Getting an early start on tax planning for your T. Rowe Price mutual funds can help minimize the amount of your total return that is taxed. One of the most important considerations for year-end tax planning is the amount of dividends and distributions the funds will pay in December. These dividends can affect your estimated tax payments, as well as the timing of year-end purchases of fund shares.
For example, if you are planning to purchase fund shares late in the year, you should be aware that if you invest shortly before a fund distributes gains, you may, in effect, receive a portion of your investment back as a taxable distribution. When this happens, you may have to pay income or capital gains tax on the distribution. In certain cases—especially if a fund is expecting a large distribution—it may make sense to wait until after a fund has distributed its gains before you invest. View the Dividend Distribution Dates. Please note that the 2025 year-end dividend distribution dates for some funds may have changed from what was previously posted on the Dividend Distribution Dates page.
We’d like to remind you that frequent movement into and out of funds or other securities can create wash sales. A wash sale occurs when you sell shares of a security at a loss and purchase or acquire the same or substantially identical security within 30 days before or after the sale. The IRS’s wash sale rule would disallow the loss from the wash sale on your income tax return. This rule applies to your purchase and sale of shares in an equity fund, as well as in a bond fund. It’s important to note that this rule also applies when shares sold in a nonretirement account are purchased in substantially identical shares in a Traditional or Roth IRA within 30 days before or after.
Using the Distribution Table
You may use the tables below to get a rough estimate of your dividend and capital gains distributions for purposes of calculating your taxes, but the information in the tables should not be used for completing your tax return. Final numbers will be available in mid- to late December. Distribution information to help you prepare your returns will, in most cases, be provided to you on the appropriate tax forms in late January. Shareholders of the T. Rowe Price Real Estate Fund, T. Rowe Price Global Real Estate Fund, T. Rowe Price Real Assets Fund, T. Rowe Price Mid-Cap Value Fund, and T. Rowe Price Small-Cap Value Fund will receive 1099-DIV and 1099-B forms in mid-February. Tax information mailing schedule.
Estimated Dividend and Distribution Amounts
Locate the fund or funds you own in the tables. Multiply the number of shares you expect to hold in each fund on the record and declaration date by each fund's per share amount in the Income Dividends, Short-Term Gains, and Long-Term Gains columns. For funds that distribute income every month or quarter, please refer to your monthly account statement to find the amount of income dividends you have already received this year.
Qualified Dividend Estimates
If your fund has an estimated qualified dividend percentage listed in the table, multiply the percentage in the Qualified Dividends column by the sum of your Income Dividends plus Short-Term Gains. For funds that distribute income every month or quarter, multiply the estimated Qualified Dividends percentage listed in the table by the sum of your dividends received this year (refer to your account statement to find this amount) to approximate your estimated qualified dividends.
Please note: a fund’s dividend may not always qualify for the lower tax rates, especially if it is derived from interest, short-term gains, or other non-qualified sources. The tables below exclude quarterly dividends paid earlier this year and income that is paid monthly.
Remember, you should not prepare your taxes until you receive all of your official tax forms. Do not use the estimated distribution amounts shown in the tables below to prepare your official tax returns. Income numbers also are estimates of annual amounts. As a result, both income and capital gain amounts are likely to change. It also is possible, although less likely, that income or capital gain amounts reported to you throughout the year could be reclassified on your Form 1099-DIV, which would change their tax treatment.
Per Share Amounts are as of October 31, 2025.
The tables list funds currently expected to have year-end distributions—dividend income, capital gains, or both. Amounts shown are not final. Check our website in December for final distribution amounts.
Group A
Declaration and Record Date: December 10, 2025
Ex-Dividend and Reinvestment Date: December 11, 2025
Payment Date: December 12, 2025
Preliminary Year-End Distributions — Domestic Stock Funds
| T. Rowe Price Domestic Stock Funds | Ticker Symbol | Estimated Per Share Amounts | |||||||
| Qualified Dividends (estimated percentages)1 |
Income Dividends | Short-Term Gains |
Long-Term Gains | ||||||
| All-Cap Opportunities | PRWAX | 60% | $0.03 | $0.70 | $5.71 | ||||
| Blue Chip Growth | TRBCX | 100% | – | $0.07 | $10.85 | ||||
| Dividend Growth | PRDGX | 100% | paid quarterly | – | $5.66 | ||||
| Equity Income | PRFDX | 100% | paid quarterly | – | $0.42 | ||||
| Equity Index 500 | PREIX | 100% | paid quarterly | – | $2.35 | ||||
| Growth Stock | PRGFX | 100% | – | $0.07 | $14.28 | ||||
| Hedged Equity | PHEFX | 13% | $0.05 | $0.55 | $0.30 | ||||
| Integrated U.S. Small-Mid Cap Core Equity | TQSMX | 100% | $0.10 | – | $0.19 | ||||
| Mid-Cap Growth | RPMGX | 100% | – | – | $6.05 | ||||
| Mid-Cap Value | TRMCX | 68% | $0.45 | $0.20 | $1.05 | ||||
| Multi-Strategy Total Return | TMSRX | 2% | – | – | – | ||||
| New Horizons | PRNHX | 28% | – | $0.54 | $5.46 | ||||
| Real Assets | PRAFX | 34% | $0.61 | – | – | ||||
| Small-Cap Stock | OTCFX | 100% | – | – | $4.01 | ||||
| Small-Cap Value | PRSVX | 89% | $0.46 | $0.05 | $4.93 | ||||
| U.S. Equity Research | PRCOX | 100% | $0.39 | – | $0.36 | ||||
| U.S. Large-Cap Core | TRULX | 95% | $0.17 | $0.10 | $2.86 | ||||
| Value | TRVLX | 100% | $0.44 | $0.08 | $1.66 | ||||
Preliminary Year-End Distributions — Domestic Stock Funds I Class
| T. Rowe Price Domestic Stock Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||||||
| Qualified Dividends (estimated percentages)1 |
Income Dividends | Short-Term Gains |
Long-Term Gains | ||||||
| All-Cap Opportunities - I Class | PNAIX | 60% | $0.17 | $0.70 | $5.71 | ||||
| Blue Chip Growth - I Class | TBCIX | 100% | – | $0.07 | $10.85 | ||||
| Dividend Growth - I Class | PDGIX | 100% | paid quarterly | – | $5.66 | ||||
| Equity Income - I Class | REIPX | 100% | paid quarterly | – | $0.42 | ||||
| Equity Index 500 - I Class | PRUIX | 100% | paid quarterly | – | $2.35 | ||||
| Growth Stock - I Class | PRUFX | 100% | – | $0.07 | $14.28 | ||||
| Hedged Equity - I Class | PHEIX | 13% | $0.06 | $0.55 | $0.30 | ||||
| Integrated U.S. Small-Mid Cap Core Equity - I Class | TQSIX | 100% | $0.14 | – | $0.19 | ||||
| Mid-Cap Growth - I Class | RPTIX | 100% | $0.09 | – | $6.05 | ||||
| Mid-Cap Value - I Class | TRMIX | 68% | $0.50 | $0.20 | $1.05 | ||||
| Multi-Strategy Total Return - I Class | TMSSX | 2% | $0.06 | – | – | ||||
| New Horizons - I Class | PRJIX | 28% | – | $0.54 | $5.46 | ||||
| Real Assets - I Class | PRIKX | 34% | $0.65 | – | – | ||||
| Small-Cap Stock - I Class | OTIIX | 100% | – | – | $4.01 | ||||
| Small-Cap Value - I Class | PRVIX | 89% | $0.53 | $0.05 | $4.93 | ||||
| U.S. Equity Research - I Class | PCCOX | 100% | $0.44 | – | $0.36 | ||||
| U.S. Large-Cap Core - I Class | RCLIX | 95% | $0.21 | $0.10 | $2.86 | ||||
| Value - I Class | TRPIX | 100% | $0.51 | $0.08 | $1.66 | ||||
Group B
Declaration and Record Date: December 12, 2025
Ex-Dividend and Reinvestment Date: December 15, 2025
Payment Date: December 16, 2025
Preliminary Year-End Distributions — Domestic Stock Funds
| T. Rowe Price Domestic Stock Funds | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 |
Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Communications & Technology | PRMTX | 80% | $0.13 | $1.03 | $31.34 |
| Diversified Mid-Cap Growth | PRDMX | 23% | – | $0.63 | $3.13 |
| Extended Equity Market Index | PEXMX | 72% | $0.32 | $0.05 | $1.02 |
| Financial Services | PRISX | 76% | $0.44 | $0.48 | $2.09 |
| Health Sciences | PRHSX | 100% | – | – | $9.82 |
| Integrated U.S. Large-Cap Value Equity | TQMVX | 100% | $0.31 | $0.04 | $0.61 |
| Integrated U.S. Small-Cap Growth Equity | PRDSX | 100% | – | $0.04 | $2.87 |
| Large-Cap Growth | TRGOX | 90% | – | $0.26 | $10.95 |
| Large-Cap Value | TRLUX | 100% | $0.40 | – | $2.31 |
| Real Estate | TRREX | 0% | paid quarterly | – | $0.44 |
| Science & Technology | PRSCX | 6% | – | $3.47 | $3.22 |
| Tax-Efficient Equity | PREFX | 0% | – | – | – |
| Total Equity Market Index | POMIX | 100% | $0.65 | $0.00 | $0.81 |
Preliminary Year-End Distributions — Domestic Stock Funds I Class
| T. Rowe Price Domestic Stock Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 |
Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Communications & Technology - I Class | TTMIX | 80% | $0.35 | $1.03 | $31.34 |
| Diversified Mid-Cap Growth - I Class | RPTTX | 23% | – | $0.73 | $3.13 |
| Financial Services - I Class | TFIFX | 76% | $0.52 | $0.48 | $2.09 |
| Health Sciences - I Class | THISX | 100% | – | – | $9.82 |
| Integrated U.S. Large-Cap Value Equity - I Class | TQVIX | 100% | $0.35 | $0.04 | $0.61 |
| Integrated U.S. Small-Cap Growth Equity - I Class | TQAIX | 100% | – | $0.04 | $2.87 |
| Large-Cap Growth - I Class | TRLGX | 90% | – | $0.34 | $10.95 |
| Large-Cap Value - I Class | TILCX | 100% | $0.43 | – | $2.31 |
| Real Estate - I Class | TIRRX | 0% | paid quarterly | – | $0.44 |
| Science & Technology - I Class | TSNIX | 6% | – | $3.55 | $3.22 |
| Tax-Efficient Equity - I Class | TEEFX | 0% | – | – | – |
Group C
Declaration and Record Date: December 16, 2025
Ex-Dividend and Reinvestment Date: December 17, 2025
Payment Date: December 18, 2025
Preliminary Year-End Distributions — Domestic Stock Funds
| T. Rowe Price Domestic Stock Funds | Ticker Symbol | Estimated Per Share Amounts | |||||||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||||||
| Balanced | RPBAX | 46% | paid quarterly | – | $1.44 | ||||
| Capital Appreciation | PRWCX | 12% | $0.67 | $0.93 | $1.47 | ||||
| Capital Appreciation and Income | PRCFX | 15% | paid monthly | $0.11 | $0.09 | ||||
| Spectrum Conservative Allocation | PRSIX | 13% | paid quarterly | – | $0.68 | ||||
| Spectrum Moderate Allocation | TRPBX | 28% | paid quarterly | $0.01 | $1.38 | ||||
| Spectrum Moderate Growth Allocation | TRSGX | 58% | $0.69 | $0.02 | $2.10 | ||||
Preliminary Year-End Distributions — Domestic Stock Funds I Class
| T. Rowe Price Domestic Stock Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||||||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||||||
| Balanced - I Class | RBAIX | 46% | paid quarterly | – | $1.44 | ||||
| Capital Appreciation - I Class | TRAIX | 12% | $0.72 | $0.93 | $1.47 | ||||
| Capital Appreciation and Income - I Class | PRCHX | 15% | paid monthly | $0.11 | $0.09 | ||||
| Spectrum Conservative Allocation - I Class | PPIPX | 13% | paid quarterly |
– | $0.68 | ||||
| Spectrum Moderate Allocation - I Class | TPPAX | 28% | paid quarterly | $0.01 | $1.38 | ||||
| Spectrum Moderate Growth Allocation - I Class | TGIPX | 58% | $0.73 | $0.02 | $2.10 | ||||
Declaration and Record Date: December 9, 2025
Ex-Dividend and Reinvestment Date: December 10, 2025
Payment Date: December 11, 2025
Preliminary Year-End Distributions — Domestic Taxable Bond Funds
| T. Rowe Price Domestic Taxable Bond Funds | Ticker Symbol | Estimated Per Share Amounts | |||||||||
| Qualified Dividends (estimated percentages)1 |
Income Dividends | Short-Term Gains |
Long-Term Gains |
||||||||
| Corporate Income | PRPIX | 0% | paid monthly | – | – | ||||||
| Credit Opportunities | PRCPX | 2% | paid monthly | – | – | ||||||
| Floating Rate | PRFRX | 0% | paid monthly | – | – | ||||||
| GNMA | PRGMX | 0% | paid monthly | – | – | ||||||
| High Yield | PRHYX | 1% | paid monthly | – | – | ||||||
| Inflation Protected Bond2 | PRIPX | 0% | paid monthly | – | – | ||||||
| Limited Duration Inflation Focused Bond2 | TRBFX | 0% | paid monthly | – | – | ||||||
| New Income | PRCIX | 0% | paid monthly | – | – | ||||||
| QM U.S. Bond Index | PBDIX | 0% | paid monthly | – | – | ||||||
| Short Duration Income | TSDLX | 0% | paid monthly | – | – | ||||||
| Short-Term Bond | PRWBX | 0% | paid monthly | – | – | ||||||
| Total Return | PTTFX | 0% | paid monthly | – | – | ||||||
| Ultra Short-Term Bond | TRBUX | 0% | paid monthly | – | – | ||||||
| U.S. High Yield | TUHYX | 1% | paid monthly | – | – | ||||||
| U.S. Limited Duration TIPS Index2 | TLDTX | 0% | paid monthly | – | – | ||||||
| U.S. Treasury Intermediate Index | PRTIX | 0% | paid monthly | – | – | ||||||
| U.S. Treasury Long-Term Index | PRULX | 0% | paid monthly | – | – | ||||||
Preliminary Year-End Distributions — Domestic Taxable Bond Funds I Class
| T. Rowe Price Domestic Taxable Bond Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||||||||
| Qualified Dividends (estimated percentages)1 |
Income Dividends | Short-Term Gains |
Long-Term Gains |
||||||||
| Corporate Income - I Class | TICCX | 0% | paid monthly | – | – | ||||||
| Credit Opportunities - I Class | TCRRX | 2% | paid monthly | – | – | ||||||
| Floating Rate - I Class | TFAIX | 0% | paid monthly | – | – | ||||||
| GNMA - I Class | PRXAX | 0% | paid monthly | – | – | ||||||
| High Yield - I Class | PRHIX | 1% | paid monthly | – | – | ||||||
| Inflation Protected Bond - I Class2 | TIIPX | 0% | paid monthly | – | – | ||||||
| Limited Duration Inflation Focused Bond - I Class2 | TRLDX | 0% | paid monthly | – | – | ||||||
| New Income - I Class | PRXEX | 0% | paid monthly | – | – | ||||||
| QM U.S. Bond Index - I Class | TSBLX | 0% | paid monthly | – | – | ||||||
| Short Duration Income - I Class | TSIDX | 0% | paid monthly | – | – | ||||||
| Short-Term Bond - I Class | TBSIX | 0% | paid monthly | – | – | ||||||
| Total Return - I Class | PTKIX | 0% | paid monthly | – | – | ||||||
| Ultra Short-Term Bond - I Class | TRSTX | 0% | paid monthly | – | – | ||||||
| U.S. High Yield - I Class | TUHIX | 1% | paid monthly | – | – | ||||||
| U.S. Limited Duration TIPS Index - I Class2 | TLDUX | 0% | paid monthly | – | – | ||||||
| U.S. Treasury Intermediate Index - I Class | PRKIX | 0% | paid monthly | – | – | ||||||
| U.S. Treasury Long-Term Index - I Class | PRUUX | 0% | paid monthly | – | – | ||||||
Declaration and Record Date: December 2, 2025
Ex-Dividend and Reinvestment Date: December 3, 2025
Payment Date: December 4, 2025
Preliminary Year-End Distributions — Domestic Taxable Money Market Funds
| T. Rowe Price Domestic Taxable Money Market Funds | Ticker Symbol | Estimated Per Share Amounts | |||||||
| Qualified Dividends (estimated percentages)1 |
Income Dividends | Short-Term Gains |
Long-Term Gains | ||||||
| Cash Reserves | TSCXX | 0% | paid monthly | – | – | ||||
| Government Money | PRRXX | 0% | paid monthly | – | – | ||||
| U.S. Treasury Money | PRTXX | 0% | paid monthly | – | – | ||||
Preliminary Year-End Distributions — Domestic Taxable Money Market Funds I Class
| T. Rowe Price Domestic Taxable Money Market Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||||||
| Qualified Dividends (estimated percentages)1 |
Income Dividends | Short-Term Gains |
Long-Term Gains | ||||||
| Government Money - I Class | TTGXX | 0% | paid monthly | – | – | ||||
| U.S. Treasury Money - I Class | TRGXX | 0% | paid monthly | – | – | ||||
Declaration and Record Date: December 2, 2025
Ex-Dividend and Reinvestment Date: December 3, 2025
Payment Date: December 4, 2025
Preliminary Year-End Distributions — Domestic Tax-Free Bond and Money Market Funds
| T. Rowe Price Domestic Tax-Free Bond and Money Market Funds | Ticker Symbol | Estimated Per Share Amounts | |||||||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||||||
| California Tax-Free Bond | PRXCX | N/A | paid monthly | – | – | ||||
| Georgia Tax-Free Bond | GTFBX | N/A | paid monthly | – | – | ||||
| Intermediate Tax-Free High Yield | PRIHX | N/A | paid monthly | – | – | ||||
| Maryland Short-Term Tax-Free Bond | PRMDX | N/A | paid monthly | – | – | ||||
| Maryland Tax-Free Bond | MDXBX | N/A | paid monthly | – | – | ||||
| Maryland Tax-Free Money | TMDXX | N/A | paid monthly | – | – | ||||
| New Jersey Tax-Free Bond | NJTFX | N/A | paid monthly | – | – | ||||
| New York Tax-Free Bond | PRNYX | N/A | paid monthly | – | – | ||||
| Summit Municipal Income | PRINX | N/A | paid monthly | – | – | ||||
| Summit Municipal Intermediate | PRSMX | N/A | paid monthly | – | – | ||||
| Tax-Exempt Money | PTEXX | N/A | paid monthly | – | – | ||||
| Tax-Free High Yield | PRFHX | N/A | paid monthly | – | – | ||||
| Tax-Free Income | PRTAX | N/A | paid monthly | – | – | ||||
| Tax-Free Short-Intermediate | PRFSX | N/A | paid monthly | – | – | ||||
| Virginia Tax-Free Bond | PRVAX | N/A | paid monthly | – | – | ||||
Preliminary Year-End Distributions — Domestic Tax-Free Bond and Money Market Funds I Class
| T. Rowe Price Domestic Tax-Free Bond and Money Market Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||||||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||||||
| California Tax-Free Bond - I Class | TCFEX | N/A | paid monthly | – | – | ||||
| Georgia Tax-Free Bond - I Class | TBGAX | N/A | paid monthly | – | – | ||||
| Intermediate Tax-Free High Yield - I Class | TFHAX | N/A | paid monthly | – | – | ||||
| Maryland Short-Term Tax-Free Bond - I Class | TRMUX | N/A | paid monthly | – | – | ||||
| Maryland Tax-Free Bond - I Class | TFBIX | N/A | paid monthly | – | – | ||||
| Maryland Tax-Free Money - I Class | TWNXX | N/A | paid monthly | – | – | ||||
| New Jersey Tax-Free Bond - I Class | TRJIX | N/A | paid monthly | – | – | ||||
| New York Tax-Free Bond - I Class | TRYIX | N/A | paid monthly | – | – | ||||
| Summit Municipal Income - I Class | PRIMX | N/A | paid monthly | – | – | ||||
| Summit Municipal Intermediate - I Class | PRTMX | N/A | paid monthly | – | – | ||||
| Tax-Exempt Money - I Class | TERXX | N/A | paid monthly | – | – | ||||
| Tax-Free High Yield - I Class | PTYIX | N/A | paid monthly | – | – | ||||
| Tax-Free Income - I Class | TFILX | N/A | paid monthly | – | – | ||||
| Tax-Free Short-Intermediate - I Class | TTSIX | N/A | paid monthly | – | – | ||||
| Virginia Tax-Free Bond - I Class | TFBVX | N/A | paid monthly | – | – | ||||
Declaration and Record Date: December 11, 2025
Ex-Dividend and Reinvestment Date: December 12, 2025
Payment Date: December 15, 2025
Preliminary Year-End Distributions — International/Global Stock
| T. Rowe Price Int'l/Global Stock Funds | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Africa & Middle East | TRAMX | 9% | $0.64 | $0.25 | $0.35 |
| Emerging Europe | TREMX | 100% | $0.16 | – | – |
| Emerging Markets Discovery Stock | PRIJX | 27% | $0.70 |
– | – |
| Emerging Markets Stock | PRMSX | 59% | $0.21 | – | – |
| European Stock | PRESX | 90% | $0.42 | $0.22 | $2.00 |
| International Discovery | PRIDX | 61% | $0.98 | $0.54 | $2.05 |
| International Equity Index | PIEQX | 59% | $0.62 | – | – |
| International Stock | PRITX | 41% | $0.46 | – | $1.54 |
| International Value Equity | TRIGX | 83% | $0.57 | – | $0.03 |
| Japan | PRJPX | 37% | $0.38 | $0.25 | $1.33 |
| Latin America | PRLAX | 100% | $0.42 | – | $0.85 |
| New Asia | PRASX | 100% | $0.12 | – | – |
| Overseas Stock | TROSX | 100% | $0.29 | – | – |
Preliminary Year-End Distributions — International/Global Stock Funds I Class
| T. Rowe Price Int'l/Global Stock Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Africa & Middle East - I Class | PRAMX | 9% | $0.67 | $0.25 | $0.35 |
| Emerging Europe - I Class | TTEEX | 100% | $0.18 | – | – |
| Emerging Markets Discovery Stock - I Class | REVIX | 27% | $0.72 |
– | – |
| Emerging Markets Stock - I Class | PRZIX | 59% | $0.33 | – | – |
| European Stock - I Class | TEUIX | 90% | $0.49 | $0.22 | $2.00 |
| International Discovery - I Class | TIDDX | 61% | $1.26 | $0.54 | $2.05 |
| International Stock - I Class | PRIUX | 41% | $0.50 | – | $1.54 |
| International Value Equity - I Class | TRTIX | 83% | $0.60 | – | $0.03 |
| Japan - I Class | RJAIX | 37% | $0.43 | $0.25 | $1.33 |
| Latin America - I Class | RLAIX | 100% | $0.53 | – | $0.85 |
| New Asia - I Class | PNSIX | 100% | $0.16 | – | – |
| Overseas Stock - I Class | TROIX | 100% | $0.31 | – | – |
Group B
Declaration and Record Date: December 12, 2025
Ex-Dividend and Reinvestment Date: December 15, 2025
Payment Date: December 16, 2025
Preliminary Year-End Distributions — International/Global Stock Funds
| T. Rowe Price Int'l/Global Stock Funds |
Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 |
Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| New Era | PRNEX | 93% | $1.08 | – | $2.55 |
Preliminary Year-End Distributions — International/Global Stock Funds I Class
| T. Rowe Price Int'l/Global Stock Funds - I Class |
Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 |
Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| New Era - I Class | TRNEX | 93% | $1.17 | – | $2.55 |
Group C
Declaration and Record Date: December 15, 2025
Ex-Dividend and Reinvestment Date: December 16, 2025
Payment Date: December 17, 2025
Preliminary Year-End Distributions — International/Global Stock Funds
| T. Rowe Price Int'l/Global Stock Funds | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Asia Opportunities | TRAOX | 100% | $0.14 | – | – |
| China Evolution Equity | TCELX | 72% | $0.16 | – | – |
| Global Growth Stock | RPGEX | 100% | $0.11 | – | $4.79 |
| Global Impact Equity | TGPEX | 100% | $0.02 | – | – |
| Global Industrials | RPGIX | 100% | $0.06 | – | $1.83 |
| Global Real Estate | TRGRX | 30% | paid quarterly | – | – |
| Global Stock | PRGSX | 100% | $0.08 | – | $6.53 |
| Global Technology | PRGTX | 0% | – | – | – |
| Global Value Equity | TRGVX | 51% | $0.41 | $0.09 | $0.95 |
| Integrated Global Equity | TQGEX | 56% | $0.29 | $0.13 | $0.33 |
| International Disciplined Equity | PRCNX | 29% | $0.32 | $0.48 | $0.59 |
Preliminary Year-End Distributions — International/Global Stock Funds I Class
| T. Rowe Price Int'l/Global Stock Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Asia Opportunities - I Class | TRASX | 100% | $0.20 | – | – |
| China Evolution Equity - I Class | TRCLX | 72% | $0.23 | – | – |
| Global Growth Stock - I Class | RGGIX | 100% | $0.18 | – | $4.79 |
| Global Impact Equity - I Class | TGBLX | 100% | $0.05 | – | – |
| Global Industrials - I Class | TRGAX | 100% | $0.14 | – | $1.83 |
| Global Real Estate - I Class | TIRGX | 30% | paid quarterly | – | – |
| Global Stock - I Class | TRGLX | 100% | $0.22 | – | $6.53 |
| Global Technology - I Class | PGTIX | 0% | – | – | – |
| Global Value Equity - I Class | PRIGX | 51% | $0.46 | $0.09 | $0.95 |
| Integrated Global Equity - I Class | TQGIX | 56% | $0.32 | $0.13 | $0.33 |
| International Disciplined Equity - I Class | RICIX | 29% | $0.33 | $0.48 | $0.59 |
Group D
Declaration and Record Date: December 16, 2025
Ex-Dividend and Reinvestment Date: December 17, 2025
Payment Date: December 18, 2025
Preliminary Year-End Distributions — International/Global Stock Funds
| T. Rowe Price Int'l/Global Stock Funds | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Global Allocation | RPGAX | 30% | $0.38 | – | $0.68 |
Preliminary Year-End Distributions — International/Global Stock Funds I Class
| T. Rowe Price Int'l/Global Stock Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Global Allocation - I Class | TGAFX | 30% | $0.42 | – | $0.68 |
Declaration and Record Date: December 9, 2025
Ex-Dividend and Reinvestment Date: December 10, 2025
Payment Date: December 11, 2025
Preliminary Year-End Distributions — International/Global Bond Funds
| T. Rowe Price Int'l/Global Bond Funds | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Dynamic Credit | RPIDX | 1% | paid monthly | – | – |
| Dynamic Global Bond | RPIEX | 0% | paid monthly | – | – |
| Emerging Markets Bond | PREMX | 0% | paid monthly | – | – |
| Emerging Markets Corporate Bond | TRECX | 0% | paid monthly | – | – |
| Emerging Markets Local Currency Bond | PRELX | 0% | paid monthly | – | – |
| Global High Income Bond | RPIHX | 1% | paid monthly | – | – |
| Global Multi-Sector Bond | PRSNX | 0% | paid monthly | – | – |
| International Bond | RPIBX | 0% | paid monthly | – | – |
| International Bond (USD Hedged) | TNIBX | 0% | paid monthly | – | – |
Preliminary Year-End Distributions — International/Global Bond Funds I Class
| T. Rowe Price Int'l/Global Bond Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Dynamic Credit - I Class | RPELX | 1% | paid monthly | – | – |
| Dynamic Global Bond - I Class | RPEIX | 0% | paid monthly | – | – |
| Emerging Markets Bond - I Class | PRXIX | 0% | paid monthly | – | – |
| Emerging Markets Corporate Bond - I Class | TECIX | 0% | paid monthly | – | – |
| Emerging Markets Local Currency Bond - I Class | TEIMX | 0% | paid monthly | – | – |
| Global High Income Bond - I Class | RPOIX | 1% | paid monthly | – | – |
| Global Multi-Sector Bond - I Class | PGMSX | 0% | paid monthly | – | – |
| International Bond - I Class | RPISX | 0% | paid monthly | – | – |
| International Bond (USD Hedged) - I Class |
TNBMX | 0% | paid monthly | – | – |
Group A
Declaration and Record Date: December 18, 2025
Ex-Dividend and Reinvestment Date: December 19, 2025
Payment Date: December 22, 2025
Preliminary Year-End Distributions — Retirement Funds
| Retirement Funds | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Retirement 2005 | TRRFX | 19% | $0.35 | – | $0.27 |
| Retirement 2010 | TRRAX | 21% | $0.44 | – | $0.41 |
| Retirement 2015 | TRRGX | 25% | $0.35 | – | $0.35 |
| Retirement 2020 | TRRBX | 26% | $0.51 | – | $0.59 |
| Retirement 2025 | TRRHX | 30% | $0.44 | – | $0.55 |
| Retirement 2030 | TRRCX | 41% | $0.61 | – | $0.90 |
| Retirement 2035 | TRRJX | 56% | $0.44 | – | $0.63 |
| Retirement 2040 | TRRDX | 74% | $0.55 | – | $0.93 |
| Retirement 2045 | TRRKX | 87% | $0.37 | – | $0.58 |
| Retirement 2050 | TRRMX | 92% | $0.30 | – | $0.55 |
| Retirement 2055 | TRRNX | 91% | $0.33 | – | $0.58 |
| Retirement 2060 | TRRLX | 93% | $0.27 | – | $0.46 |
| Retirement 2065 | TRSJX | 92% | $0.20 | – | $0.31 |
| Retirement 2070 | TRVSX | 74% | $0.17 | – | – |
| Retirement Balanced | TRRIX | 19% | paid monthly | – | $0.23 |
| Retirement Blend 2005 | TBLPX | 18% | $0.28 | – | $0.05 |
| Retirement Blend 2010 | TBLQX | 21% | $0.27 | – | $0.05 |
| Retirement Blend 2015 | TBLSX | 21% | $0.29 | – | $0.04 |
| Retirement Blend 2020 | TSBAX | 23% | $0.28 | – | $0.06 |
| Retirement Blend 2025 | TBLVX | 26% | $0.27 | – | $0.05 |
| Retirement Blend 2030 | TBLWX | 34% | $0.26 | – | $0.06 |
| Retirement Blend 2035 | TBLYX | 45% | $0.25 | – | $0.08 |
| Retirement Blend 2040 | TRBLX | 57% | $0.22 | – | $0.09 |
| Retirement Blend 2045 | TRBQX | 67% | $0.21 | – | $0.10 |
| Retirement Blend 2050 | TRBSX | 69% | $0.21 | – | $0.10 |
| Retirement Blend 2055 | TRBOX | 69% | $0.21 | – | $0.10 |
| Retirement Blend 2060 | TRBNX | 69% | $0.21 | – | $0.09 |
| Retirement Blend 2065 | TRBPX | 70% | $0.21 | – | $0.13 |
| Retirement Blend 2070 | TRPQX | 71% | $0.19 | – | – |
Preliminary Year-End Distributions — Retirement Funds I Class
| T. Rowe Price Retirement Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Retirement 2005 - I Class | TRAJX | 19% | $0.36 | – | $0.27 |
| Retirement 2010 - I Class | TRPUX | 21% | $0.45 | – | $0.41 |
| Retirement 2015 - I Class | TRUBX | 25% | $0.36 | – | $0.35 |
| Retirement 2020 - I Class | TRDBX | 26% | $0.53 | – | $0.59 |
| Retirement 2025 - I Class | TREHX | 30% | $0.46 | – | $0.55 |
| Retirement 2030 - I Class | TRFHX | 41% | $0.63 | – | $0.90 |
| Retirement 2035 - I Class | TRFJX | 56% | $0.47 | – | $0.63 |
| Retirement 2040 - I Class | TRHDX | 74% | $0.58 | – | $0.93 |
| Retirement 2045 - I Class | TRIKX | 87% | $0.39 | – | $0.58 |
| Retirement 2050 - I Class | TRJLX | 92% | $0.33 | – | $0.55 |
| Retirement 2055 - I Class | TRJMX | 91% | $0.35 | – | $0.58 |
| Retirement 2060 - I Class | TRLNX | 93% | $0.28 | – | $0.46 |
| Retirement 2065 - I Class | TRMOX | 92% | $0.22 | – | $0.31 |
| Retirement 2070 - I Class | TRVQX | 74% | $0.19 | – | – |
| Retirement Balanced - I Class | TRJWX | 19% | paid monthly | – | $0.23 |
| Retirement Blend 2005 - I Class | TBLAX | 18% | $0.28 | – | $0.05 |
| Retirement Blend 2010 - I Class | TBLBX | 21% | $0.28 | – | $0.05 |
| Retirement Blend 2015 - I Class | TBLCX | 21% | $0.30 | – | $0.04 |
| Retirement Blend 2020 - I Class | TBLDX | 23% | $0.29 | – | $0.06 |
| Retirement Blend 2025 - I Class | TBLEX | 26% | $0.28 | – | $0.05 |
| Retirement Blend 2030 - I Class | TBLGX | 34% | $0.27 | – | $0.06 |
| Retirement Blend 2035 - I Class | TBLHX | 45% | $0.26 | – | $0.08 |
| Retirement Blend 2040 - I Class | TBLJX | 57% | $0.24 | – | $0.09 |
| Retirement Blend 2045 - I Class | TBLKX | 67% | $0.22 | – | $0.10 |
| Retirement Blend 2050 - I Class | TBLLX | 69% | $0.23 | – | $0.10 |
| Retirement Blend 2055 - I Class | TBLMX | 69% | $0.22 | – | $0.10 |
| Retirement Blend 2060 - I Class | TBLNX | 69% | $0.22 | – | $0.09 |
| Retirement Blend 2065 - I Class | TBLOX | 70% | $0.22 | – | $0.13 |
| Retirement Blend 2070 - I Class | TRYQX | 71% | $0.19 | – | – |
Group B
Declaration and Record Date: December 29, 2025
Ex-Dividend and Reinvestment Date: December 30, 2025
Payment Date: December 30, 2025
Preliminary Year-End Distributions — Retirement Funds
| Retirement Funds | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Retirement Income 2020 | TRLAX | 15% | paid monthly | – | $0.39 |
| Retirement Income 2025 | TRAVX | 51% | paid monthly | – | $0.33 |
Preliminary Year-End Distributions — Retirement Funds I Class
| Retirement Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Retirement Income 2020 - I Class | TRABX | 15% | paid monthly | – | $0.39 |
| Retirement Income 2025 - I Class | TRATX | 51% | paid monthly | – | $0.33 |
Declaration and Record Date: December 19, 2025
Ex-Dividend and Reinvestment Date: December 22, 2025
Payment Date: December 23, 2025
Preliminary Year-End Distributions — Spectrum and Target Funds
| T. Rowe Price Spectrum and Target Funds | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Spectrum Diversified Equity | PRSGX | 100% | $0.18 | – | $3.62 |
| Spectrum Income | RPSIX | 2% | paid monthly | – | – |
| Spectrum International Equity | PSILX | 86% | $0.36 | $0.02 | $0.45 |
| Target 2005 | TRARX | 13% | $0.39 | – | $0.20 |
| Target 2010 | TRROX | 14% | $0.36 | – | $0.17 |
| Target 2015 | TRRTX | 15% | $0.36 | – | $0.25 |
| Target 2020 | TRRUX | 16% | $0.38 | – | $0.41 |
| Target 2025 | TRRVX | 20% | $0.38 | – | $0.49 |
| Target 2030 | TRRWX | 28% | $0.37 | – | $0.64 |
| Target 2035 | RPGRX | 39% | $0.36 | – | $0.80 |
| Target 2040 | TRHRX | 55% | $0.32 | – | $0.72 |
| Target 2045 | RPTFX | 63% | $0.34 | – | $0.67 |
| Target 2050 | TRFOX | 80% | $0.31 | – | $0.65 |
| Target 2055 | TRFFX | 84% | $0.30 | $0.01 | $0.67 |
| Target 2060 | TRTFX | 90% | $0.26 | – | $0.53 |
| Target 2065 | PRSLX | 86% | $0.21 | $0.01 | $0.40 |
| Target 2070 | TRHQX | 81% | $0.18 | – | – |
Preliminary Year-End Distributions — Spectrum and Target Funds I Class
| T. Rowe Price Spectrum and Target Funds - I Class | Ticker Symbol | Estimated Per Share Amounts | |||
| Qualified Dividends (estimated percentages)1 | Income Dividends | Short-Term Gains |
Long-Term Gains | ||
| Spectrum Diversified Equity - I Class | TSVPX | 100% | $0.23 | – | $3.62 |
| Spectrum Income - I Class | TSPNX | 2% | paid monthly | – | – |
| Spectrum International Equity - I Class | TSINX | 86% | $0.39 | $0.02 | $0.45 |
| Target 2005 - I Class | TFRRX | 13% | $0.40 | – | $0.20 |
| Target 2010 - I Class | TORFX | 14% | $0.37 | – | $0.17 |
| Target 2015 - I Class | TTRTX | 15% | $0.37 | – | $0.25 |
| Target 2020 - I Class | TTURX | 16% | $0.39 | – | $0.41 |
| Target 2025 - I Class | TRVVX | 20% | $0.39 | – | $0.49 |
| Target 2030 - I Class | TWRRX | 28% | $0.39 | – | $0.64 |
| Target 2035 - I Class | TPGPX | 39% | $0.37 | – | $0.80 |
| Target 2040 - I Class | TRXRX | 55% | $0.33 | – | $0.72 |
| Target 2045 - I Class | TRFWX | 63% | $0.35 | – | $0.67 |
| Target 2050 - I Class | TOORX | 80% | $0.32 | – | $0.65 |
| Target 2055 - I Class | TRPPX | 84% | $0.32 | $0.01 | $0.67 |
| Target 2060 - I Class | TTOIX | 90% | $0.28 | – | $0.53 |
| Target 2065 - I Class | RPFDX | 86% | $0.22 | $0.01 | $0.40 |
| Target 2070 - I Class | TRYDX | 81% | $0.18 | – | – |
1Reflects the portion of income dividends and short-term capital gains that are eligible to be taxed as qualified dividends. To the extent a fund receives qualified dividends from stocks it holds, it can designate all or a portion of the dividends it pays as qualifying for taxation at the federal long-term capital gains rate (maximum rate of 20%).
2Estimated income dividends in excess of the monthly distributions are expected to be paid from the Inflation Protected Bond, Limited Duration Inflation Focused Bond, and U.S. Limited Duration TIPS Index funds in the amounts of $0.35 per share, $0.15 per share, and $0.27 per share, respectively. Additional income dividends relate to inflation adjustments on Treasury inflation protected securities (TIPS). The declaration/record date and ex-dividend/reinvestment date is November 28, 2025, and the payment date is December 1, 2025.
Please note that year-end estimates are for the Investor and I Classes only. For more information on other fund classes, please visit our website for financial intermediaries.
For year-end estimates for T. Rowe Price ETFs, please visit T. Rowe Price ETF Dividend Distributions.
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