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 2014 dividends paid by the T. Rowe Price funds that have a return of capital for Form 1099-DIV purposes. If T. Rowe Price Real Assets Fund, T. Rowe Price Real Estate Fund, T. Rowe Price Global Real Estate Fund, or T. Rowe Price Small-Cap Value Fund had a return of capital, it will be listed here in mid-February.

2014 Return of Capital
T. Rowe Price Fund 2014 Payment Date Per Share Amount Tax Character
Before After
Emerging Markets Local Currency Bond 1/31/2014 $0.016030958 Income Dividend Return of Capital
Emerging Markets Local Currency Bond 2/28/2014 $0.014476365 Income Dividend Return of Capital
Emerging Markets Local Currency Bond 3/31/2014 $0.014884341 Income Dividend Return of Capital
Emerging Markets Local Currency Bond 4/30/2014 $0.015253085 Income Dividend Return of Capital
Emerging Markets Local Currency Bond 5/30/2014 $0.016664697 Income Dividend Return of Capital
Emerging Markets Local Currency Bond 6/30/2014 $0.015289886 Income Dividend Return of Capital
Emerging Markets Local Currency Bond 7/31/2014 $0.016055698 Income Dividend Return of Capital
Emerging Markets Local Currency Bond 8/29/2014 $0.016570754 Income Dividend Return of Capital
Emerging Markets Local Currency Bond 9/30/2014 $0.013916575 Income Dividend Return of Capital
Emerging Markets Local Currency Bond 10/31/2014 $0.014732724 Income Dividend Return of Capital
Emerging Markets Local Currency Bond 11/28/2014 $0.012203798 Income Dividend Return of Capital
International Bond 1/31/2014 $0.018652724 Income Dividend Return of Capital
International Bond 2/28/2014 $0.017975941 Income Dividend Return of Capital
International Bond 3/31/2014 $0.019024802 Income Dividend Return of Capital
International Bond 4/30/2014 $0.019149228 Income Dividend Return of Capital
International Bond 5/30/2014 $0.018006910 Income Dividend Return of Capital
International Bond 6/30/2014 $0.018184638 Income Dividend Return of Capital
International Bond 7/31/2014 $0.001405937 Income Dividend Return of Capital
International Bond 8/29/2014 $0.002210125 Income Dividend Return of Capital
International Bond 9/30/2014 $0.001698361 Income Dividend Return of Capital
International Bond 10/31/2014 $0.001971442 Income Dividend Return of Capital
International Bond 11/28/2014 $0.001761096 Income Dividend Return of Capital
International Bond 12/31/2014 $0.002282945 Income Dividend Return of Capital
Summit GNMA 1/31/2014 $0.009498663 Income Dividend Return of Capital
Summit GNMA 2/28/2014 $0.009108081 Income Dividend Return of Capital
Summit GNMA 3/31/2014 $0.008554314 Income Dividend Return of Capital
Summit GNMA 4/30/2014 $0.008798098 Income Dividend Return of Capital
Summit GNMA 5/18/2014 $0.004987402 Income Dividend 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 2014 dividends paid by the T. Rowe Price funds that have been reclassified for Form 1099-DIV purposes. If the T. Rowe Price Real Assets Fund, T. Rowe Price Real Estate Fund, T. Rowe Price Global Real Estate Fund, or T. Rowe Price Small-Cap Value Fund had a reclassification for 2014, it will be listed here in mid-February.

2014 Reclassifications
T. Rowe Price Fund 2014 Payment Date Per Share Amount Tax Character
Before After
International Bond 6/30/2014 $0.002622045 Income Dividend Long-Term
Capital Gain
International Bond 7/31/2014 $0.018829234 Income Dividend Long-Term
Capital Gain
International Bond 8/29/2014 $0.015640384 Income Dividend Long-Term
Capital Gain
International Bond 9/30/2014 $0.013771222 Income Dividend Long-Term
Capital Gain
International Bond 10/31/2014 $0.015303694 Income Dividend Long-Term
Capital Gain
International Bond 11/28/2014 $0.012041253 Income Dividend Long-Term
Capital Gain
International Bond 12/31/2014 $0.013749692 Income Dividend Long-Term
Capital Gain
Spectrum Income 11/28/2014 $0.016857488 Income Dividend Long-Term
Capital Gain