2018 Return of Capital and Reclassifications
Return of Capital

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. You will need to subtract any amounts reported in Box 3 of Form 1099-DIV from the cost basis of your shares. For information on IRS Form 8937 and organizational actions affecting the basis of securities, including items such as mergers, fund liquidations, and reclassifications that affect cost basis, commonly referred to as "corporate actions," please visit our website at Corporate Actions.

Listed below are the 2018 dividends paid by the T. Rowe Price funds that have a return of capital for Form 1099-DIV purposes.

2018 Return of Capital
T. Rowe Price Fund 2018 Payment Date Per Share Amount Tax Character
Before After
Emerging Markets Bond 01/31/2018 $0.007486263 Income Dividend Return of Capital
Emerging Markets Bond 02/28/2018 $0.007114605 Income Dividend Return of Capital
Emerging Markets Bond 03/29/2018 $0.007455888 Income Dividend Return of Capital
Emerging Markets Bond 04/30/2018 $0.006664507 Income Dividend Return of Capital
Emerging Markets Bond 05/31/2018 $0.007165728 Income Dividend Return of Capital
Emerging Markets Bond 06/29/2018 $0.007084735 Income Dividend Return of Capital
Emerging Markets Bond 07/31/2018 $0.006618430 Income Dividend Return of Capital
Emerging Markets Bond 08/31/2018 $0.007902666 Income Dividend Return of Capital
Emerging Markets Bond 09/28/2018 $0.006420288 Income Dividend Return of Capital
Emerging Markets Bond 10/31/2018 $0.007297344 Income Dividend Return of Capital
Emerging Markets Bond 11/30/2018 $0.007963187 Income Dividend Return of Capital
Emerging Markets Bond - I Class 01/31/2018 $0.007693591 Income Dividend Return of Capital
Emerging Markets Bond - I Class 02/28/2018 $0.007325078 Income Dividend Return of Capital
Emerging Markets Bond - I Class 03/29/2018 $0.007633371 Income Dividend Return of Capital
Emerging Markets Bond - I Class 04/30/2018 $0.006837310 Income Dividend Return of Capital
Emerging Markets Bond - I Class 05/31/2018 $0.007270121 Income Dividend Return of Capital
Emerging Markets Bond - I Class 06/29/2018 $0.007300061 Income Dividend Return of Capital
Emerging Markets Bond - I Class 07/31/2018 $0.006802649 Income Dividend Return of Capital
Emerging Markets Bond - I Class 08/31/2018 $0.008092411 Income Dividend Return of Capital
Emerging Markets Bond - I Class 09/28/2018 $0.006602831 Income Dividend Return of Capital
Emerging Markets Bond - I Class 10/31/2018 $0.007437630 Income Dividend Return of Capital
Emerging Markets Bond - I Class 11/30/2018 $0.008114603 Income Dividend Return of Capital
Emerging Markets Local Currency Bond  01/31/2018 $0.020871272 Income Dividend Return of Capital
Emerging Markets Local Currency Bond  02/28/2018 $0.019466182 Income Dividend Return of Capital
Emerging Markets Local Currency Bond  03/29/2018 $0.021465019 Income Dividend Return of Capital
Emerging Markets Local Currency Bond  04/30/2018 $0.019533331 Income Dividend Return of Capital
Emerging Markets Local Currency Bond  05/31/2018 $0.019783905 Income Dividend Return of Capital
Emerging Markets Local Currency Bond  06/29/2018 $0.018508595 Income Dividend Return of Capital
Emerging Markets Local Currency Bond  07/31/2018 $0.018321599 Income Dividend Return of Capital
Emerging Markets Local Currency Bond  08/31/2018 $0.019499446 Income Dividend Return of Capital
Emerging Markets Local Currency Bond  09/28/2018 $0.014711823 Income Dividend Return of Capital
Emerging Markets Local Currency Bond  10/31/2018 $0.017632516 Income Dividend Return of Capital
Emerging Markets Local Currency Bond  11/30/2018 $0.019898298 Income Dividend Return of Capital
Emerging Markets Local Currency Bond - I Class 01/31/2018 $0.021247000 Income Dividend Return of Capital
Emerging Markets Local Currency Bond - I Class 02/28/2018 $0.020010438 Income Dividend Return of Capital
Emerging Markets Local Currency Bond - I Class 03/29/2018 $0.021986308 Income Dividend Return of Capital
Emerging Markets Local Currency Bond - I Class 04/30/2018 $0.020086926 Income Dividend Return of Capital
Emerging Markets Local Currency Bond - I Class 05/31/2018 $0.020347760 Income Dividend Return of Capital
Emerging Markets Local Currency Bond - I Class 06/29/2018 $0.018964858 Income Dividend Return of Capital
Emerging Markets Local Currency Bond - I Class 07/31/2018 $0.018719112 Income Dividend Return of Capital
Emerging Markets Local Currency Bond - I Class 08/31/2018 $0.019938765 Income Dividend Return of Capital
Emerging Markets Local Currency Bond - I Class 09/28/2018 $0.015114153 Income Dividend Return of Capital
Emerging Markets Local Currency Bond - I Class 10/31/2018 $0.017959920 Income Dividend Return of Capital
Emerging Markets Local Currency Bond - I Class 11/30/2018 $0.020329847 Income Dividend Return of Capital
Retirement Income 2020 01/18/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 02/20/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 03/19/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 04/18/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 05/17/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 06/19/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 07/18/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 08/17/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 09/19/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 10/17/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 11/19/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 12/19/2018 $0.011525185 Income Dividend Return of Capital
Retirement Income 2020 12/28/2018 $0.089650876 Long-Term Capital Gain Return of Capital
Reclassifications

A reclassification means that the tax character of the dividend on your Form 1099-DIV is different than the tax character reported on your statement, which reported the dividend to you. Tax character indicates whether the dividend is from taxable or tax-exempt income or is a short-term or long-term gain.

Listed below are the 2018 dividends paid by the T. Rowe Price funds that have been reclassified for Form 1099-DIV purposes.

2018 Reclassifications
T. Rowe Price Fund 2018 Payment Date Per Share Amount Tax Character*
Before After
Global Real Estate 12/18/2018 $0.019562112 Income Dividend Long-Term Capital Gain
Global Real Estate - I Class 12/18/2018 $0.019562112 Income Dividend Long-Term Capital Gain
International Bond (USD Hedged) 12/18/2018 $0.005454381 Long-Term Capital Gain Income Dividend
International Bond (USD Hedged) - I Class 12/18/2018 $0.005454381 Long-Term Capital Gain Income Dividend
Real Estate 09/27/2018 $0.050818270 Income Dividend Long-Term Capital Gain
Real Estate 12/13/2018 $0.180000000 Income Dividend Long-Term Capital Gain
Real Estate - I Class 09/27/2018 $0.050818270 Income Dividend Long-Term Capital Gain
Real Estate - I Class 12/13/2018 $0.180000000 Income Dividend Long-Term Capital Gain
Spectrum Income 11/30/2018 $0.014401571 Income Dividend Long-Term Capital Gain

* Amounts after reclassification only represent the reclassified amount and not necessarily the fund's total per share for that category.

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.