0000853437 trputfi:S000002169Member trputfi:C000005566Member 2011-10-02 2012-10-01 0000853437 trputfi:S000002168Member trputfi:C000005565Member 2011-10-02 2012-10-01 0000853437 trputfi:S000002169Member 2011-10-02 2012-10-01 0000853437 trputfi:S000002167Member trputfi:C000005564Member 2011-10-02 2012-10-01 0000853437 trputfi:S000002168Member 2011-10-02 2012-10-01 0000853437 trputfi:S000002167Member 2011-10-02 2012-10-01 0000853437 2011-10-02 2012-10-01 0000853437 trputfi:S000002169Member trputfi:LipperUsTreasuryMoneyMarketFundsAverageMember 2011-10-02 2012-10-01 0000853437 trputfi:S000002167Member rr:AfterTaxesOnDistributionsMember trputfi:C000005564Member 2011-10-02 2012-10-01 0000853437 trputfi:S000002167Member rr:AfterTaxesOnDistributionsAndSalesMember trputfi:C000005564Member 2011-10-02 2012-10-01 0000853437 trputfi:S000002167Member trputfi:BarclaysUsFourToTenYearTreasuryBondIndexMember 2011-10-02 2012-10-01 0000853437 trputfi:S000002167Member trputfi:LipperGeneralUsTreasuryFundsAverageMember 2011-10-02 2012-10-01 0000853437 trputfi:S000002168Member rr:AfterTaxesOnDistributionsMember trputfi:C000005565Member 2011-10-02 2012-10-01 0000853437 trputfi:S000002168Member rr:AfterTaxesOnDistributionsAndSalesMember trputfi:C000005565Member 2011-10-02 2012-10-01 0000853437 trputfi:S000002168Member trputfi:BarclaysUsLongTermTreasuryBondIndexMember 2011-10-02 2012-10-01 0000853437 trputfi:S000002168Member trputfi:LipperGeneralUsTreasuryFundsAverageMember 2011-10-02 2012-10-01 pure iso4217:USD 2012-06-30 2012-06-30 <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesUSTreasuryMoneyFund column period compact * ~</div> 2012-06-30 <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesUSTreasuryLongTermFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesUSTreasuryIntermediateFund column period compact * ~</div> Example 246 0.0061 Example Example 274 0.0183 307 U.S. Treasury Money Fund Fees and Expenses of the Fund <center>Shareholder fees (fees paid directly from your investment)</center> 0.0001 troweprice.com <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesUSTreasuryMoneyFund column period compact * ~</div> U.S. Treasury Intermediate Fund The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 56.9% of the average value of its portfolio. U.S. Treasury Long-Term Fund The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 57.1% of the average value of its portfolio. troweprice.com 0.0429 troweprice.com 0.0214 0.021 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesUSTreasuryLongTermFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesUSTreasuryIntermediateFund column period compact * ~</div> T. Rowe Price U.S. Treasury Funds, Inc. <center><table border="0" cellspacing="0" cellpadding="0" width="267" style="color: rgb(0, 0, 0); font-family: Helvetica, Arial, san-serif; font-size: 11px; text-align: left; background-color: rgb(255, 255, 255); width: 200pt; border-collapse: collapse; "><tr style="height: 15pt; "><td class="xl65" height="20" width="64" style="background-color: transparent; width: 48pt; height: 15pt; "> </td><td class="xl65" width="64" style="background-color: transparent; width: 48pt; "> </td><td class="xl66" width="75" style="background-color: transparent; width: 56pt; ">Quarter </td><td class="xl66" width="64" style="background-color: transparent; width: 48pt; ">Total</td></tr><tr style="height: 15pt; "><td class="xl65" height="20" style="background-color: transparent; height: 15pt; "> </td><td class="xl65" style="background-color: transparent; "> </td><td class="xl66" style="background-color: transparent; ">Ended </td><td class="xl66" style="background-color: transparent; "> Return</td></tr><tr style="height: 15pt; "><td class="xl69" height="20" colspan="2" style="background-color: transparent; height: 15pt; ">Best Quarter</td><td class="xl67" style="background-color: transparent; ">12/31/08</td><td class="xl68" style="background-color: transparent; ">8.51%</td></tr><tr style="height: 15pt; "><td class="xl69" height="20" colspan="2" style="background-color: transparent; height: 15pt; ">Worst Quarter             </td><td class="xl67" style="background-color: transparent; ">12/31/10        </td><td class="xl68" style="background-color: transparent; ">-3.09%</td></tr></table> The fund's return for the six months ended 6/30/12 was 2.14%.</center> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <center>Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)</center> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <center><table border="0" cellspacing="0" cellpadding="0" width="267" style="color: rgb(0, 0, 0); font-family: Helvetica, Arial, san-serif; font-size: 11px; text-align: left; border-collapse: collapse; "><tr style="height: 15pt; "><td class="xl65" height="20" width="64" style="background-color: transparent; width: 48pt; height: 15pt; "> </td><td class="xl65" width="64" style="background-color: transparent; width: 48pt; "> </td><td class="xl66" width="75" style="background-color: transparent; width: 56pt; ">Quarter </td><td class="xl66" width="64" style="background-color: transparent; width: 48pt; ">Total</td></tr><tr style="height: 15pt; "><td class="xl65" height="20" style="background-color: transparent; height: 15pt; "> </td><td class="xl65" style="background-color: transparent; "> </td><td class="xl66" style="background-color: transparent; ">Ended </td><td class="xl66" style="background-color: transparent; "> Return</td></tr><tr style="height: 15pt; "><td class="xl69" height="20" colspan="2" style="background-color: transparent; height: 15pt; ">Best Quarter</td><td class="xl67" style="background-color: transparent; ">12/31/06</td><td class="xl68" style="background-color: transparent; ">1.15%</td></tr><tr style="height: 15pt; "><td class="xl69" height="20" colspan="2" style="background-color: transparent; height: 15pt; ">Worst Quarter             </td><td class="xl67" style="background-color: transparent; ">12/31/11        </td><td class="xl68" style="background-color: transparent; ">0.00%</td></tr></table>The fund's return for the six months ended 6/30/12 was 0.01%.</center> Average Annual Total Returns <center>Periods ended December 31, 2011</center> 0 45 The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next. 1-800-225-5132 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsU.S.TreasuryMoneyFundBarChart column period compact * ~</div> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. Fees and Expenses of the Fund <center>Shareholder fees (fees paid directly from your investment)</center> <center>Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)</b</center> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Average Annual Total Returns <center>Periods ended December 31, 2011</center> 0 This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. Fees and Expenses of the Fund <center>Shareholder fees (fees paid directly from your investment)</center> <center>Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)</center> This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, the fund’s operating expenses remain the same, and the expense limitation currently in place is not renewed. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 <center><table border="0" cellspacing="0" cellpadding="0" width="267" style="color: rgb(0, 0, 0); font-family: Helvetica, Arial, san-serif; font-size: 11px; text-align: left; background-color: rgb(255, 255, 255); width: 200pt; border-collapse: collapse; "><tr style="height: 15pt; "><td class="xl65" height="20" width="64" style="background-color: transparent; width: 48pt; height: 15pt; "> </td><td class="xl65" width="64" style="background-color: transparent; width: 48pt; "> </td><td class="xl66" width="75" style="background-color: transparent; width: 56pt; ">Quarter </td><td class="xl66" width="64" style="background-color: transparent; width: 48pt; ">Total</td></tr><tr style="height: 15pt; "><td class="xl65" height="20" style="background-color: transparent; height: 15pt; "> </td><td class="xl65" style="background-color: transparent; "> </td><td class="xl66" style="background-color: transparent; ">Ended </td><td class="xl66" style="background-color: transparent; "> Return</td></tr><tr style="height: 15pt; "><td class="xl69" height="20" colspan="2" style="background-color: transparent; height: 15pt; ">Best Quarter</td><td class="xl67" style="background-color: transparent; ">9/30/11</td><td class="xl68" style="background-color: transparent; ">24.20%</td></tr><tr style="height: 15pt; "><td class="xl69" height="20" colspan="2" style="background-color: transparent; height: 15pt; ">Worst Quarter             </td><td class="xl67" style="background-color: transparent; ">12/31/10        </td><td class="xl68" style="background-color: transparent; ">-8.19%</td></tr></table> The fund's return for the six months ended 6/30/12 was 4.29%.</center> The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-225-5132 The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. 1-800-225-5132 0 56 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsU.S.TreasuryIntermediateFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsUSTreasuryLongTermFundBarChart column period compact * ~</div> 485BPOS 2012-05-31 0000853437 2012-09-27 Investment Objective Fees and Expenses Investments, Risks, and Performance Principal Investment Strategies As with any mutual fund, there can be no guarantee the fund will achieve its objective. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Money funds have experienced significant pressures from shareholder redemptions, issuer credit downgrades, illiquid markets, and historically low yields on the securities they can hold. There have been a very small number of money funds in other fund complexes that have “broken the buck,” which means that those funds’ investors did not receive $1.00 per share for their investment in those funds. You should be aware that the fund’s investment adviser is under no obligation to provide financial support to the fund or take other measures to ensure that you receive $1.00 per share for your investment in the fund. The fund’s primary risk is interest rate risk. The principal risks of investing in the fund are summarized as follows: Credit risk This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. The fund should have relatively low credit risk because Rule 2a-7 under the Investment Company Act of 1940 requires that money funds invest in securities rated in the two highest short-term credit rating categories and because the fund invests only in securities backed by the U.S. government and other investments involving such securities. However, the credit quality of the securities held by the fund may change rapidly in certain market environments. Interest rate risk This is the risk that a decline in interest rates will lower a fund’s yield, or that a rise in the overall level of interest rates will cause a decline in the prices of fixed income securities held by a fund. The fund’s yield will vary; it is not fixed for a specific period like the yield on a bank certificate of deposit. This is a disadvantage when interest rates are falling because the fund would have to reinvest at lower interest rates. During periods of extremely low or negative short-term interest rates, the fund may not be able to maintain a positive yield or yields on par with historical levels. In addition, the adoption of more stringent regulations governing the management of money funds could have a negative effect on the fund’s yield. Finally, the fund’s investment adviser may discontinue its voluntary waiver of the fund’s management fee at any time, which could also negatively affect the fund’s yield. Liquidity risk This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. The fund may experience heavy redemptions, particularly during periods of declining or illiquid markets, which could cause the fund to liquidate its assets at inopportune times or at a depressed value and affect the fund’s ability to maintain a $1.00 share price. In addition, the fund may suspend redemptions when permitted by applicable regulations. Repurchase agreement risk This is the risk that a counterparty to a repurchase agreement becomes insolvent or fails to repurchase securities from the fund as required, which could increase the fund’s costs or prevent the fund from immediately accessing its collateral. 0 20 0.0044 141 0.0134 0.0001 0.0151 0.0136 2006-12-31 0.0115 Worst Quarter 2011-12-31 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Investment Objective Investments, Risks, and Performance Principal Investment Strategies As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share price fluctuates, which means you could lose money by investing in the fund. While U.S. government-backed securities generally are considered to be among the highest credit quality, they are subject to market risk. The U.S. government guarantees the timely payment of interest and principal on Treasury securities but does not guarantee their price. The principal risks of investing in this fund are summarized as follows: Active management risk The fund is subject to the risk that the investment adviser’s judgments about the attractiveness, value, or potential appreciation of the fund’s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies. Interest rate risk This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Prices fall because the bonds and notes in the fund’s portfolio become less attractive to other investors when securities with higher yields become available. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk. Credit risk This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. The fund should have relatively low credit risk because it invests only in securities backed by the U.S. government and other investments involving such securities. Liquidity risk This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. Repurchase agreement risk This is the risk that a counterparty to a repurchase agreement becomes insolvent or fails to repurchase securities from the fund as required, which could increase the fund’s costs or prevent the fund from immediately accessing its collateral. Derivatives risk To the extent the fund uses futures, it is exposed to additional volatility in comparison to investing directly in bonds and other debt securities. Futures can be illiquid and difficult to value and involve the risk that anticipated interest rate movements will not be accurately predicted. Treasury STRIPS are less liquid, potentially more volatile, and have a higher sensitivity to changes in interest rates than Treasury bonds with the same maturity. In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. 0 Investment Objective 20 0.0049 Investments, Risks, and Performance Principal Investment Strategies 157 As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share price fluctuates, which means you could lose money by investing in the fund. While U.S. government-backed securities generally are considered to be among the highest credit quality, they are subject to market risk. The U.S. government guarantees the timely payment of interest and principal on Treasury securities but does not guarantee their price. The principal risks of investing in this fund are summarized as follows: Active management risk The fund is subject to the risk that the investment adviser’s judgments about the attractiveness, value, or potential appreciation of the fund’s investments may prove to be incorrect. If the securities selected and strategies employed by the fund fail to produce the intended results, the fund could underperform other funds with similar objectives and investment strategies. Interest rate risk This is the risk that a rise in interest rates will cause the price of a fixed rate debt security to fall. Prices fall because the bonds and notes in the fund’s portfolio become less attractive to other investors when securities with higher yields become available. Generally, securities with longer maturities and funds with longer weighted average maturities carry greater interest rate risk. Credit risk This is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation. The fund should have relatively low credit risk because it invests only in securities backed by the U.S. government and other investments involving such securities. Liquidity risk This is the risk that the fund may not be able to sell a holding in a timely manner at a desired price. Repurchase agreement risk This is the risk that a counterparty to a repurchase agreement becomes insolvent or fails to repurchase securities from the fund as required, which could increase the fund’s costs or prevent the fund from immediately accessing its collateral. Derivatives risk To the extent the fund uses futures, it is exposed to additional volatility in comparison to investing directly in bonds and other debt securities. Futures can be illiquid and difficult to value and involve the risk that anticipated interest rate movements will not be accurately predicted. Treasury STRIPS are less liquid, potentially more volatile, and have a higher sensitivity to changes in interest rates than Treasury bonds with the same maturity. Average Annual Total Returns <center>Periods ended December 31, 2011</center> 0.1202 0.1043 In addition, the average annual total returns table shows hypothetical after-tax returns to suggest how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. The fund’s share price fluctuates, which means you could lose money by investing in the fund. 0.0579 0.0449 0.0429 0.064 0.0697 Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. 2011-09-30 0.242 Worst Quarter 2010-12-31 The fund’s share price fluctuates, which means you could lose money by investing in the fund. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. 2008-12-31 0.0851 Worst Quarter 2010-12-31 0 20 176 0.0055 0.1513 0.2836 0.0657 0.063 0.0895 0.0697 0.0841 false 2012-10-01 2012-10-01 The fund seeks maximum preservation of capital and liquidity and, consistent with these goals, the highest possible current income. The fund is a money fund managed in compliance with Rule 2a-7 under the Investment Company Act of 1940. The fund is managed to provide a stable share price of $1.00. The fund invests at least 80% of its net assets in U.S. Treasury securities, which are backed by the full faith and credit of the federal government, and repurchase agreements thereon. The remainder is invested in other securities backed by the full faith and credit of the U.S. government, and repurchase agreements thereon. The fund’s weighted average maturity will not exceed 60 days, the fund’s weighted average life will not exceed 120 days, and the fund will not purchase any security with a remaining maturity longer than 397 calendar days (unless otherwise permitted by Rule 2a-7). When calculating its weighted average maturity, the fund may shorten its maturity by using the interest rate resets of certain adjustable rate securities. The fund may not take into account these resets when calculating its weighted average life. U.S. Treasury securities in which the fund may invest include Treasury bills and notes, and repurchase agreements thereon. The fund’s other investments include securities backed by the full faith and credit of the U.S. government (such as securities issued by Government National Mortgage Association and other government agencies and certain corporate debt securities guaranteed by the Federal Deposit Insurance Corporation). The fund may sell holdings for a variety of reasons, such as to adjust the portfolio’s average maturity or to shift assets into and out of higher-yielding securities. Principal Risks Performance The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next. The fund’s past performance is not necessarily an indication of future performance. The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. <center>U.S. Treasury Money Fund Calendar Year Returns</center> Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. 0.003 0 0.0014 555 0.0074 0.0247 0.0426 0.042 0.0153 0.0005 0.0001 0.0001 0.0001 0.0115 0.0102 The fund's return for the six months ended 6/30/12 Best Quarter 0 Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s past performance is not necessarily an indication of future performance. <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedUSTreasuryMoneyFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedUSTreasuryMoneyFund column period compact * ~</div> The fund seeks a high level of income consistent with maximum credit protection and moderate fluctuation in principal. Fees and Expenses Portfolio Turnover The fund invests at least 80% of its net assets (including any borrowings for investment purposes) in U.S. Treasury securities, which are backed by the full faith and credit of the federal government. The remainder is invested in other securities backed by the full faith and credit of the U.S. government. The fund’s weighted average maturity is expected to normally range between three and ten years. U.S. Treasury securities in which the fund may invest include Treasury bills, notes, and bonds, and repurchase agreements thereon, as well as Treasury inflation protected securities and Treasury STRIPS, which are zero-coupon securities created by separating the principal and interest payments on U.S. Treasury securities. The fund’s other investments include the following: <ul type="square"><li style="margin-left:-20px">Securities backed by the full faith and credit of the U.S. government (including, but not limited to securities issued by Government National Mortgage Association and other government agencies, and certain corporate debt securities guaranteed by the Federal Deposit Insurance Corporation) and repurchase agreements thereon;</li></ul> <ul type="square"><li style="margin-left:-20px">Futures agreements collateralized by such investments; and </li></ul> <ul type="square"><li style="margin-left:-20px">Shares of a T. Rowe Price internal money fund or short-term bond fund that invests exclusively in securities backed by the full faith and credit of the U.S. government.</li></ul> The fund may sell holdings for a variety of reasons, such as to adjust the portfolio’s average maturity or to shift assets into and out of higher-yielding securities. Principal Risks Performance The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund’s past performance (before and after taxes) is not necessarily an indication of future performance. The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. <center>U.S. Treasury Intermediate Fund Calendar Year Returns</center> Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. 0 The fund seeks the highest level of income consistent with maximum credit protection. Fees and Expenses 0.003 0 Portfolio Turnover 0.0019 The fund invests at least 85% of its net assets (including any borrowings for investment purposes) in U.S. Treasury securities, which are backed by the full faith and credit of the federal government. The remainder is invested in other securities backed by the full faith and credit of the U.S. government. The fund's weighted average maturity is expected to vary between 15 and 20 years, but may range from 10 to 30 years. U.S. Treasury securities in which the fund may invest include Treasury bills, notes, and bonds, and repurchase agreements thereon, as well as Treasury inflation protected securities and Treasury STRIPS, which are zero-coupon securities created by separating the principal and interest payments on U.S. Treasury securities. The fund’s other investments include the following: <ul type="square"><li style="margin-left:-20px">Securities backed by the full faith and credit of the U.S. government (including, but not limited to securities issued by Government National Mortgage Association and other government agencies, and certain corporate debt securities guaranteed by the Federal Deposit Insurance Corporation) and repurchase agreements thereon;</li></ul> <ul type="square"><li style="margin-left:-20px">Futures agreements collateralized by such investments; and </li></ul> <ul type="square"><li style="margin-left:-20px">Shares of a T. Rowe Price internal money fund or short-term bond fund that invests exclusively in securities backed by the full faith and credit of the U.S. government.</li></ul> The fund may sell holdings for a variety of reasons, such as to adjust the portfolio’s average maturity or to shift assets into and out of higher-yielding securities. Principal Risks 616 Performance <center>U.S. Treasury Long-Term Fund Calendar Year Returns</center> 0.0117 0.015 0.0251 0.0991 0.141 -0.0137 0.0704 Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. 0 0.0924 0.0688 0.1168 0.1583 0.079 0.0647 0.0599 0.0816 0.0699 The fund’s past performance (before and after taxes) is not necessarily an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Best Quarter -0.0819 The fund’s return for the six months ended 6/30/12 0.569 The fund’s past performance (before and after taxes) is not necessarily an indication of future performance. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. The fund's return for the six months ended 6/30/12 Best Quarter -0.0309 0.571 0 689 0.003 0 0.0025 <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedUSTreasuryIntermediateFund column period compact * ~</div> 0.0606 0.0541 0.0107 0.0998 0.2326 -0.109 0.0891 0.2616 0.1893 0.2993 0.1583 0.0838 0.0892 0.1105 0.0699 0.11 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedUSTreasuryIntermediateFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedUSTreasuryLongTermFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedUSTreasuryLongTermFund column period compact * ~</div> 0 The bar chart showing calendar year returns and the average annual total returns table indicate risk by illustrating how much returns can differ from one year to the next and how fund performance compares with that of a comparable market index. The fund’s past performance (before and after taxes) is not necessarily an indication of future performance. The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted. 0 Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. The figure shown under "Total annual fund operating expenses" does not match the "Ratio of expenses to average net assets" shown in the Financial Highlights table, as that figure includes the effect of voluntary management fee waivers. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.