Bond ETF 19.12 22.88 No
Total Return ETF 14.26 19.54 No
U.S Equity Research ETF - - No
Ultra Short-Term Bond ETF 1.03 7.52 No
1
Formerly New America Growth

2
Formerly New America Growth Portfolio

Percentages are the same for all fund classes (Investor, Advisor, R, and I classes; Portfolio and Portfolio–II classes). For more information on Advisor, R, Institutional, and Portfolio funds, please visit our website for
financial intermediaries at troweprice.com/financial-intermediary/us/en/investments/tax-center.html

N/A indicates that a fund did not pay a dividend or short-term capital gain, or pass through foreign tax paid

A dash indicates that the fund paid a dividend or short-term capital gain, but the income was not from government securities

Page 7 of 28
2021 LONG-TERM CAPITAL GAINS
Capital gain distributions are taxed at various rates. For most long-term capital gains realized by a fund, the maximum tax rate is 20%. For the funds listed below, a portion
of the long-term capital gain was derived from section 1250 property and is subject to a maximum rate of 25%. Unrecaptured section 1250 gains are typically due to
investments in real estate investment trusts (REITs) and are reported in Box 2b of Form 1099-DIV

Amount Subject to Max 25%
T. Rowe Price Fund Payment Date Total Capital Gain Distribution Amount Subject to Max 20% Tax (Section 1250 Gain)
Unrecaptured Section 1250 Gain
All-Cap Opportunities1 12/15/21 $8.74 $8.738429422 $0.001570578
Balanced 12/14/21 $1.90 $1.899267550 $0.000732450
Equity Income 12/14/21 $2.17 $2.168509861 $0.001490139
Equity Index 500 12/14/21 $0.44 $0.439105260 $0.000894740
Global Real Estate 12/17/21 $1.29 $1.270439214 $0.019560786
Institutional Small-Cap Stock 12/20/21 $2.39 $2.388504816 $0.001495184
Mid-Cap Value 12/15/21 $2.13 $2.101221996 $0.028778004
QM U.S. Small-Cap Growth Equity 12/15/21 $6.01 $6.008448819 $0.001551181
QM U.S. Small & Mid-Cap Core Equity 12/15/21 $0.22 $0.210752718 $0.009247282
Real Estate 12/14/21 $2.75 $2.722490100 $0.027509900
Small-Cap Stock 12/15/21 $4.25 $4.247642525 $0.002357475
Small-Cap Value 12/15/21 $3.30 $3.297847080 $0.002152920
Total Equity Market Index 12/14/21 $0.23 $0.228865134 $0.001134866
U.S. Equity Research 12/16/21 $0.79 $0.785889946 $0.004110054
Value 12/15/21 $3.26 $3.258938870 $0.001061130
1
Formerly New America Growth

Amounts are the same for all fund classes (Investor, Advisor, R, and I classes; Portfolio and Portfolio–II classes). For more information on Advisor, R, Institutional, and Portfolio funds, please visit our website for financial
intermediaries at troweprice.com/financial-intermediary/us/en/investments/tax-center.html

If a fund is not listed, it did not have any unrecaptured section 1250 gains

Page 8 of 28
2021 QUALIFIED DIVIDEND INCOME PERCENTAGE
All or a portion of your ordinary income dividend from a fund may be taxed at a reduced capital gains rate rather than the higher marginal rates applicable to ordinary income. The
amount of your dividend subject to this lower rate is reported in Box 1b of your Form 1099-DIV

The table below reports the percentage of the ordinary income dividend paid by the T. Rowe Price funds that qualify for the reduced rate. It is provided here for informational
purposes only and to assist you in your tax planning. In preparing your tax return, please use the amount in Box 1b of your Form 1099-DIV

To treat a dividend as qualifying for the reduced rates, you must have held your shares on which you received the dividend for at least 61 days during the 121-day period
beginning 60 days before the ex-dividend date of the distribution

In addition, the ordinary dividend of a fund (the amount included in Box 1a of Form 1099-DIV) includes net short-term capital gains and foreign taxes paid, which may not qualify
for the reduced rates. As a result, the percentage of the Box 1a amount that qualifies for the reduced rate can vary widely from year to year, depending on the amount of short-
term gains distributed by the fund

If you own a fund that has more than one distribution during the year, the amount reported in Box 1b of your Form 1099-DIV will be based on the qualifying percentage of
each distribution

Calculations based on the percentages below may yield amounts that differ from the amounts on your Form 1099-DIV due to rounding

Qualified Dividend Qualified Dividend Qualified Dividend
T. Rowe Price Fund Income Percentage1 T. Rowe Price Fund Income Percentage1 T. Rowe Price Fund Income Percentage1
Domestic Stock Funds Domestic Stock Funds (continued) International/Global Stock Funds (continued)
All-Cap Opportunities2 7.85% Real Assets 75.49% Global Impact Equity 77.40%
Balanced (All Quarters) 33.22 Real Estate (All Quarters) 0.24 Global Industrials 72.06
Blue Chip Growth 75.46 Science & Technology 6.56 Global Real Estate (All Quarters) 25.79
Capital Appreciation 14.39 Small-Cap Stock 44.87 Global Stock 6.31
Communications & Technology 18.81 Small-Cap Value 49.72 Global Technology 1.78
Diversified Mid-Cap Growth 26.61 Spectrum Conservative Allocation (All Quarters) 13.68 Global Value Equity 63.78
Dividend Growth (All Quarters) 100.00 Spectrum Moderate Allocation (All Quarters) 18.92 International Disciplined Equity 20.14
Equity Income (All Quarters) 75.81 Spectrum Moderate Growth Allocation 28.54 International Discovery 30.11
Equity Index 500 (All Quarters) 91.23 Tax-Efficient Equity N/A International Equity Index 69.79
Extended Equity Market Index 95.43 Total Equity Market Index 100.00 International Stock 30.73
Financial Services 90.66 U.S. Equity Research 51.79 International Value Equity 73.97
Growth & Income 13.80 U.S. Large-Cap Core 24.70 Japan 26.11
Growth Stock 11.80 Value 26.08 Latin America 23.10
Health Sciences 33.01 International/Global Stock Funds New Asia 19.41
Large-Cap Growth 38.21 Africa & Middle East 93.11 Overseas Stock 92.62
Large-Cap Value 100.00 Asia Opportunities 26.45 QM Global Equity 100.00
Mid-Cap Growth 100.00 China Evolution Equity 24.25 International/Global Bond Funds
Mid-Cap Value 52.89 Emerging Europe 100.00 Dynamic Credit -
Multi-Strategy Total Return 3.98 Emerging Markets Discovery Stock 30.72 Dynamic Global Bond 0.35
New Era 100.00 Emerging Markets Stock 81.16 Emerging Markets Bond -
New Horizons 5.06 European Stock 100.00 Emerging Markets Corporate Bond -
QM U.S. Small & Mid-Cap Core Equity 100.00 Global Allocation 13.31 Emerging Markets Local Currency Bond -
QM U.S. Small-Cap Growth Equity - Global Consumer 19.85 Global High Income Bond 0.43
QM U.S. Value Equity 100.00 Global Growth Stock 10.98 Global Multi-Sector Bond 0.18
Page 9 of 28
2021 QUALIFIED DIVIDEND INCOME PERCENTAGE
Qualified Dividend Qualified Dividend Qualified Dividend
T. Rowe Price Fund Income Percentage1 T. Rowe Price Fund Income Percentage1 T. Rowe Price Fund Income Percentage1
International/Global Bond Funds (continued) Tax-Free Bond and Money Market Funds (continued) Target Date & Spectrum Funds (continued)
International Bond - Tax-Free High Yield 0.34% Retirement 2055 46.10%
International Bond (USD Hedged) - Tax-Free Income N/A Retirement 2060 46.70
Taxable Bond and Money Market Funds Tax-Free Short-Intermediate - Retirement 2065 36.12
Cash Reserves - Virginia Tax-Free Bond 0.16 Retirement Balanced 19.83
Corporate Income - Variable Annuity Portfolios Retirement Balanced I - I Class 17.48
Credit Opportunities 1.93% All-Cap Opportunities Portfolio3 7.51 Retirement I 2005 - I Class 18.52
Floating Rate 0.36 Blue Chip Growth Portfolio 100.00 Retirement I 2010 - I Class 21.31
GNMA - Equity Income Portfolio (All Quarters) 83.57 Retirement I 2015 - I Class 22.52
Government Money - Equity Index 500 Portfolio (All Quarters) 100.00 Retirement I 2020 - I Class 25.16
High Yield 1.58 Government Money Portfolio - Retirement I 2025 - I Class 29.23
Inflation Protected Bond - Health Sciences Portfolio 34.72 Retirement I 2030 - I Class 35.37
Limited Duration Inflation Focused Bond - International Stock Portfolio 54.74 Retirement I 2035 - I Class 40.75
New Income - Limited-Term Bond Portfolio - Retirement I 2040 - I Class 43.20
QM U.S. Bond Index - Mid-Cap Growth Portfolio 100.00 Retirement I 2045 - I Class 44.13
Short Duration Income - Moderate Allocation Portfolio (All Quarters) 25.31 Retirement I 2050 - I Class 44.71
Short-Term Bond - Institutional Funds Retirement I 2055 - I Class 43.93
Total Return 0.80 Institutional Cash Reserves - Retirement I 2060 - I Class 44.44
U.S. High Yield 0.62 Institutional Emerging Markets Bond - Retirement I 2065 - I Class 37.38
U.S. Limited Duration TIPS Index - Institutional Emerging Markets Equity 100.00 Retirement Income 2020 17.24
U.S. Treasury Intermediate Index - Institutional Floating Rate 0.35 Retirement Blend 2005 23.66
U.S. Treasury Long-Term Index - Institutional High Yield 1.54 Retirement Blend 2010 26.03
U.S. Treasury Money - Institutional International Disciplined Equity 59.58 Retirement Blend 2015 29.39
Ultra Short-Term Bond - Institutional Large-Cap Core Growth 43.81 Retirement Blend 2020 30.73
Tax-Free Bond and Money Market Funds Institutional Long Duration Credit - Retirement Blend 2025 33.11
California Tax-Free Bond N/A Institutional Mid-Cap Equity Growth 73.32 Retirement Blend 2030 42.97
California Tax-Free Money N/A Institutional Small-Cap Stock 67.76 Retirement Blend 2035 45.24
Georgia Tax-Free Bond - Target Date & Spectrum Funds Retirement Blend 2040 41.26
Intermediate Tax-Free High Yield - Retirement 2005 20.74 Retirement Blend 2045 50.11
Maryland Short-Term Tax-Free Bond N/A Retirement 2010 22.65 Retirement Blend 2050 49.77
Maryland Tax-Free Bond N/A Retirement 2015 26.03 Retirement Blend 2055 49.94
Maryland Tax-Free Money N/A Retirement 2020 23.64 Retirement Blend 2060 48.69
New Jersey Tax-Free Bond N/A Retirement 2025 34.29 Retirement Blend 2065 50.22
New York Tax-Free Bond - Retirement 2030 39.72 Spectrum Diversified Equity 43.30
New York Tax-Free Money N/A Retirement 2035 39.69 Spectrum Income 10.98
Summit Municipal Income N/A Retirement 2040 40.51 Spectrum International Equity 56.41
Summit Municipal Intermediate - Retirement 2045 47.91 Target 2005 14.12
Tax-Exempt Money N/A Retirement 2050 48.01 Target 2010 16.41
Page 10 of 28
2021 QUALIFIED DIVIDEND INCOME PERCENTAGE
Qualified Dividend Qualified Dividend
T. Rowe Price Fund Income Percentage1 T. Rowe Price Fund Income Percentage1
Target Date & Spectrum Funds (continued) ETFs
Target 2015 16.51% Blue Chip Growth ETF 100.00%
Target 2020 17.48 Dividend Growth ETF 100.00
Target 2025 22.86 Equity Income ETF 70.72
Target 2030 28.10 Growth Stock ETF 66.21
Target 2035 32.12 QM U.S. Bond ETF -
Target 2040 37.75 Total Return ETF 1.01
Target 2045 41.31 U.S Equity Research ETF 100.00
Target 2050 43.58 Ultra Short-Term Bond ETF -
Target 2055 45.75
Target 2060 45.36
Target 2065 36.01
1
This percentage applies to the sum of your income dividend plus short-term capital gain distribution paid for the calendar year or other period, if indicated, as reported in Box 1a of your IRS Form 1099-DIV

2
Formerly New America Growth

3
Formerly New America Growth Portfolio

Percentages are the same for all fund classes (Investor, Advisor, R, and I classes; Portfolio and Portfolio–II classes). For more information on Advisor, R, Institutional, and Portfolio funds, please visit our website for
financial intermediaries at troweprice.com/financial-intermediary/us/en/investments/tax-center.html

N/A is indicated where a fund did not pay a taxable income dividend or short-term capital gain or pass through a foreign tax expense

A dash indicates that the fund paid a dividend or short-term capital gain, but it was not qualified dividend income

Page 11 of 28
2021 QUALIFIED REIT DIVIDENDS
Beginning in 2018 (until the end of 2025), if you are a taxpayer other than a corporation, you are generally allowed a deduction of up to 20% of your qualified real estate
investment trust (REIT) dividends. Qualified REIT dividends from a fund are reported in Box 5 of your Form 1099-DIV

The table below reports the percentage of the ordinary dividend paid by the T. Rowe Price funds that may be eligible for the deduction. The data is provided here for
informational purposes only and to assist you in your tax planning. In preparing your tax return, use the amount in Box 5 of your Form 1099-DIV

Note that you may not take this deduction for a dividend on shares of a fund that have been held for less than 46 days during the 91-day period beginning on the date
45 days before the ex-dividend date

If you own a fund that has more than one distribution during the year, the amount reported in Box 5 of your Form 1099-DIV will be based on the qualifying percentage
of each distribution

Calculations based on the percentages below may yield amounts that differ from the amounts on your Form 1099-DIV due to rounding

Please consult your tax advisor for the impact on your return. You may also find the information on this IRS web page useful:
irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs
Qualified REIT Qualified REIT Qualified REIT
T. Rowe Price Fund Dividends Percentage1 T. Rowe Price Fund Dividends Percentage1 T. Rowe Price Fund Dividends Percentage1
Domestic Stock Funds Domestic Stock Funds (continued) International/Global Stock Funds (continued)
All-Cap Opportunities2 0.24% QM U.S. Small-Cap Growth Equity - Emerging Markets Stock -
Balanced (All Quarters) 0.53 QM U.S. Value Equity - European Stock -
Blue Chip Growth - Real Assets 17.83% Global Allocation 0.35%
Capital Appreciation - Real Estate (All Quarters) 67.95 Global Consumer -
Communications & Technology 9.18 Science & Technology - Global Growth Stock 0.16
Diversified Mid-Cap Growth 0.52 Small-Cap Stock 4.72 Global Impact Equity -
Dividend Growth (All Quarters) - Small-Cap Value 4.17 Global Industrials -
Equity Income (All Quarters) 1.00 Spectrum Conservative Allocation Global Real Estate (All Quarters) 28.12
0.35
Equity Index 500 (All Quarters) 3.75 (All Quarters) Global Stock -
Extended Equity Market Index 4.57 Spectrum Moderate Allocation (All Quarters) 0.46 Global Technology -
Financial Services 1.13 Spectrum Moderate Growth Allocation 0.73 Global Value Equity 0.64
Growth & Income 0.77 Tax-Efficient Equity N/A International Disciplined Equity -
Growth Stock - Total Equity Market Index - International Discovery -
Health Sciences - U.S. Equity Research 0.89 International Equity Index -
Large-Cap Growth - U.S. Large-Cap Core - International Stock -
Large-Cap Value - Value 1.21 International Value Equity -
Mid-Cap Growth - International/Global Stock Funds Japan -
Mid-Cap Value 1.88 Africa & Middle East - Latin America -
Multi-Strategy Total Return - Asia Opportunities - New Asia -
New Era - China Evolution Equity - Overseas Stock -
New Horizons - Emerging Europe - QM Global Equity -
QM U.S. Small & Mid-Cap Core Equity - Emerging Markets Discovery Stock -
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If you pay state intangible property tax on the value of your fund, you may be able to exempt the percentage of the fund’s investments held in U.S. government securities. To determine this …

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Frequently Asked Questions

Is the t rowe price tax efficient equity fund the best large cap fund?

The $741.1 million T. Rowe Price Tax-Efficient Equity Fund (PREFX) is one of the best mutual funds. It's outperforming most of its large-cap growth peers this year. It's outperformed more than two-thirds of them over the past 10 years. And its tax-efficient style make it even more appealing to investors who hold it in a taxable account.

Are there any tax free funds at t rowe price?

T. ROWE PRICE TAX-FREE FUNDS This guide should help you meet state and federal tax reporting requirements for your T. Rowe Price tax-free fund investments. Municipal Bond Funds Tax Facts

What is a non taxable distribution from t rowe price?

If a T. Rowe Price fund pays out more in distributions than it earned during the year, you do not owe tax on your share of the excess amount, which is called a “nontaxable distribution” or “return of capital.” We report this type of distribution in Box 3 of Form 1099-DIV.

Where do i report tax exempt dividends paid from t rowe price?

Exempt-interest dividends paid from T. Rowe Price Tax-Free Funds are reported to the IRS. This amount, which you also must report to the IRS on your tax return, is shown in Box 11 of your Form 1099-DIV and must be reported on your Form 1040 along with any other tax-exempt interest or dividends you may have received.