2018 Interest on Direct U.S. Government Securities

In most states, mutual 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 allow exemptions on 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 exclude a portion of such value attributable to the fund's investments in U.S. government securities. To determine this amount, multiply the "% of fund held in U.S. government securities on December 31, 2018" (shown below in Column 2) by the total value of your shares at year end. Consult your tax advisor or your state tax office for more information.

Interest on Direct U.S. Government Securities Tables
T. Rowe Price Domestic Stock Funds
  Column 1 Column 2 Column 3
  % of Dividends from U.S. Government Securities % of Funds Held in U.S. Government Securities on December 31, 2018 U.S. Government Securities are at Least 50% of Holdings at each Quarter End
Balanced 8.56% 6.93% No
Blue Chip Growth 0.02% 0.27% No
Capital Appreciation 5.47% 3.37% No
Capital Opportunity 0.23% 0.19% No
Communications & Technology1 0.51% 0.15% No
Diversified Mid-Cap Growth  0.05% 0.08% No
Dividend Growth 1.54% 3.19% No
Equity Income 0.61% 1.17% No
Equity Index 500 0.08% 0.15% No
Extended Equity Market Index 1.76% 2.41% No
Financial Services 0.99% 4.15% No
Growth & Income 0.88% 1.10% No
Growth Stock 0.10% 0.34% No
Health Sciences - 0.23% No
Mid-Cap Growth 1.13% 3.19% No
Mid-Cap Value 2.60% 4.24% No
Multi-Strategy Total Return 2.14% 11.45% No
New America Growth 0.76% 1.41% No
New Era 0.29% 0.91% No
New Horizons  - 0.23% No
Personal Strategy Balanced 5.94% 7.68% No
Personal Strategy Growth 4.18% 4.83% No
Personal Strategy Income 8.04% 10.89% No
QM U.S. Small & Mid-Cap Core Equity 0.42% 0.52% No
QM U.S. Small-Cap Growth Equity  - 0.20% No
QM U.S. Value Equity 0.34% 1.57% No
Real Assets  0.59% 2.36% No
Real Estate  0.66% 0.78% No
Science & Technology - 0.43% No
Small-Cap Stock - 1.14% No
Small-Cap Value  0.66%  1.32% No
Tax-Efficient Equity 0.28% 0.29% No
Total Equity Market Index 1.33% 1.68% No
U.S. Large-Cap Core  0.76% 0.94% No
Value 0.15% 0.66% No
T. Rowe Price International/Global Stock and Bond Funds
  Column 1 Column 2 Column 3
  % of Dividends from U.S. Government Securities % of Funds Held in U.S. Government Securities on December 31, 2018 U.S. Government Securities are at Least 50% of Holdings at each Quarter End
International/Global Stock Funds
Africa & Middle East 0.17% 0.91% No
Asia Opportunities 0.77% 3.29% No
Emerging Europe  0.14% - No
Emerging Markets Stock 0.76% 1.37% No
Emerging Markets Value Stock 0.43% 1.47% No
European Stock 0.45% 0.01% No
Global Allocation 10.95% 8.39% No
Global Consumer 0.47% 3.43% No
Global Growth Stock  0.09% 0.07% No
Global Industrials  0.12% 0.40% No
Global Real Estate  0.44%  0.67% No
Global Stock 0.09% 0.71% No
Global Technology 0.01% 0.02% No
International Concentrated Equity 1.31% 6.72% No
International Discovery 1.67% 1.23% No
International Equity Index 0.09% 0.20% No
International Stock 0.39% 0.86% No
International Value Equity  0.33% 1.07% No
Japan 0.30% - No
Latin America 0.77% 0.71% No
New Asia 0.54% 0.92% No
Overseas Stock 0.81% 1.49% No
QM Global Equity 0.41% 0.19% No
International/Global Bond Funds
Dynamic Global Bond 8.96% 5.90% No
Emerging Markets Bond 0.64% 1.85% No
Emerging Markets Corporate Bond 0.28% 0.58% No
Emerging Markets Local Currency Bond 0.54% 0.44% No
Global High Income Bond 0.31% 0.40% No
Global Multi-Sector Bond  2.54% 5.13% No
International Bond 1.01% 1.32% No
International Bond (USD Hedged) 0.67% 3.03% No
T. Rowe Price Taxable Bond Funds
  Column 1 Column 2 Column 3
  % of Dividends from U.S. Government Securities % of Funds Held in U.S. Government Securities on December 31, 2018 U.S. Government Securities are at Least 50% of Holdings at each Quarter End
Cash Reserves 9.34% 7.25% No
Corporate Income 2.03% 4.89% No
Credit Opportunities 0.70% 5.12% No
Floating Rate 1.67% 6.02% No
GNMA 1.32% 2.52% No
Government Money   61.69% 60.79% Yes
High Yield 0.43% 2.02% No
Inflation Protected Bond 88.68% 82.49% Yes
Limited Duration Inflation Focused Bond  73.33% 69.66% Yes
New Income 10.88% 20.37% No
Short-Term Bond 8.25% 8.59% No
Total Return 13.60% 23.62% No
Ultra Short-Term Bond 3.28% 4.89% No
U.S. Bond Enhanced Index 23.12% 25.55% No
U.S. High Yield 0.77% 2.02% No
U.S. Treasury Intermediate 92.44% 92.56% Yes
U.S. Treasury Long-Term 95.45% 93.01% Yes
U.S. Treasury Money 61.52% 48.92% No
T. Rowe Price Tax-Free Bond Funds
  Column 1 Column 2 Column 3
  % of Dividends from U.S. Government Securities % of Funds Held in U.S. Government Securities on December 31, 2018 U.S. Government Securities are at Least 50% of Holdings at each Quarter End
California Tax-Free Bond No
California Tax-Free Money N/A No
Georgia Tax-Free Bond N/A No
Intermediate Tax-Free High Yield No
Maryland Short-Term Tax-Free Bond N/A No
Maryland Tax-Free Bond N/A No
Maryland Tax-Free Money N/A No
New Jersey Tax-Free Bond N/A No
New York Tax-Free Bond No
New York Tax-Free Money N/A No
Summit Municipal Income No
Summit Municipal Intermediate No
Summit Municipal Money Market N/A No
Tax-Exempt Money N/A No
Tax-Free High Yield No
Tax-Free Income No
Tax-Free Short-Intermediate N/A No
Virginia Tax-Free Bond N/A No
T. Rowe Price Retirement, Spectrum, and Target Funds
  Column 1 Column 2 Column 3
  % of Dividends from U.S. Government Securities % of Funds Held in U.S. Government Securities on December 31, 2018 U.S. Government Securities are at Least 50% of Holdings at each Quarter End
Retirement 2005 16.56% 22.79% No
Retirement 2010 15.71% 20.65% No
Retirement 2015 14.04% 18.00% No
Retirement 2020 11.21% 13.80% No
Retirement 2025 9.30% 10.63% No
Retirement 2030 7.27% 8.02% No
Retirement 2035 6.01% 5.92% No
Retirement 2040 5.27% 5.09% No
Retirement 2045 8.75% 4.30% No
Retirement 2050 9.14% 4.24% No
Retirement 2055 5.05% 4.25% No
Retirement 2060 8.71% 4.54% No
Retirement Balanced 23.21% 27.77% No
Retirement Income 2020 7.87% 13.96% No
Retirement I 2005 17.17% 22.88% No
Retirement I 2010 15.99% 20.72% No
Retirement I 2015 14.00% 18.03% No
Retirement I 2020 11.46% 13.95% No
Retirement I 2025 9.14% 10.85% No
Retirement I 2030 7.19% 8.12% No
Retirement I 2035 10.80% 6.05% No
Retirement I 2040 9.28% 5.16% No
Retirement I 2045 7.92% 4.42% No
Retirement I 2050 7.75% 4.42% No
Retirement I 2055 7.74% 4.40% No
Retirement I 2060 7.48% 4.36% No
Retirement Balanced I 23.30% 27.85% No
Spectrum Growth 0.45% 0.98% No
Spectrum Income 8.36% 11.73% No
Spectrum International 0.46% 0.82% No
Target 2005 28.58% 23.41% No
Target 2010 18.19% 23.30% No
Target 2015 18.60% 23.07% No
Target 2020 18.57% 21.68% No
Target 2025 17.58% 18.96% No
Target 2030 13.71% 14.58% No
Target 2035 9.79% 10.50% No
Target 2040 14.03% 7.10% No
Target 2045 5.84% 6.49% No
Target 2050 10.83% 5.72% No
Target 2055 5.05% 5.01% No
Target 2060 4.73% 4.41% No

1 Formerly Media & Telecommunications Fund.

Percentages are the same for all fund classes (Investor, Advisor, R, and I classes). For more information on Advisor, R, Institutional, and Portfolio funds, please visit our website for financial intermediaries at  www.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.

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