All or a portion of your ordinary income dividend from a mutual fund may be taxed at a reduced capital gains rate rather than the higher marginal rates applicable to ordinary income. The amount of your dividend subject to this lower rate is reported in Box 1b of your Form 1099-DIV mailed in January 2017. The tax forms for the T. Rowe Price Real Assets, Real Estate, Global Real Estate, and Small-Cap Value Funds mail in February.

The tables below report the percentage of the ordinary dividend paid by the T. Rowe Price funds that qualify for the lower dividend rate. The data is provided here for informational purposes only and to assist you in your tax planning. In preparing your tax return, please use the amount in Box 1b of your Form 1099-DIV.

To treat a dividend as qualifying for lower rates, you must have held your shares on which you received the dividend for at least 61 days during the 121-day period beginning 60 days before the ex-dividend date of the distribution. You may find your fund's ex-dividend date here.

In addition, the ordinary dividend of a mutual fund (the amount included in Box 1a of Form 1099-DIV) includes net short-term capital gains and foreign taxes paid, which may not qualify for the lower rates. As a result, the percentage of the Box 1a amount that qualifies for the lower tax rate can vary widely from year to year, depending on the amount of short-term gains and foreign taxes reported by the fund.

If you own a fund that has more than one distribution during the year, the amount reported in Box 1b of your Form 1099-DIV will be based on the qualifying percentage for each distribution.

Calculations based on the percentages below may yield amounts that differ from the amounts on your Form 1099-DIV due to rounding.

Qualified Dividend Income Percentage Tables
T. Rowe Price Domestic Stock Funds
  Qualified Dividend Income Percentage1
Balanced (All Quarters) 63.32%
Blue Chip Growth 100.00%
Capital Appreciation 73.71%
Capital Opportunity 100.00%
Diversified Mid-Cap Growth 100.00%
Dividend Growth (All Quarters) 100.00%
Equity Income (All Quarters) 100.00%
Equity Index 500 (All Quarters) 100.00%
Extended Equity Market Index 54.68%
Financial Services 100.00%
Growth & Income (All Quarters) 100.00%
Growth Stock 100.00%
Health Sciences 80.92%
Media & Telecommunications 100.00%
Mid-Cap Growth 100.00%
Mid-Cap Value 60.23%
New America Growth 25.41%
New Era 100.00%
New Horizons 100.00%
Personal Strategy Balanced (All Quarters) 47.32%
Personal Strategy Growth 80.43%
Personal Strategy Income (All Quarters) 29.99%
QM U.S. Small & Mid-Cap Core Equity 71.22%
QM U.S. Small-Cap Growth Equity2 100.00%
QM U.S. Value Equity 73.36%
Real Assets 74.31%
Real Estate (All Quarters) 5.21%
Science & Technology 23.86%
Small-Cap Stock 100.00%
Small-Cap Value 100.00%
Tax-Efficient Equity 100.00%
Total Equity Market Index 90.41%
U.S. Large-Cap Core 100.00%
Value 100.00%
T. Rowe Price Taxable Bond Funds
  Qualified Dividend Income Percentage1
Cash Reserves3
Corporate Income
Credit Opportunities 0.65%
Floating Rate
GNMA
Government Money4
High Yield 0.43%
Inflation Protected Bond
Limited Duration Inflation Focused Bond
New Income 0.03%
Short-Term Bond
Total Return
Ultra Short-Term Bond
U.S. Bond Enhanced Index
U.S. Treasury Intermediate
U.S. Treasury Long-Term
U.S. Treasury Money
T. Rowe Price Tax-Free Bond Funds
  Qualified Dividend Income Percentage1
California Tax-Free Bond
California Tax-Free Money N/A
Georgia Tax-Free Bond
Intermediate Tax-Free High Yield
Maryland Short-Term Tax-Free Bond N/A
Maryland Tax-Free Bond N/A
Maryland Tax-Free Money N/A
New Jersey Tax-Free Bond N/A
New York Tax-Free Bond
New York Tax-Free Money N/A
Summit Municipal Income
Summit Municipal Intermediate
Summit Municipal Money Market N/A
Tax-Exempt Money N/A
Tax-Free High Yield 33.19%
Tax-Free Income
Tax-Free Short-Intermediate N/A
Virginia Tax-Free Bond N/A
T. Rowe Price International/Global Stock and Bond Funds
  Qualified Dividend Income Percentage1
International/Global Stock Funds
Africa & Middle East 94.16%
Asia Opportunities 31.33%
Emerging Europe 100.00%
Emerging Markets Stock 96.81%
Emerging Markets Value Stock 50.24%
European Stock 100.00%
Global Allocation 75.16%
Global Consumer 94.11%
Global Growth Stock 100.00%
Global Industrials 100.00%
Global Real Estate (All Quarters) 25.00%
Global Stock 100.00%
Global Technology 5.51%
International Concentrated Equity 100.00%
International Discovery (June and December distr.) 92.49%
International Equity Index 81.43%
International Value Equity5 91.67%
International Stock 90.83%
Japan 97.37%
Latin America 65.41%
New Asia 29.56%
Overseas Stock 97.58%
QM Global Equity 100.00%
International/Global Bond Funds
Emerging Markets Bond
Emerging Markets Corporate Bond
Emerging Markets Local Currency Bond
Global High Income Bond 0.08%
Global Multi-Sector Bond 0.62%
Global Unconstrained Bond
International Bond
T. Rowe Price Retirement, Spectrum, and Target Funds
  Qualified Dividend Income Percentage1
Retirement 2005 32.24%
Retirement 2010 35.69%
Retirement 2015 40.67%
Retirement 2020 47.33%
Retirement 2025 55.00%
Retirement 2030 63.01%
Retirement 2035 68.46%
Retirement 2040 78.63%
Retirement 2045 77.74%
Retirement 2050 81.28%
Retirement 2055 79.17%
Retirement 2060 83.28%
Retirement Balanced 37.05%
Retirement I 2005 – I Class 38.55%
Retirement I 2010 – I Class 43.48%
Retirement I 2015 – I Class 50.84%
Retirement I 2020 – I Class 57.03%
Retirement I 2025 – I Class 65.41%
Retirement I 2030 – I Class 70.27%
Retirement I 2035 – I Class 76.94%
Retirement I 2040 – I Class 81.22%
Retirement I 2045 – I Class 84.94%
Retirement I 2050 – I Class 84.58%
Retirement I 2055 – I Class 84.71%
Retirement I 2060 – I Class 82.00%
Retirement Balanced I – I Class 41.38%
Spectrum Growth 94.31%
Spectrum Income 9.39%
Spectrum International 87.99%
Target 20056 30.58%
Target 20106 33.33%
Target 20156 35.96%
Target 20206 44.33%
Target 20256 51.54%
Target 20306 55.22%
Target 20356 60.26%
Target 20406 67.05%
Target 20456 71.87%
Target 20506 81.36%
Target 20556 87.20%
Target 20606 87.05%

1This percentage applies to the sum of your income dividend plus short-term capital gain distribution and foreign tax paid for the calendar year as reported in Box 1a of your IRS Form 1099-DIV.
2Formerly T. Rowe Price Diversified Small-Cap Growth
3Formerly T. Rowe Price Summit Cash Reserves
4Formerly T. Rowe Price Prime Reserve
5Formerly T. Rowe Price International Growth & Income
6Formerly T. Rowe Price Target Retirement

Percentages are the same for all fund classes (Investor, Advisor, R, and I classes and Portfolio and Portfolio—II classes). For more information, please visit our website for financial intermediaries at www.troweprice.com/fi/distributions.

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, but it was not qualified dividend income.