Mutual Funds Prospectuses and Reports - T. Rowe Price

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 for any of the below funds.

T. Rowe Price mutual funds issue a report every six months according to its fiscal–year schedule. In each mutual fund report, the fund manager discusses the general market environment, explains 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 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.

 
U.S. Stock Funds
Fund Name Summary Prospectus Prospectus Annual Report Semi-Annual Report Quarterly Fund Fact Sheet
Blue Chip Growth Acrobat Acrobat Acrobat Acrobat Acrobat
Blue Chip - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Capital Appreciation Acrobat Acrobat Acrobat Acrobat Acrobat
Capital Appreciation - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Capital Opportunity Acrobat Acrobat Acrobat Acrobat Acrobat
Diversified Mid-Cap Growth Acrobat Acrobat Acrobat Acrobat Acrobat
Dividend Growth Acrobat Acrobat Acrobat Acrobat Acrobat
Dividend Growth - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Equity Income Acrobat Acrobat Acrobat Acrobat Acrobat
Equity Income - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Equity Index 500 Acrobat Acrobat Acrobat Acrobat Acrobat
Equity Index 500 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Extended Equity Market Index Acrobat Acrobat Acrobat Acrobat Acrobat
Financial Services Acrobat Acrobat Acrobat Acrobat Acrobat
Growth & Income Acrobat Acrobat Acrobat Acrobat Acrobat
Growth Stock Acrobat Acrobat Acrobat Acrobat Acrobat
Growth Stock - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Health Sciences Acrobat Acrobat Acrobat Acrobat Acrobat
Health Sciences - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Media & Telecommunications Acrobat Acrobat Acrobat Acrobat Acrobat
Media & Telecommunications - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Mid-Cap Growth Acrobat Acrobat Acrobat Acrobat Acrobat
Mid-Cap Growth - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Mid-Cap Value Acrobat Acrobat Acrobat Acrobat Acrobat
Mid-Cap Value - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
New America Growth Acrobat Acrobat Acrobat Acrobat Acrobat
New America Growth - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
New Era Acrobat Acrobat Acrobat Acrobat Acrobat
New Era - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
New Horizons Acrobat Acrobat Acrobat Acrobat Acrobat
New Horizons - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
QM U.S. Small-Cap Growth Equitya Acrobat Acrobat Acrobat Acrobat Acrobat
QM U.S. Small-Cap Growth Equity - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
QM U.S. Small & Mid-Cap Core Equity Acrobat Acrobat Acrobat Acrobat  
QM U.S. Small & Mid-Cap Core Equity - I Cl Acrobat Acrobat Acrobat Acrobat  
QM U.S. Value Equity Acrobat Acrobat Acrobat Acrobat  
QM U.S. Value Equity - I Cl Acrobat Acrobat Acrobat Acrobat  
Real Estate Acrobat Acrobat Acrobat Acrobat Acrobat
Real Estate - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Science & Technology Acrobat Acrobat Acrobat Acrobat Acrobat
Science & Technology - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Small-Cap Stock Acrobat Acrobat Acrobat Acrobat Acrobat
Small-Cap Stock - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Small-Cap Value Acrobat Acrobat Acrobat Acrobat Acrobat
Small-Cap Value - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Tax-Efficient Equity Acrobat Acrobat Acrobat Acrobat Acrobat
Total Equity Market Index Acrobat Acrobat Acrobat Acrobat Acrobat
U.S. Large-Cap Core Acrobat Acrobat Acrobat Acrobat Acrobat
Value Acrobat Acrobat Acrobat Acrobat Acrobat
Value - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Taxable U.S. Bond Funds
Fund Name Summary Prospectus Prospectus Annual Report Semi-Annual Report Quarterly Fund Fact Sheet
Corporate Income Acrobat Acrobat Acrobat Acrobat Acrobat
Corporate Income - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Credit Opportunities Acrobat Acrobat Acrobat Acrobat Acrobat
Floating Rate Acrobat Acrobat Acrobat Acrobat Acrobat
GNMA Acrobat Acrobat Acrobat Acrobat Acrobat
High Yield Acrobat Acrobat Acrobat Acrobat Acrobat
High Yield - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Inflation Protected Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Inflation Protected Bond - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Limited Duration Inflation Focused Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Limited Duration Inflation Focused Bond - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
New Income Acrobat Acrobat Acrobat Acrobat Acrobat
New Income - I Class
 
Acrobat Acrobat Acrobat Acrobat Acrobat
Short-Term Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Short-Term Bond - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Ultra Short Term Bond Acrobat Acrobat Acrobat Acrobat Acrobat
U.S. Bond Enhanced Index Acrobat Acrobat Acrobat Acrobat Acrobat
U.S. Treasury Intermediate Acrobat Acrobat Acrobat Acrobat Acrobat
U.S. Treasury Long-Term Acrobat Acrobat Acrobat Acrobat Acrobat
Tax-Free U.S. Bond Funds
Fund Name Summary Prospectus Prospectus Annual Report Semi-Annual Report Quarterly Fund Fact Sheet
California Tax-Free Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Georgia Tax-Free Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Intermediate Tax-Free High Yield Fund Acrobat Acrobat Acrobat Acrobat Acrobat
Maryland Short-Term Tax-Free Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Maryland Tax-Free Bond Acrobat Acrobat Acrobat Acrobat Acrobat
New Jersey Tax-Free Bond Acrobat Acrobat Acrobat Acrobat Acrobat
New York Tax-Free Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Summit Municipal Income Acrobat Acrobat Acrobat Acrobat Acrobat
Summit Municipal Intermediate Acrobat Acrobat Acrobat Acrobat Acrobat
Tax-Free High Yield Acrobat Acrobat Acrobat Acrobat Acrobat
Tax-Free Income Acrobat Acrobat Acrobat Acrobat Acrobat
Tax-Free Short-Intermediate Acrobat Acrobat Acrobat Acrobat Acrobat
Virginia Tax-Free Bond Acrobat Acrobat Acrobat Acrobat Acrobat

The annual and semiannual mutual fund reports for the International Stock 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 only exceptions to this are the annual and semiannual mutual fund reports for the Global Real Estate, Global Technology, and Spectrum International Funds (which cover the one-year and six-month periods ended December 31st and June 30th, respectively).

The annual and semiannual mutual fund reports for the International Bond 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.

 
International and Global Stock Funds
Fund Name Summary Prospectus Prospectus Annual Report Semi-Annual Report Quarterly Fund Fact Sheet
Africa & Middle East Acrobat Acrobat Acrobat Acrobat Acrobat
Asia Opportunities Acrobat Acrobat Acrobat Acrobat Acrobat
Emerging Europe Acrobat Acrobat Acrobat Acrobat Acrobat
Emerging Markets Stock Acrobat Acrobat Acrobat Acrobat Acrobat
Emerging Markets Stock - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Emerging Markets Value Stock Acrobat Acrobat Acrobat Acrobat Acrobat
European Stock Acrobat Acrobat Acrobat Acrobat Acrobat
Global Consumer Acrobat Acrobat Acrobat Acrobat Acrobat
Global Growth Stock Acrobat Acrobat Acrobat Acrobat Acrobat
Global Industrials Acrobat Acrobat Acrobat Acrobat Acrobat
Global Real Estate Acrobat Acrobat Acrobat Acrobat Acrobat
Global Stock Acrobat Acrobat Acrobat Acrobat Acrobat
Global Technology Acrobat Acrobat Acrobat Acrobat Acrobat
International Concentrated Equity Acrobat Acrobat Acrobat Acrobat Acrobat
International Discovery Acrobat Acrobat Acrobat Acrobat Acrobat
International Discovery - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
International Equity Index Acrobat Acrobat Acrobat Acrobat Acrobat
International Growth & Income Acrobat Acrobat Acrobat Acrobat Acrobat
International Growth & Income - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
International Stock Acrobat Acrobat Acrobat Acrobat Acrobat
International Stock - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Japan Acrobat Acrobat Acrobat Acrobat Acrobat
Latin America Acrobat Acrobat Acrobat Acrobat Acrobat
New Asia Acrobat Acrobat Acrobat Acrobat Acrobat
New Asia - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Overseas Stock Acrobat Acrobat Acrobat Acrobat Acrobat
Overseas Stock - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
QM Global Equity Acrobat Acrobat Acrobat Acrobat  
QM Global Equity - I Class Acrobat Acrobat Acrobat Acrobat  
International and Global Bond Funds
Fund Name Summary Prospectus Prospectus Annual Report Semi-Annual Report Quarterly Fund Fact Sheet
Emerging Markets Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Emerging Markets Bond - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Emerging Markets Corporate Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Emerging Markets Corporate Bond - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Emerging Markets Local Currency Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Emerging Markets Local Currency Bond - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Global High Income Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Global High Income Bond - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Global Multi-Sector Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Global Multi-Sector Bond - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Global Unconstrained Bond Acrobat Acrobat Acrobat Acrobat Acrobat
Global Unconstrained Bond - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
International Bond Acrobat Acrobat Acrobat Acrobat Acrobat
International Bond - I Class Acrobat Acrobat Acrobat Acrobat Acrobat

The annual and semiannual mutual fund reports for the Taxable Money Market 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 annual and semiannual shareholder reports for the Tax-Free Money Market 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.

 
Taxable Money Market Funds
Fund Name Summary Prospectus Prospectus Annual Report Semi-Annual Report Quarterly Fund Fact Sheet
Cash Reserves1, b Acrobat Acrobat Acrobat Acrobat Acrobat
Government Money Fund2, c Acrobat Acrobat Acrobat Acrobat Acrobat
U.S. Treasury Money2 Acrobat Acrobat Acrobat Acrobat Acrobat
Tax-Free Money Market Funds
Fund Name Summary Prospectus Prospectus Annual Report Semi-Annual Report Quarterly Fund Fact Sheet
California Tax-Free Money1 Acrobat Acrobat Acrobat Acrobat Acrobat
Maryland Tax-Free Money1 Acrobat Acrobat Acrobat Acrobat Acrobat
New York Tax-Free Money1 Acrobat Acrobat Acrobat Acrobat Acrobat
Summit Municipal Money Market1 Acrobat Acrobat Acrobat Acrobat Acrobat
Tax-Exempt Money1 Acrobat Acrobat Acrobat Acrobat Acrobat

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).

 
Fund Name Summary Prospectus Prospectus Annual Report Semi-Annual Report Quarterly Fund Fact Sheet
Balanced Acrobat Acrobat Acrobat Acrobat Acrobat
Balanced - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Global Allocation Acrobat Acrobat Acrobat Acrobat Acrobat
Global Allocation - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Personal Strategy Balanced Acrobat Acrobat Acrobat Acrobat Acrobat
Personal Strategy Balanced - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Personal Strategy Growth Acrobat Acrobat Acrobat Acrobat Acrobat
Personal Strategy Growth - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Personal Strategy Income Acrobat Acrobat Acrobat Acrobat Acrobat
Personal Strategy Income - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Real Assets Acrobat Acrobat Acrobat Acrobat Acrobat
Real Assets - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2005 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2010 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2015 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2020 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2025 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2030 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2035 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2040 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2045 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2050 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2055 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement 2060 Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement Balanced Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement Balanced I - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2005 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2010 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2015 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2020 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2025 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2030 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2035 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2040 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2045 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2050 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2055 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Retirement I 2060 - I Class Acrobat Acrobat Acrobat Acrobat Acrobat
Spectrum Growth Acrobat Acrobat Acrobat Acrobat Acrobat
Spectrum Income Acrobat Acrobat Acrobat Acrobat Acrobat
Spectrum International Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2005d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2005 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2010d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2010 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2015d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2015 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2020d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2020 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2025d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2025 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2030d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2030 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2035d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2035 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2040d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2040 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2045d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2045 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2050d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2050 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2055d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2055 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2060d Acrobat Acrobat Acrobat Acrobat Acrobat
Target 2060 - I Cl Acrobat Acrobat Acrobat Acrobat Acrobat

a Formerly Diversified Small-Cap Growth Fund
b Formerly Summit Cash Reserves
c Formerly Prime Reserve
d Formerly Target Retirement Fund

Each of the investment products (including the T. Rowe Price mutual funds) or services referred to in the T. Rowe Price Web site may be offered only to persons in the United States. This Web site should not be considered a solicitation or offering of any investment products or services to investors residing outside the United States.

1Retail Funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. Beginning October 14, 2016, the Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

2Government Funds: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.