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0000949820-12-000142.txt : 20121022 0000949820-12-000142.hdr.sgml : 20121022 20121022075738 ACCESSION NUMBER: 0000949820-12-000142 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121022 DATE AS OF CHANGE: 20121022 EFFECTIVENESS DATE: 20121022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price U.S. Treasury Funds, Inc. CENTRAL INDEX KEY: 0000853437 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-30531 FILM NUMBER: 121153650 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE U S TREASURY FUNDS INC DATE OF NAME CHANGE: 19920703

0000853437 S000002167 U.S. Treasury Intermediate Fund

C000005564 U.S. Treasury Intermediate Fund PRTIX

0000853437 S000002168 U.S. Treasury Long-Term Fund

C000005565 U.S. Treasury Long-Term Fund PRULX

0000853437 S000002169 U.S. Treasury Money Fund

C000005566 U.S. Treasury Money Fund PRTXX

497 1 uscxbrlmissltr.htm Untitled Document

October 22, 2012

Deborah O’Neal-Johnson, Esquire

U.S. Securities & Exchange Commission

Division of Investment Management

100 F Street, N.E.

Washington, D.C. 20549

Re: T. Rowe Price U.S. Treasury Funds, Inc.

on behalf of the following series:

T. Rowe Price U.S. Treasury Intermediate Fund

T. Rowe Price U.S. Treasury Long-Term Fund

T. Rowe Price U.S. Treasury Money Fund

(collectively “the funds”)

File Nos.: 033-30531/811-5860

Dear Ms. O’Neal-Johnson:

Pursuant to Rule 497 under the Securities Act of 1933, as amended, we are hereby filing interactive data files that contain the risk/return summary information set forth in response to Items 2, 3, and 4 of Form N-1A. The information in these eXtensible Business Reporting Language (“XBRL”) exhibits relates to the risk/return information presented in the revised prospectus that was filed under Rule 497 on October 9, 2012.

Please contact me at 410-345-6628, or in my absence, Brian R. Poole, at 410-345-6646, if we may be of further assistance.

Sincerely,

/s/Gina Hogan

Gina Hogan

EX-101.INS 2 trputfi1-20121009.xml 0000853437 trputfi1:S000002168Member 2011-10-02 2012-10-01 0000853437 2011-10-02 2012-10-01 0000853437 trputfi1:S000002167Member 2011-10-02 2012-10-01 0000853437 trputfi1:S000002169Member 2011-10-02 2012-10-01 0000853437 trputfi1:S000002168Member trputfi1:C000005565Member 2011-10-02 2012-10-01 0000853437 trputfi1:S000002167Member trputfi1:C000005564Member 2011-10-02 2012-10-01 0000853437 trputfi1:S000002169Member trputfi1:C000005566Member 2011-10-02 2012-10-01 0000853437 trputfi1:S000002168Member rr:AfterTaxesOnDistributionsMember trputfi1:C000005565Member 2011-10-02 2012-10-01 0000853437 trputfi1:S000002168Member rr:AfterTaxesOnDistributionsAndSalesMember trputfi1:C000005565Member 2011-10-02 2012-10-01 0000853437 trputfi1:S000002168Member trputfi1:BarclaysUsLongTreasuryBondIndexMember 2011-10-02 2012-10-01 0000853437 trputfi1:S000002168Member trputfi1:LipperGeneralUsTreasuryFundsAverageMember 2011-10-02 2012-10-01 0000853437 trputfi1:S000002167Member rr:AfterTaxesOnDistributionsMember trputfi1:C000005564Member 2011-10-02 2012-10-01 0000853437 trputfi1:S000002167Member rr:AfterTaxesOnDistributionsAndSalesMember trputfi1:C000005564Member 2011-10-02 2012-10-01 0000853437 trputfi1:S000002167Member trputfi1:BarclaysUsFourTenYearTreasuryBondIndexMember 2011-10-02 2012-10-01 0000853437 trputfi1:S000002167Member trputfi1:LipperGeneralUsTreasuryFundsAverageMember 2011-10-02 2012-10-01 0000853437 trputfi1:S000002169Member trputfi1:LipperUsTreasuryMoneyMarketFundsAverageMember 2011-10-02 2012-10-01 iso4217:USD pure SUMMARY U.S. Treasury Long-Term Fund Investment Objective T. Rowe Price U.S. Treasury Funds, Inc. 0000853437 Fees and Expenses false Other The fund seeks the highest level of income consistent with maximum credit protection. 2012-05-31 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> SUMMARY U.S. Treasury Intermediate Fund Portfolio Turnover Investment Objective SUMMARY U.S. Treasury Money Fund Investment Objective The fund seeks a high level of income consistent with maximum credit protection and moderate fluctuation in principal. 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 funds performance. During the most recent fiscal year, the funds portfolio turnover rate was 57.1% of the average value of its portfolio. Example Fees and Expenses The fund seeks maximum preservation of capital and liquidity and, consistent with these goals, the highest possible current income. 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 funds 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: Fees and Expenses This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. Investments, Risks, and Performance Principal Investment Strategies 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> Fees and Expenses of the Fund <center>Shareholder fees (fees paid directly from your investment)</center> Portfolio Turnover 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 funds 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 funds 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 portfolios average maturity or to shift assets into and out of higher-yielding securities. Principal Risks <center>Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)</center> 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 funds 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. Example <center>U.S. Treasury Long-Term Fund Calendar Year Returns</center> Example 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 funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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 funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Risks The fund’s share price fluctuates, which means you could lose money by investing in the fund. 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 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 funds 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 funds 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 portfolios average maturity or to shift assets into and out of higher-yielding securities. 1-800-225-5132 troweprice.com 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 funds 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 funds 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 funds 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 funds 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 funds yield. Finally, the funds investment adviser may discontinue its voluntary waiver of the funds management fee at any time, which could also negatively affect the funds 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 funds 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 funds costs or prevent the fund from immediately accessing its collateral. 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. As with any mutual fund, there is no guarantee that the fund will achieve its objective. The funds 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 advisers judgments about the attractiveness, value, or potential appreciation of the funds 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 funds 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 funds 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. Principal Risks Actual after-tax returns depend on an investors 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 funds share price fluctuates, which means you could lose money by investing in the fund. 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 funds 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. Performance <center>U.S. Treasury Intermediate Fund Calendar Year Returns</center> The fund's return for the six months ended 2012-06-30 Investments, Risks, and Performance Principal Investment Strategies 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 investors 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 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 funds performance. During the most recent fiscal year, the funds portfolio turnover rate was 56.9% of the average value of its portfolio. Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. Investments, Risks, and Performance Principal Investment Strategies 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 funds weighted average maturity will not exceed 60 days, the funds 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 funds 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 portfolios average maturity or to shift assets into and out of higher-yielding securities. <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; 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> Average Annual Total Returns <center>Periods ended December 31, 2011</center> As with any mutual fund, there is no guarantee that the fund will achieve its objective. The funds 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 advisers judgments about the attractiveness, value, or potential appreciation of the funds 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 funds 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 funds 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. Best Quarter 2011-09-30 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 funds 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. 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 funds past performance (before and after taxes) is not necessarily an indication of future 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. <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; 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> The funds past performance is not necessarily an indication of future performance. Average Annual Total Returns <center>Periods ended December 31, 2011</center> troweprice.com 1-800-225-5132 <center>U.S. Treasury Money Fund Calendar Year Returns</center> <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; 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; ">12/31/06</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 funds return for the six months ended 6/30/12 was 0.01%.</center> 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. 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. Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. 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 investors 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. Worst Quarter 2010-12-31 The fund's return for the six months ended 2012-06-30 Average Annual Total Returns <center>Periods ended December 31, 2011</center> troweprice.com 1-800-225-5132 <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesUSTreasuryLongTermFund column period compact * ~</div> 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. 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. <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesUSTreasuryLongTermFund 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/ScheduleAnnualTotalReturnsU.S.TreasuryLong-TermFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedUSTreasuryLongTermFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesUSTreasuryMoneyFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesUSTreasuryIntermediateFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesUSTreasuryMoneyFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesUSTreasuryIntermediateFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedUSTreasuryMoneyFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedUSTreasuryIntermediateFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualTotalReturnsU.S.TreasuryMoneyFundBarChart column period compact * ~</div> <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/ScheduleAverageAnnualTotalReturnsTransposedUSTreasuryIntermediateFund column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAverageAnnualTotalReturnsTransposedUSTreasuryMoneyFund column period compact * ~</div> 2012-10-01 2012-10-09 2012-10-09 Best Quarter 2008-12-31 Worst Quarter 2010-12-31 Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132. The fund's return for the six months ended 2012-06-30 Best Quarter 2006-12-31 Worst Quarter 2011-12-31 20 20 20 56 176 307 689 50 157 274 616 45 141 246 555 0.003 0 0.0019 0.0049 0.003 0 0.0014 0 0 0 0.0429 0 0 0 0.242 0.0044 0.569 0.571 0 0 0 0.003 0 0.0025 0.0055 0.0214 -0.0819 0.1513 0.021 0.0606 0.0541 0.0107 0.0998 0.2326 -0.109 0.0891 0.2836 0.2836 0.2616 0.1893 0.2993 0.1583 0.1105 0.0892 0.0838 0.11 0.0699 0.1202 0.0183 0.0117 0.0841 0.0657 0.063 0.0895 0.0697 0.015 0.0251 0.0991 0.141 -0.0137 0.0704 0 0.0115 0.0001 0.1043 -0.0309 0.0851 0.1043 0.0924 0.0688 0.1168 0.1583 0.079 0.0647 0.0599 0.0816 0.0699 0.0579 0.0449 0.0429 0.064 0.0697 0.0134 0.0061 0.0074 0.0247 0.0426 0.042 0.0153 0.0005 0.0001 0.0001 0.0001 0.0001 0.0115 0.0102 0.0151 0.0136 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. 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