Prospectuses, Shareholder Reports & Fact Sheets

All T. Rowe Price mutual funds are offered by prospectus only. Mutual fund prospectuses include investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

View the Statement of Additional Information (SAI) for any of the below funds.

T. Rowe Price mutual funds issue a report every six months according to their fiscal–year schedule. In each mutual fund report, the fund manager discusses the general market environment, explains some of the investment decisions made during the reporting period, and presents an outlook for the economy and the financial markets. These reports are intended for shareholders and others who have reviewed the mutual fund's prospectus.

You can also obtain a free copy of the prospectus or the mutual fund report by calling us toll free at 1-800-541-8803.

Fund Fact Sheets are produced quarterly and provide a summary of fund information including performance, top holdings and key fund data and portfolio characteristics.

The funds' financial statements and proxy voting record can be accessed here: troweprice.com/prospectus.

The annual and semiannual mutual fund reports for the U.S. Stock Funds cover the one-year and six-month periods ended December 31st and June 30th, respectively, and are available within 60 days of the indicated period-ends. The only exceptions to this are the annual and semiannual reports for the Tax-Efficient Equity Fund (which cover the one-year and six-month periods ended February 28th and August 31st, respectively).

The annual and semiannual mutual fund reports for the Taxable U.S. Bond Funds cover the one-year and six-month periods ended May 31st and November 30th, respectively, and are available within 60 days of the indicated period-ends. The only exceptions to this are the annual and semiannual mutual fund reports for the Spectrum Income Fund (which cover the one-year and six-month periods ended December 31st and June 30th, respectively) and the U.S. Bond Index Fund (which cover the one-year and six-month periods ended April 30th and October 31st, respectively).

The annual and semiannual shareholder reports for the Tax-Free U.S. Bond Funds cover the one-year and six-month periods ended February 28th and August 31st, respectively, and are available within 60 days of the indicated period-ends.

The annual and semiannual shareholder reports for the Summit Funds cover the one-year and six-month periods ended October 31st and April 30th, respectively, and are available within 60 days of the indicated period-ends.

The annual and semiannual shareholder reports for the Asset Allocation Funds cover the one-year and six-month periods ended May 31st and November 30th, respectively, and are available within 60 days of the indicated period-ends. The only exceptions to this are the annual and semiannual mutual fund reports for the Balanced, Spectrum Growth, Spectrum Income, and Spectrum International Funds (which cover the one-year and six-month periods ended December 31st and June 30th, respectively).