From the Editor

Some income may be subject to state and local taxes and the federal alternative minimum tax. The Money Fund’s yield is not fixed or guaranteed by the U.S. Government and there is no assurance the Fund will be able to maintain a stable $1.00 net asset value. Yields and share prices of bond funds will vary with interest rate changes. Request a prospectus with more complete information, including management fees and other charges and expenses. Read it carefully before you invest or send money. T. Rowe Price Investment Services, Inc., Distributor. SMF022397

May 16 issue; printed April 27