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 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.
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, 2025" (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.
| T. Rowe Price Fund | Column 1: % of Dividends from U.S. Government Securities |
Column 2: % of Fund Held in U.S. Government Securities on December 31, 2025 |
Column 3: U.S. Government Securities are at Least 50% of Holdings at each Quarter End |
|---|---|---|---|
| All-Cap Opportunities | 1.74% | 0.35% | NO |
| Balanced | 14.82% | 10.91% | NO |
| Blue Chip Growth | — | 0.13% | NO |
| Capital Appreciation | 13.24% | 17.08% | NO |
| Capital Appreciation and Income | 26.68% | 26.14% | NO |
| Communications & Technology | 0.30% | — | NO |
| Diversified Mid-Cap Growth | — | 0.05% | NO |
| Dividend Growth | 1.39% | 0.26% | NO |
| Equity Income | 0.74% | 0.28% | NO |
| Equity Index 500 | 0.19% | 0.15% | NO |
| Extended Equity Market Index | 0.73% | 0.07% | NO |
| Financial Services | 0.88% | 0.25% | NO |
| Growth Stock | 1.59% | 0.05% | NO |
| Health Sciences | — | 0.04% | NO |
| Hedged Equity | 4.08% | 3.45% | NO |
| Integrated U.S. Large-Cap Value Equity | 0.44% | 0.22% | NO |
| Integrated U.S. Small-Cap Growth Equity | — | 0.14% | NO |
| Integrated U.S. Small-Mid Cap Core Equity | 0.81% | 0.15% | NO |
| Large-Cap Growth | — | 0.57% | NO |
| Large-Cap Value | 1.01% | 0.20% | NO |
| Mid-Cap Growth | 8.45% | 1.04% | NO |
| Mid-Cap Value | — | — | NO |
| Multi-Strategy Total Return | 11.5% | 23.11% | NO |
| New Horizons | — | 0.32% | NO |
| Real Assets | — | — | NO |
| Real Estate | — | 0.18% | NO |
| Science & Technology | — | — | NO |
| Small-Cap Stock | 0.56% | 0.11% | NO |
| Small-Cap Value | — | — | NO |
| Spectrum Conservative Allocation | 14.68% | 11.45% | NO |
| Spectrum Moderate Allocation | 14.02% | 9.13% | NO |
| Spectrum Moderate Growth Allocation | 10.78% | 5.42% | NO |
| Tax-Efficient Equity | — | 0.02% | NO |
| Total Equity Market Index | 0.46% | 0.17% | NO |
| U.S. Equity Research | 0.68% | 0.13% | NO |
| U.S. Large-Cap Core | 0.36% | 0.34% | NO |
| Value | 0.37% | 0.13% | NO |
International/Global Stock Funds
| T. Rowe Price Fund | Column 1: % of Dividends from U.S. Government Securities |
Column 2: % of Fund Held in U.S. Government Securities on December 31, 2025 |
Column 3: U.S. Government Securities are at Least 50% of Holdings at each Quarter End |
|---|---|---|---|
| Africa & Middle East | 0.20% | 0.44% | NO |
| Asia Opportunities | 1.46% | 0.40% | NO |
| China Evolution Equity | 2.14% | 1.83% | NO |
| Emerging Europe | 1.80% | 0.21% | NO |
| Emerging Markets Discovery Stock | 0.58% | 1.72% | NO |
| Emerging Markets Stock | 1.98% | 0.57% | NO |
| European Stock | 0.36% | — | NO |
| Global Allocation | 11.20% | 8.85% | NO |
| Global Consumer | 1.23% | — | NO |
| Global Growth Stock | 0.45% | 0.03% | NO |
| Global Impact Equity | 2.05% | 0.79% | NO |
| Global Industrials | 0.59% | 0.15% | NO |
| Global Real Estate | — | 0.33% | NO |
| Global Stock | 0.14% | 0.04% | NO |
| Global Technology | — | — | NO |
| Global Value Equity | 1.08% | 1.10% | NO |
| Integrated Global Equity | 0.38% | 0.22% | NO |
| International Disciplined Equity | 1.08% | 1.74% | NO |
| International Discovery | 0.62% | 0.24% | NO |
| International Equity Index | 1.00% | 1.12% | NO |
| International Stock | 0.81% | 0.37% | NO |
| International Value Equity | 1.25% | 0.54% | NO |
| Japan | 0.31% | 0.26% | NO |
| Latin America | 0.90% | 0.96% | NO |
| New Asia | 1.19% | 0.21% | NO |
| New Era | 0.19% | 0.05% | NO |
| Overseas Stock | 0.37% | 0.18% | NO |
International/Global Bond Funds
| T. Rowe Price Fund | Column 1: % of Dividends from U.S. Government Securities |
Column 2: % of Fund Held in U.S. Government Securities on December 31, 2025 |
Column 3: U.S. Government Securities are at Least 50% of Holdings at each Quarter End |
|---|---|---|---|
| Dynamic Credit | 6.84% | 7.55% | NO |
| Dynamic Global Bond | 28.53% | 18.87% | NO |
| Emerging Markets Bond | 0.64% | 0.27% | NO |
| Emerging Markets Corporate Bond | 0.69% | 0.73% | NO |
| Emerging Markets Local Currency Bond | 2.92% | 1.84% | NO |
| Global High Income Bond | 0.86% | 0.70% | NO |
| Global Multi-Sector Bond | 6.90% | 4.93% | NO |
| International Bond | 6.15% | 3.74% | NO |
| International Bond (USD Hedged) | 6.02% | 4.68% | NO |
| T. Rowe Price Fund | Column 1: % of Dividends from U.S. Government Securities |
Column 2: % of Fund Held in U.S. Government Securities on December 31, 2025 |
Column 3: U.S. Government Securities are at Least 50% of Holdings at each Quarter End |
|---|---|---|---|
| Cash Reserves | 5.82% | 2.02% | NO |
| Corporate Income | 2.97% | 5.24% | NO |
| Credit Opportunities | 1.07% | 1.20% | NO |
| Floating Rate | 1.98% | 2.23% | NO |
| GNMA | 1.12% | 0.96% | NO |
| Government Money | 39.21% | 46.84% | NO |
| High Yield | 0.39% | 0.81% | NO |
| Inflation Protected Bond | 95.21% | 99.28% | YES |
| Limited Duration Inflation Focused Bond | 93.61% | 99.57% | YES |
| New Income | 30.67% | 33.37% | NO |
| QM U.S. Bond Index | 33.20% | 36.35% | NO |
| Short Duration Income | 12.76% | 18.99% | NO |
| Short-Term Bond | 16.68% | 19.55% | NO |
| Total Return | 18.71% | 24.45% | NO |
| U.S. High Yield | 1.12% | 1.53% | NO |
| U.S. Limited Duration TIPS Index | 93.30% | 99.57% | YES |
| U.S. Treasury Intermediate Index | 99.35% | 99.18% | YES |
| U.S. Treasury Long-Term Index | 99.45% | 98.51% | YES |
| U.S. Treasury Money | 39.97% | 42.39% | NO |
| Ultra Short-Term Bond | 2.27% | 4.02% | NO |
| T. Rowe Price Fund | Column 1: % of Dividends from U.S. Government Securities |
Column 2: % of Fund Held in U.S. Government Securities on December 31, 2025 |
Column 3: U.S. Government Securities are at Least 50% of Holdings at each Quarter End |
|---|---|---|---|
| California Tax-Free Bond | — | — | NO |
| Georgia Tax-Free Bond | — | — | NO |
| Intermediate Tax-Free High Yield | — | — | NO |
| Maryland Short-Term Tax-Free Bond | — | — | NO |
| Maryland Tax-Free Bond | — | — | NO |
| Maryland Tax-Free Money | — | — | NO |
| New Jersey Tax-Free Bond | — | — | NO |
| New York Tax-Free Bond | — | — | NO |
| Summit Municipal Income | — | — | NO |
| Summit Municipal Intermediate | 7.91% | — | NO |
| Tax-Exempt Money | — | — | NO |
| Tax-Free High Yield | — | — | NO |
| Tax-Free Income | — | — | NO |
| Tax-Free Short-Intermediate | — | — | NO |
| Virginia Tax-Free Bond | — | — | NO |
| T. Rowe Price Fund | Column 1: % of Dividends from U.S. Government Securities |
Column 2: % of Fund Held in U.S. Government Securities on December 31, 2025 |
Column 3: U.S. Government Securities are at Least 50% of Holdings at each Quarter End |
|---|---|---|---|
| Retirement 2005 | 36.59% | 28.65% | NO |
| Retirement 2010 | 34.74% | 26.32% | NO |
| Retirement 2015 | 33.05% | 23.95% | NO |
| Retirement 2020 | 30.77% | 21.90% | NO |
| Retirement 2025 | 28.77% | 19.72% | NO |
| Retirement 2030 | 23.01% | 14.44% | NO |
| Retirement 2035 | 14.23% | 8.12% | NO |
| Retirement 2040 | 9.81% | 4.95% | NO |
| Retirement 2045 | 5.61% | 2.51% | NO |
| Retirement 2050 | 3.23% | 1.20% | NO |
| Retirement 2055 | 2.50% | 0.75% | NO |
| Retirement 2060 | 2.44% | 0.70% | NO |
| Retirement 2065 | 2.46% | 0.81% | NO |
| Retirement 2070 | 1.29% | 0.81% | NO |
| Retirement Balanced | 36.77% | 30.06% | NO |
| Retirement Blend 2005 | 35.06% | 29.11% | NO |
| Retirement Blend 2010 | 33.22% | 26.78% | NO |
| Retirement Blend 2015 | 29.68% | 24.63% | NO |
| Retirement Blend 2020 | 28.24% | 22.53% | NO |
| Retirement Blend 2025 | 25.78% | 20.27% | NO |
| Retirement Blend 2030 | 19.70% | 15.16% | NO |
| Retirement Blend 2035 | 11.85% | 8.73% | NO |
| Retirement Blend 2040 | 8.02% | 5.46% | NO |
| Retirement Blend 2045 | 4.62% | 2.79% | NO |
| Retirement Blend 2050 | 2.70% | 1.37% | NO |
| Retirement Blend 2055 | 2.10% | 0.90% | NO |
| Retirement Blend 2060 | 2.07% | 0.86% | NO |
| Retirement Blend 2065 | 2.19% | 0.84% | NO |
| Retirement Blend 2070 | 1.47% | 0.84% | NO |
| Retirement Income 2020 | 28.07% | 22.07% | NO |
| Retirement Income 2025 | 24.72% | 19.86% | NO |
| Spectrum Diversified Equity | 1.15% | 0.01% | NO |
| Spectrum Income | 12.70% | 16.36% | NO |
| Spectrum International Equity | 0.75% | — | NO |
| Target 2005 | 35.66% | 31.33% | NO |
| Target 2010 | 36.59% | 31.18% | NO |
| Target 2015 |
36.76% | 30.92% | NO |
| Target 2020 | 37.80% | 30.51% | NO |
| Target 2025 | 39.19% | 29.71% | NO |
| Target 2030 | 34.86% | 24.31% | NO |
| Target 2035 | 29.70% | 18.63% | NO |
| Target 2040 | 23.72% | 12.56% | NO |
| Target 2045 | 12.26% | 6.53% | NO |
| Target 2050 | 7.90% | 3.68% | NO |
| Target 2055 | 4.72% | 2.14% | NO |
| Target 2060 | 2.50% | 0.91% | NO |
| Target 2065 | 2.43% | 0.81% | NO |
| Target 2070 | 1.6% | 0.84% | NO |
| T. Rowe Price ETF | Column 1:% of Dividends from U.S. Government Securities | Column 2:% of Fund Held in U.S. Government Securities on December 31, 2025 | Column 3:U.S. Government Securities are at Least 50% of Holdings at each Quarter End |
|---|---|---|---|
| Active Core International Equity ETF | — | — | NO |
| Active Core U.S. Equity ETF | — | — | NO |
| Blue Chip Growth ETF | — | — | NO |
| Capital Appreciation Equity ETF | 0.04% | — | NO |
| Capital Appreciation Premium Income ETF | 0.12% | — | NO |
| Dividend Growth ETF | — | — | NO |
| Equity Income ETF | — | — | NO |
| Financials ETF | — | — | NO |
| Floating Rate ETF | 3.20% | — | NO |
| Global Equity ETF | — | — | NO |
| Growth ETF | — | — | NO |
| Growth Stock ETF | — | — | NO |
| Health Care ETF | — | — | NO |
| Hedged Equity ETF | 2.97% | — | NO |
| High Income Municipal ETF | — | — | NO |
| Intermediate Municipal Income ETF | — | — | NO |
| International Equity ETF | — | — | NO |
| International Equity Research ETF | — | — | NO |
| Long Municipal Income ETF | — | — | NO |
| Multi-Sector Income ETF | 4.65% | — | NO |
| Natural Resources ETF | — | — | NO |
| QM U.S. Bond ETF | 40.46% | — | NO |
| Short Municipal Income ETF | — | — | NO |
| Small-Mid Cap ETF | — | — | NO |
| Technology ETF | — | — | NO |
| Total Return ETF | 32.55% | — | NO |
| U.S. Equity Research ETF | — | — | NO |
| U.S. High Yield ETF | 1.64% | — | NO |
| Ultra Short-Term Bond ETF | 4.90% | — | NO |
| Value ETF | — | — | NO |
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.
202601-5106266