T. Rowe Price Family of Funds
T. Rowe Price Funds
100 East Pratt Street
Baltimore, MD 21202
Patricia B. Lippert
Secretary
February 28, 2006
An annual meeting of shareholders of the funds will be held on Wednesday, April 19, 2006, at 8:00 a.m., eastern time, in the offices of the funds, 100 East Pratt Street, Baltimore, MD 21202. The following matters will be considered and acted upon at that time:
Electing directors/trustees to serve on the Boards of the funds until the next annual meeting, if any, or until their successors shall have been duly elected and qualified;
Changing the investment objective for the GNMA Fund;
Simplifying the industry concentration fundamental policy for the High Yield, International Bond, New Income, and Short-Term Bond Funds and their Advisor and/or R classes;
Adopting a new industry concentration fundamental policy for Equity Index 500, Extended Equity Market Index, and Total Equity Market Index Funds; and Equity Index Portfolio; and
Transacting such other business as may properly come before the meeting and any adjournments thereof.
Only shareholders of record at the close of business on February 21, 2006, are entitled to notice of, and to vote at, this meeting or any adjournment thereof. The Boards of the funds recommend that you vote in favor of all the proposals.
PATRICIA B. LIPPERT
Notice of Annual Meeting of Shareholders
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YOUR VOTE IS IMPORTANT |
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| All funds (other than the Equity, Fixed Income, and International Series) |
| Shareholders are urged to designate their choice on the matters to be acted upon by using one of the following three methods: 1. Vote by Internet.* Read the proxy statement. Go to the proxy voting link found on your proxy card. Enter the control number found on your proxy card. Follow the instructions using your proxy card as a guide.2. Vote by telephone.* Read the proxy statement. Call the toll-free number found on your proxy card. Enter the control number found on your proxy card. Follow the recorded instructions using your proxy card as a guide.3. Vote by mail. Date, sign, and return the enclosed proxy card in the envelope provided, which requires no postage if mailed in the United States.Equity, Fixed Income, and International SeriesContractholders are urged to designate their choice on the matters to be acted upon by using the following method:1. Vote by mail. Date, sign, and return the enclosed proxy card in the envelope provided, which requires no postage if mailed in the United States.*If you vote by telephone or access the Internet voting site, your vote must be received no later than 12:00 a.m. eastern time on April 19, 2006.Your prompt response will help assure a quorum at the meeting and avoid the additional expense of further solicitation. |
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Annual Meeting of Shareholders — April 19, 2006
T. ROWE PRICE FAMILY OF FUNDS
(each a "fund" and collectively, the "funds")
(each a "fund" and collectively, the "funds")
| T. Rowe Price Balanced Fund, Inc. T. Rowe Price Blue Chip Growth Fund, Inc. and its Advisor/R Classes T. Rowe Price California Tax-Free Income Trust consisting of its series: California Tax-Free Bond Fund California T ax-Free Money Fund T. Rowe Price Capital Appreciation Fund and its Advisor Class T. Rowe Price Capital Opportunity Fund, Inc. and its Advisor/R Classes T. Rowe Price Corporate Income Fund, Inc. T. Rowe Price Developing Technologies Fund, Inc. T. Rowe Price Diversified Mid-Cap Growth Fund, Inc. T. Rowe Price Diversified Small-Cap Growth Fund, Inc. T. Rowe Price Dividend Growth Fund, Inc. and its Advisor Class T. Rowe Price Equity Income Fund and its Advisor/R Classes T. Rowe Price Equity Series, Inc. consisting of its series: T. Rowe Price Blue Chip Growth Portfolio and its II Class T. Rowe Price Equity Income Portfolio and its II Class T. Rowe Price Equity Index 500 Portfolio T. Rowe Price Health Sciences Portfolio and its II Class T. Rowe Price Mid-Cap Growth Portfolio and its II Class T. Rowe Price New America Growth Portfolio T. Rowe Price Personal Strategy Balanced Portfolio T. Rowe Price Financial Services Fund, Inc. T. Rowe Price Fixed Income Series, Inc. consisting of its series: T. Rowe Price Limited-Term Bond Portfolio and its II Class T. Rowe Price Prime Reserve Portfolio | T. Rowe Price Global Technology Fund, Inc. T. Rowe Price GNMA Fund T. Rowe Price Growth & Income Fund, Inc. T. Rowe Price Growth Stock Fund, Inc. and its Advisor/R Classes T. Rowe Price Health Sciences Fund, Inc. T. Rowe Price High Yield Fund, Inc. and its Advisor Class T. Rowe Price Index Trust, Inc. consisting of its series: T. Rowe Price Equity Index 500 Fund T. Rowe Price Extended Equity Market Index Fund T. Rowe Price Total Equity Market Index Fund T. Rowe Price Inflation Protected Bond Fund, Inc. T. Rowe Price Institutional Equity Funds, Inc. consisting of its serie s: T. Rowe Price Institutional Large-Cap Core Growth Fund T. Rowe Price Institutional Large-Cap Growth Fund T. Rowe Price Institutional Large-Cap Value Fund T. Rowe Price Institutional Mid-Cap Equity Growth Fund T. Rowe Price Institutional Small-Cap Stock Fund T. Rowe Price Institutional Income Funds, Inc. consisting of its series: T. Rowe Price Institutional Core Plus Fund T. Rowe Price Institutional High Yield Fund T. Rowe Price Institutional International Funds, Inc. consisting of its series: T. Rowe Price Institutional Emerging Markets Equity Fund T. Rowe Price Institutional Foreign Equity Fund (continued on next page) |
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| T. Rowe Price International Funds, Inc. consisting of its series: T. Rowe Price Emerging Europe & Mediterranean Fund T. Rowe Price Emerging Markets Bond Fund T. Rowe Price Emerging Markets Stock Fund T. Rowe Price European Stock Fund T. Rowe Price Global Stock Fund T. Rowe Price International Bond Fund and its Advisor Class T. Rowe Price International Discovery Fund T. Rowe Price International Growth & Income Fund and its Advisor/R Classes T. Rowe Price International Stock Fund and its Advisor/R Classes T. Rowe Price Japan Fund T. Rowe Price Latin America Fund T. Rowe Price New Asia Fund T. Rowe Price International Index Fund, Inc. consisting of its series: T. Rowe Price International Equity Index Fund T. Rowe Price International Serie s, Inc. consisting of its series: T. Rowe Price International Stock Portfolio T. Rowe Price Media & Telecommunications Fund, Inc. T. Rowe Price Mid-Cap Growth Fund, Inc. and its Advisor/R Classes T. Rowe Price Mid-Cap Value Fund, Inc. and its Advisor/R Classes T. Rowe Price New America Growth Fund and its Advisor Class T. Rowe Price New Era Fund, Inc. T. Rowe Price New Horizons Fund, Inc. T. Rowe Price New Income Fund, Inc. and its Advisor/R Classes T. Rowe Price Personal Strategy Funds, Inc. consisting of its series: T. Rowe Price Personal Strategy Balanced Fund T. Rowe Price Personal Strategy Growth Fund T. Rowe Price Personal Strategy Income Fund T. Rowe Price Prime Reserve Fund, Inc. T. Rowe Price Real Estate Fund, Inc. and its Advisor Class T. Rowe Price Reserve Investment Funds, Inc. consisting of its series: T. Rowe Price Government Reserve Investment Fund T. Rowe Price Reserve Investment Fund | T. Rowe Price Retirement Funds, Inc. consisting of its series: T. Rowe Price Retirement 2005 Fund T. Rowe Price Retirement 2010 Fund and its Advisor/R Classes T. Rowe Price Retirement 2015 Fund T. Rowe Price Retirement 2020 Fund and its Advisor/R Classes T. Rowe Price Retirement 2025 Fund T. Rowe Price Retirement 2030 Fund and its Advisor/R Classes T. Rowe Price Retirement 2035 Fund T. Rowe Price Retirement 2040 Fund and its Advisor/R Classes T. Rowe Price Retirement 2045 Fund T. Rowe Price Retirement Income Fund and its Advisor/R Classes T. Rowe Price Science & Technology Fund, Inc. and its Advisor Class T. Rowe Price Short-Term Bond Fund, Inc. and its Advisor Class T. Rowe Price Small-Cap Stock Fund, Inc. and its Advisor Class T. Rowe Price Small-Cap Value Fund, Inc. and its Advisor Class T. Rowe Price Spectrum Fund, Inc. consisting of its series: Spectrum Growth Fund Spectrum Income Fund Spectrum International Fund T. Rowe Price State Tax-Free Income Trust consisting of its series: Florida Intermediate Tax-Free Fund Georgia Tax-Free Bond Fund Maryland Short-Term Tax-Free Bond Fund Maryland Tax-Free Bond Fund Maryland Tax-Free Money Fund New Jersey Tax-Free Bond Fund New York Tax- Free Bond Fund New York Tax-Free Money Fund Virginia Tax-Free Bond Fund T. Rowe Price Summit Funds, Inc. cons isting of its series: T. Rowe Price Summit Cash Reserves Fund T. Rowe Price Summit GNMA Fund (continued on next page) |
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| T. Rowe Price Summit Municipal Funds, Inc. consisting of its series: T. Rowe Price Summit Municipal Income Fund T. Rowe Price Summit Municipal Intermediate Fund T. Rowe Price Summit Municipal Money Market Fund T. Rowe Price Tax-Efficient Funds, Inc. consisting of its series: T. Rowe Price Tax-Efficient Balanced Fund T. Rowe Price Tax-Efficient Growth Fund T. Rowe Price Tax-Efficient Multi-Cap Growth Fund T. Rowe Price Tax-Exempt Money Fund, Inc. | T. Rowe Price Tax-Free High Yield Fund, Inc. T. Rowe Price Tax-Free Income Fund, Inc. and its Advisor Class T. Rowe Price Tax-Free Intermediate Bond Fund, Inc. T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. T. Rowe Price U.S. Bond Index Fund, Inc. T. Rowe Price U.S. Treasury Funds, Inc. consisting of its series: U.S. Treasury Intermediate Fund U.S. Treasury Long-Term Fund U.S. Treasury Money Fund T. Rowe Price Value Fund, Inc. and its Advisor Class |
PROXY STATEMENT
This document gives you information you need in order to vote on the matters coming before the annual meeting and is furnished in connection with the solicitation of proxies by the funds. If you have any questions, please feel free to call us toll-free, 1800541-5910.
Who is asking for my vote?
The Boards of the funds have asked that you vote on the matters listed in the notice of annual meeting of shareholders. The votes will be formally counted at the annual meeting on Wednesday, April 19, 2006, and if the annual meeting is adjourned, at any later meeting. You may vote in person at the annual meeting, by Internet, by telephone, or by returning your completed proxy card in the prepaid envelope provided. Do not mail the proxy card if you are voting by Internet or telephone.
Equity, Fixed Income, and International Series contractholders may only vote by returning their completed proxy card in the postage-paid envelope provided or in person at the annual meeting.
Who is eligible to vote?
Shareholders of record at the close of business on February 21, 2006, (the "record date") are notified of the meeting and are entitled to one vote for each full share and a proportionate vote for each fractional share of the fund(s) they held as of F ebruary 21, 2006. The notice of annual meeting, the proxy card, and the proxy statement were mailed to shareholders of record on or about February 28, 2006. Only one copy of this Proxy Statement may be mailed to households, even if more than one person in a household is a fund shareholder of record. If you need additional copies of this Proxy Statement, p lease contact us at 1-800-541-5910. If you do not want the mailing of this Proxy Statement to be combined with those for other members of your household, call us at 1-800-541-5910.
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Under Maryland and Massachusetts law, shares owned by two or more persons (whether as joint tenants, co-fiduciaries, or otherwise) will be voted as follows, unless a written instrument or court order providing to the contrary has been filed with the fund(s): (1) if only one votes, that vote will bind all; (2) if more than one votes, the vote of the majority will bind all; and (3) if more than one votes and the vote is evenly divided, the vote will be cast proportionately.
What are shareholders being asked to vote on?
At a meeting held on February 7, 2006, the Boards of the funds, including a majority of the independent directors/trustees, unanimously approved submitting the following proposals to be considered and acted upon:
Proposal | Funds Affected |
|---|---|
| Electing directors/trustees to serve on the Boards of the funds until the next annual meeting, if any, or until their successors shall have been duly elected and qualified. | All funds |
| Changing the investment objective. | GNMA Fund |
| Simplifying the industry concentration fundamental policy. | High Yield, International Bond, New Income, and Short-Term Bond Funds and their Advisors and/or R classes |
| Adopting a new industry concentration fundamental policy. | Equity Index 500, Extended Equity Market Index, and Total Equity Market Index Funds; and Equity Index 500 Portfolio |
| Transacting such other business as may properly come before the meeting and any adjournments thereof. | All funds |
Who provides services to the funds?
T. Rowe Price Associates, Inc. ("T. Rowe Price"), provides investment advisory services to the funds other than the international funds. T. Rowe Price is a wholly owned subsidiary of T. Rowe Price Group, Inc., a holding company listed on the Nasdaq® National Market.
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T. Rowe Price International, Inc. ("Price International"), a wholly owned subsidiary of T. Rowe Price, provides investment advisory services to the international funds.
Each fund also has an accounting services agreement with T. Rowe Price, an underwriting agreement with T. Rowe Price Investment Services, Inc. ("Investment Services"), and a transfer agency agreement with T. Rowe Price Services , Inc. ("Price Services"). The taxable funds also have a transfer agency agreement with T. Rowe Price Retirement Plan Services, Inc. ("Retirement Services"). Each of these service providers is a wholly owned subsidiary of T. Rowe Price.
The T. Rowe Price Trust Company (the "Trust Company") is a wholly owned subsidiary of T. Rowe Price and serves as trustee and/or custodian for certain IRA, Keogh, and other prototype plans t hat utilize the funds as investment options.
The address of T. Rowe Price, Investment Services, and the Trust Company is 100 East Pratt Street, Baltimore, MD 21202, and the address of Price Services and Retirement Services is 4515 Painters Mill Road, Owings Mills, MD 21117. The address for T. Rowe Price International, Inc. is 60 Queen Victoria Street, London, EC4N 4TZ, England.
How can I get more information about the funds?
A copy of each fund`s most recent shareholder report was mailed to all shareholders of record at the close of business for the funds` fiscal period-ends. If you would like to receive additional copies of any report, please contact T. Rowe Price by calling 1800541-5910; writing to 10090 Red Run Boulevard, Owings Mills, MD 21117; or visiting our Web site at www.troweprice.com. Shareholder reports for the Equity, Fixed Income, and International Series are not available on the Web site. If you would like to receive copies of these reports, please contact your insurance company. All copies are provided free of charge.
PROPOSAL NO. 1 — Election of Directors/Trustees
ALL FUNDS
Why are directors/trustees being elected?
Under the Investment Company Act of 1940 (the "1940 Act"), a certain percentage of each Board must be elected by shareholders. Due to the retirement of several directors/trustees over the past years, it has become necessary for the funds to hold a shareholder meeting in order to replace these retired directors/trustees. All of the present Boards are composed of at least 75% independent directors and that will continue to be the case if the proposed nominees are elected.
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Importantly, all of the independent directors/trustees standing for election currently serve on the Boards of multiple funds. If the entire slate is approved, there will be seven independent directors/trustees and two interested directors/trustees on each fund Board.
Another important benefit of these elections is that the same independent directors/trustees will serve on the Boards of all of the Price funds. This will expose the directors/trustees to a wider range of business issues and economic trends, allow the directors`/trustees` to better share their knowledge, background, and experience, and permit the Boards to operate more efficiently.
Who are the nominees for directors/trustees?
The Boards have proposed the slate of persons listed in Table 1 for election as director or trustee, each to hold office until the next annual meeting (if any), retirement, or resignation, or until his or her successor is duly elected and qualified.
A shareholder using the enclosed proxy card can vote for all or any of the nominees or withhold his or her vote from all or any of such nominees. If the proxy card is properly executed but unmarked, it will be voted for all of the nominees. Each of the nominees has agreed to serve as a director or trustee if elected; however, should any nominee become unable or unwilling to accept nomination or election, the persons named in the proxy will exercise their voting power in favor of such other person or persons as the Boards of the funds may recommend. There are no family relationships among these nominees.
Independent Directors/Trustees. Ms. Horn and Messrs. Deering, Dick, Fagin, and Schreiber currently serve as independent directors/trustees to all of the Price funds, as indicated in Table 3. Messrs. Casey and Theo Rodgers current ly serve as independent directors/trustees to a subset of funds, as set forth in Table 3. Shareholders are being asked to elect all of the independent directors/trustees to the Boards of all the Price funds.
Dr. F. Pierce Linaweaver, an independent director of the Price funds since 1979, has retire d from the Boards and will not be standing for reelection.
Interested Directors/Trustees. Interested directors/trustees are considered as such because of relationships with T. Rowe Price and/or Price International as described in Ta ble 2. They are also shareholders of T. Rowe Price Group, Inc. Ms. Miller and Messrs. Kennedy, Laporte, and Riepe currently serve as interested directors/trustees to the Price funds/trusts as indicated in Table 3. Shareholders are being asked to elect Ms. Miller and Mr. Laporte to each of the Boards of the Price funds on which they currently serve.
Mr. James A.C. Kennedy, an interested director of the equity Price funds since 1992, will not be standing for reelection.
As part of a long-planned management transition, Mr. Riepe retired from T. Rowe Price at the end of 2005 and is not standing for reelection to the mutual fund boards when his current term expires in
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April 2006. Mr. Bernard has worked closely with Mr. Riepe since joining T. Rowe Price in 1988 and has assumed substantially all of Mr. Riepe`s responsibilities.
Messrs. Bernard and Brian Rogers do not currently serve as interested directors/trustees to any of the Price funds. Shareholders are being asked to elect Mr. Bernard to the Boards of all the Price funds. Shareholders are being asked to elect Mr. Brian Rogers to the Boards of the Balanced, Blue Chip Growth, Capital Appreciation, Developing Technologies, Diversified Mid-Cap Growth, Dividend Growth, Equity Income, Financial Services, Global Technology, Growth & Income, Growth Stock, Institutional Equity, Institutional International, International, International Index, Media & Telecommunications, Mid-Cap Growth, Mid-Cap Value, New Era, Personal Strategy, Real Estate, Retirement, Spectrum, Tax-Efficien t, and Value Funds, the Index Trust, and the International Series.
Shareholders are being asked to elect the directors/trustees of their respective fund(s) only.
Tables 1 and 2 provide biographical information on each nominated director/trustee, their ownership, if any, in the funds on which they currently serve (or to which they are being nominated) as directors/trustees, and their tot al ownership in all the Price funds.
1 Nominees for Election as Independent Directors/Trustees (continued)
Name, Year of Birth, Address, Position on Fund Board, and Principal Occupations and Other Directorships of Public Companies | Dollar Range of Fund Shares Beneficially Owned, Directly or Indirectly, as of 12/31/05 | Total Dollar Range of SharesOwned, Directly or Indirectly, in All Funds Overseen or to be Overseen, as of 12/31/05 | ||
|---|---|---|---|---|
| Jeremiah E. Casey, 1940 100 E. Pratt Street, Baltimore, MD 21202 Director/Trustee of all T. Rowe Price equity funds/trusts (See Table 3) Director, Allfirst Financial Inc. (previously First Maryland Bankcorp) (1983 to 2002); Director, National Life Insurance (2001 to 2005); Director, The Rouse Company, real estate developers (1990 to 2004) | Balanced Equity Income Equity Index 500 Growth Stock Media & Telecommunications New Horizons Real Estate Small-Cap Value | over $100,000 over $100,000 over $100,000 over $100,000 $10,001-$50,000 over $100,000 $10,001-$50,000 over $100,000 | over $100,000 | |
| Anthony W. Deering, 1945 100 E. Pratt Street, Baltimore, MD 21202 Director/Trustee of all T. Rowe Price funds/trusts Chairman, Exeter Capital, LLC, private investment firm (2004 to present); Director, Vornado Real Estate Investment Trust (3/04 to present); Director, Mercantile Bankshares (4/03 to present); Member, Advisory Board, Deutsche Bank North America (2004 to present); Director, Chairman of the Board, and Chief Executive Officer, The Rouse Company, real estate developers (1997 to 2004) | Emerging Markets Stock Equity Income European Stock Growth Stock International Bond International Discovery International Stock Japan Media & Telecommunications Mid-Cap Growth New Horizons Tax-Free Short- Intermediate | over $100,000 over $100,000 over $100,000 over $100,000 $50,001-$100,000 $50,001-$100,000 over $100,000 over $100,000 over $100,000 over $100,000 over $100,000 over $100,000 | over $100,000 | |
| Donald W. Dick, Jr., 1943 100 E. Pratt Street, Baltimore, MD 21202 Director/Trustee of all T. Rowe Price funds/trusts Principal, EuroCapital Advisors, LLC, an acquisition and management advisory firm; Chairman, President, and Chief Executive Officer, The Haven Group, a custom manufacturer of modular homes (1/04 to present) | Blue Chip Growth Capital Appreciation Equity Income European Stock Financial Services Global Stock Growth & Income Growth Stock Health Sciences High Yield International Bond International Discovery Mid-Cap Growth New Horizons New Income Prime Reserve Small-Cap Stock Small-Cap Value Summit Cash Reserves U.S. Treasury Intermediate Value | $10,001-$50,000 over $100,000 $50,001-$100,000 $10,001-$50,000 $10,001-$50,000 $50,001-$100,000 $1-$10,000 $10,001-$50,000 $10,001-$50,000 $50,001-$100,000 over $100,000 $10,001-$50,000 $10,001-$50,000 $10,001-$50,000 $50,001-$100,000 over $100,000 $10,001-$50,000 $10,001-$50,000 over $100,000 $50,001-$100,000 $10,001-$50,000 | over $100,000 | |
| David K. Fagin, 1938 100 E. Pratt Street, Baltimore, MD 21202 Director/Trustee of all T. Rowe Price funds/trusts Chairman and President, Nye Corporation (6/88 to present); Director, Canyon Resources Corp. and Golden Star Resources Ltd. (5/92 to present), and Pacific Rim Mining Corp. (2/02 to present) | Blue Chip Growth Diversified Mid-Cap Growth Dividend Growth Equity Income European Stock Global Stock Health Sciences International Stock Mid-Cap Growth Mid-Cap Value New Asia New Horizons Short-Term Bond Small-Cap Stock Summit Cash Reserves Summit Municipal Intermediate Tax-Free High Yield Tax-Free Short- Intermediate Value | over $100,000 $50,001-$100,000 $50,001-$100,000 over $100,000 $10,001-$50,000 $10,001-$50,000 $50,001-$100,000 over $100,000 over $100,000 over $100,000 $10,001-$50,000 $1-$10,000 $50,001-$100,000 over $100,000 over $100,000 over $100,000 $10,001-$50,000 over $100,000 over $100, 000 | over $100,000 | |
| Karen N. Horn, 1943 100 E. Pratt Street, Baltimore, MD 21202 Director/Trustee of all T. Rowe Price funds/trusts Managing Director and President, Global Private Client Services, Marsh Inc. (1999 to 2003 ); Managing Director and Head of International Private Banking, Bankers Trust (1996 to 1999); Director, Georgia Pacific (5/04 to 12/05); Director, Eli Lilly and Company and Simon Property Group | Blue Chip Growth Dividend Growth High Yield Retirement 2020 Summit Cash Reserves | $50,001-$100,000 $50,001-$100,000 $1-$10,000 $10,001-$50,000 over $100,000 | over $100,000 | |
| Theo C. Rodgers, 1941 100 E. Pratt Street, Baltimore, MD 21202 Director/Trustee of all T. Rowe Price equity and income funds/trusts (See Table 3) President, A&R Development Corporation | Capital Appreciation Emerging Markets Stock International Discovery New America Growth New Asia New Horizons Prime Reserve Spectrum Growth | $10,001-$50,000 $50,001-$100,000a $50,001-$100,000 $50,001-$100,000 $50,001-$100,000a over $100,000a $10,001-$50,000 over $100,000 | over $100,000 | |
| John G. Schreiber, 1946 100 E. Pratt Street, Baltimore, MD 21202 Director/Trustee of all T. Rowe Price funds/trusts Owner/President, Centaur Capital Partners, Inc., a real estate investment company; Partner, Blackstone Real Estate Advisors, L.P.; Dir ector, AMLI Residential Properties Trust | GNMA Growth & Income High Yield New Income Prime Reserve Short-Term Bond Summit Cash Reserves Summit Municipal: Income Intermediate Money Market Tax-Exempt Money Tax-Free High Yield Tax-Free Income Tax-Free Short- Intermediate U.S. Treasury: Intermediate Long-Term Money Value | over $100,000 over $100,000 over $100,000 over $100,000 $10,001-$50,000 over $100,000 $0-$10,000 over $100,000 over $100,000 $50,001-$100,000 $0-$10,000 over $100,000 over $100,000 over $100,000 over $100,000 over $100,000 $0-$10,000 over $100,000 | over $100,000 | |
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aHoldings are current as of January 3, 2006.
2 Nominees for Election as Interested Directors/Trustees (continued)
Name, Year of Birth, Address, Position on Fund Board, and Principal Occupationsa | Dollar Range of Fund Shares Beneficially Owned, Directly or Indirectly, as of 12/31/05 | Total Dollar Range of Shares Owned Directly or Indirectly in All Funds Overseen or to be Overseen, as of 12/31/05 | ||
|---|---|---|---|---|
| Edward C. Bernard, 1956 100 E. Pratt Street, Baltimore, MD 21202 Director and Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Director and President, T. Rowe Price Investment Services, Inc.; Chairman of the Board and Director, T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Savings Bank; Director, T. Rowe Price Global Asset Management Limited and T. Rowe Price Global Investment Services Limited; Chief Executive Officer, Chairman of the Board, Director, and President, T. Rowe Price Trust Company | Developing Technologies Emerging Markets Stock Equity Income Global Stock Growth Stock High Yield International Discovery International Stock Mid-Cap Growth New Asia New Horizons Prime Reserve Science & Technology Small-Cap Stock Small-Cap Value Spectrum Growth Spectrum IncomeSummit Cash Reserves | $10,001-$50,000 $50,001-$100,000 over $100,000 over $100,000 over $100,000 $1-$10,000 $10,001-$50,000 $50,001-$100,000 over $100,000 $50,001-$100,000 over $100,000 over $100,000 $10,001-$50,000 $10,001-$50,000 over $100,000 over $100,000 $10,001-$50,000 over $100,000 | over $100,000 | |
| John H. Laporte, CF A 1945 100 E. Pratt Street, Baltimore, MD 21202 Director/Trustee of the Capital Opportunity, Diversified Small-Cap Growth, Health Sciences, New America Growth, New Horizons, Science & Technology, Small-Cap Stock, and Small-Cap Value Funds and the Equity Series Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; Officer of Diversified Small-Cap Growth, Health Sciences, and New Horizons Funds and 3 other T. Rowe Price funds/trusts | Capital Opportunity New America Growth New Horizons Science & Technology | over $100,000 over $100,000 over $100,000 over $100,000 | over $100,000 | |
| Mary J. Miller, CFA 1955 100 E. Pratt Street, Baltimore, MD 21202 Director/Trustee of all T. Rowe Price income funds (See Table 3) Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc.; Officer of 15 of the T. Rowe Price income funds and 4 other Price funds | High Yield Maryland Tax-Free Bond Maryland Tax-Free Money Short-Term Bond Tax-Exempt Money Tax-Free Income U.S. Treasury Long-Term | over $100,000 over $100,000 over $100,000 over $100,000 over $100,000 over $100,000 $50,001-$100,000 | over $100,000 | |
| Brian C. Rogers, CFA, CIC 1955 100 E. Pratt Street, Baltimore, MD 21202 Chief Investment Officer, Director, and Vice President, T. Rowe Price and T. Rowe Group, Inc.; Director and Vice President, T. Rowe Price Trust Company; Officer of 8 T. Rowe Price funds/trusts | Developing Technologies Equity Income Global Stock Growth Stock Media & Telecommunications New America Growth New Income Prime Reserve Spectrum Income Summit Cash Reserves Value | $10,001-$50,000 over $100,000 over $100,000 over $100,000 $50,001-$100,000 over $100,000 $50,001-$100,000 $50,001-$100,000 over $100,000 over $100,000 over $100,000 | over $100,000 | |
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aUnless otherwise indicated, each individual has held the office indicated, or other offices in the same company, for the last five years. Messrs. Bernard, Laporte, and Rogers have held their positions with T. Rowe Price Group since 2000 and Ms. Miller has held her position with T. Rowe Price Group since 2002.
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Table 3 sets forth the year from which each director/trustee first served.
3 Year from which each Director/Trustee first served (continued)
T. Rowe Price Fund | Casey(a) | Deering | Dick | Fagin | Horn(b) | Rodgers(c) | Schreiber | Laporte | Miller |
|---|---|---|---|---|---|---|---|---|---|
| Balanced | 2005 | 2001 | 1991 | 1991 | 2003 | 2005 | 2001 | — | — |
| Blue Chip Growth | 2005 | 2001 | 1993 | 1993 | 2003 | 2005 | 2001 | — | — |
| California Tax-Free Income Trust | — | 1986 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| Capital Appreciation | 2005 | 2001 | 1986 | 1988 | 2003 | 2005 | 2001 | — | — |
| Capital Opportunity | 2005 | 2001 | 1994 | 1994 | 2003 | 2005 | 2001 | 1994 | — |
| Corporate Income | — | 1995 | 2001 | 2001 | 2003 | 2005 | 1995 | — | 2004 |
| Developing Technologies | 2005 | 2001 | 2000 | 2000 | 2003 | 2005 | 2001 | — | — |
| Diversified Mid-Cap Growth | 2005 | 2003 | 2003 | 2003 | 2003 | 2005 | 2003 | — | — |
| Diversified Small-Cap Growth | 2 005 | 2001 | 1997 | 1997 | 2003 | 2005 | 2001 | 1997 | — |
| Dividend Growth | 2005 | 2001 | 1992 | 1992 | 2003 | 2005 | 2001 | — | — |
| Equity Income | 2005 | 2001 | 1994 | 1988 | 2003 | 2005 | 2001 | — | — |
| Equity Series | 2005 | 2001 | 1994 | 1994 | 2003 | 2005 | 2001 | 1994 | — |
| Financial Services | 2005 | 2001 | 1996 | 1996 | 2003 | 2005 | 2001 | — | — |
| Fixed Income Series | — | 1994 | 2001 | 2001 | 2003 | 2005 | 1994 | — | 2004 |
| Global Technology | 2005 | 2001 | 2000 | 2000 | 2003 | 2005 | 2001 | — | — |
| GNMA | — | 1985 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| Growth & Income | 2005 | 2001 | 1982 | 1994 | 2003 | 2005 | 2001 | — | — |
| Growth Stock | 2005 | 2001 | 1980 | 1994 | 2003 | 2005 | 2001 | — | — |
| Health Sciences | 2005 | 2001 | 1995 | 1995 | 2003 | 2005 | 2001 | 1995 | — |
| High Yield | — | 1984 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| Index Trust | 2005 | 2001 | 1994 | 1994 | 2003 | 2005 | 2001 | — | — |
| Inflation Protected Bond | — | 2002 | 2002 | 2002 | 2003 | 2005 | 2002 | — | 2004 |
| Institutional Equity | 2005 | 2001 | 1996 | 1996 | 2003 | 2005 | 2001 | — | — |
| Institutional Income | — | 2002 | 2002 | 2002 | 2003 | 2005 | 2002 | — | 2004 |
| Institutional International | — | 1991 | 1989 | 2001 | 2003 | — | 2001 | — | — |
| International | — | 1991 | 1988 | 2001 | 2003 | — | 2001 | — | — |
| International Equity Index | — | 2000 | 2000 | 2001 | 2003 | — | 2001 | — | — |
| International Series | — | 1994 | 1994 | 2001 | 2003 | — | 2001 | — | — |
| Media & Telecommunications | 2005 | 2001 | 1997 | 1997 | 2003 | 2005 | 2001 | — | — |
| Mid-Cap Growth | 2005 | 2001 | 1992 | 1992 | 2003 | 2005 | 2001 | — | — |
| Mid-Cap Value | 2005 | 2001 | 1996 | 1996 | 2003 | 2005 | 2001 | — | — |
| New America Growth | 2005 | 2001 | 1985 | 1994 | 2003 | 2005 | 2001 | 1985 | — |
| New Era | 2005 | 2001 | 1994 | 1988 | 2003 | 2005 | 2001 | — | — |
| New Horizons | 2005 | 2001 | 1994 | 1988 | 2003 | 2005 | 2001 | 1988 | — |
| New Income | — | 1980 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| Personal Strategy | 2005 | 2001 | 1994 | 1994 | 2003 | 2005 | 2001 | — | — |
| Prime Reserve | — | 1979 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| Real Estate | 2005 | 2001 | 1997 | 1997 | 2003 | 2005 | 2001 | — | — |
| TRP Reserve Investment | — | 1997 | 2001 | 2001 | 200 3 | 2005 | 1997 | — | 2004 |
| Retirement | 2005 | 2002 | 2002 | 2002 | 2003 | 2005 | 2002 | — | — |
| Science & Technology | 2005 | 2001 | 1994 | 1994 | 2003 | 2005 | 2001 | 1988 | — |
| Short-Term Bond | — | 1983 | 2001 | 200 1 | 2003 | 2005 | 1992 | — | 2004 |
| Small-Cap Stock | 2005 | 2001 | 1992 | 1992 | 2003 | 2005 | 2001 | 1994 | — |
| Small-Cap Value | 2005 | 2001 | 1994 | 1994 | 2003 | 2005 | 2001 | 1994 | — |
| Spectrum | 2005 | 2001 | 1999 | 1999 | 2003 | 2005 | 2001 | — | — |
| State Tax-Free Income Trust | — | 1986 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| Summit | — | 1993 | 2001 | 2001 | 2003 | 2005 | 1993 | — | 2004 |
| Summit Municipal | — | 1993 | 2001 | 2001 | 2003 | 2005 | 1993 | — | 2004 |
| Tax-Efficient | 2005 | 2001 | 1997 | 1997 | 2003 | 2005 | 2001 | — | — |
| Tax-Exempt Money | — | 1983 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| Tax-Free High Yield | — | 1984 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| Tax-Free Income | — | 1983 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| Tax-Free Intermediate Bond | — | 1992 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| Tax-Free Short-Intermediate | — | 1983 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| U.S. Bond Index | — | 2000 | 2001 | 2001 | 2003 | 2005 | 2000 | — | 2004 |
| U.S. Treasury | — | 1989 | 2001 | 2001 | 2003 | 2005 | 1992 | — | 2004 |
| Value | 2005 | 2001 | 1994 | 1994 | 2003 | 2005 | 2001 | — | — |
PAGE 14
PAGE 15
(a)On October 19, 2005, Mr. Casey was appointed by the Board to serve as director/trustee effective on that date.
(b)On October 22, 2003, Ms. Horn was appointed by the Board to serve as director/trustee effective on that date.
(c)On March 2, 2005, Mr. Rodgers was appointed by the Board to serve as director/trustee effective on that date.
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Do the nominees have a stake in the funds?
The directors/trustees of the funds believe it is important to have an investment in the Price funds. The nominees allocate their investments among the Price funds based on their own investment objectives. Tables 1 and 2 list each nominee`s investment in the individual funds, if any, as well as his/her total investment in all of the Price funds.
What are the primary responsibilities of each fund`s Board members?
They are responsible for the general oversight of each fund`s business and for assuring that each fund is managed in the best in terests of its shareholders. The directors/trustees periodically review the performance, investment program, compliance matters, advisory fees and expenses, service providers, and business and regulatory matters affecting the funds based on reports provided by their respective investment advisers, transfer agents, custodians, auditors, and legal counsel.
How often does each fund`s Board meet?
The Boards of Directors /Trustees of the Price funds held five meetings during calendar year 2005. Each director/trustee attended 75% or more of the meetings of the Price funds held in 2005. The Price funds do not normally hold annual meetings. If they do, the policy is that all directors/trustees should attend, subject to availability. Each Board currently has three committees, described in the following paragraphs.
The Committee of Independent Directors/Trustees, which consists of all of the independent directors/trustees of the funds, is responsible for, among other things, selecting candidates for election as independent directors or trustees to fill vacancies on each fund`s Board. Effective January 1, 2006, Anthony W. Deering became chairman of the committee and receives a fee of $1,000 for each committee meeting attended. The committee will consider written recommendations from shareholders for possible nominees. Shareholders should submit their recommendations to the secretary of the funds. The committee held four formal meetings in 2005. Al l members of the committee participated in the meetings.
The Joint Audit Committee consists of only independent directors/trustees. The members of the committee are Donald W. Dick, Jr., Karen N. Horn, and Theo C. Rodgers. Mr. Dick as chairman of the committee receives an annual retainer of $15,000 per year and Ms. Horn and Mr. Theo Rodgers receive an annual retainer of $7,500 per year. These directors/trustees also receive a fee of $1,000 for each committee meeting attend ed. The Audit Committee holds two regular meetings each year, at which time it meets with the independent registered public accounting firm of the Price funds to review: (1) the services provided; (2) the findings of the most recent audits; (3) management`s response to the findings of the most recent audits; (4) the scope of the audits to be performed; (5) the accountants` fees; and (6) any accounting, tax, compliance, or other questions relating to
PAGE 17
particular areas of the Price funds` operations or the operations of parties dealing with the Price funds, as circumstances indicate. Each fund`s Board has designated Donald W. Dick, an independent director/trustee, as the Audit Committee financial expert. The Audit Committee for the funds met twice in 2005. All members of the committee participated in the meetings.
The Executive Committee, which consists of all of the interested directors/trustees, is authorized by its respective Board to exercise all powers of the Boards of the funds to manage the funds in the intervals between meetings of the Boards, except the powers prohibited by statute from being delegated.The Executive Committees of the Short-Term Bond Fund and Spectrum Fund, on behalf of the Spectrum Income Fund, met once in 2005. All members of each committee participated in the meeting.
If a shareholder wishes to send a communication to the Board, or to a specified director/trustee, the communication should be submitted in writing to Patricia B. Lippert, Secretary of the Funds, T. Rowe Price Associates, Inc., 100 East Pratt Street, Baltimore, Maryland 21202, who will forward such communication to the directors/trustees.
What are the directors/trustees paid for their services to the funds?
Ms. Miller and Messrs. Bernard, Laporte, and Brian Rogers are employed by, and thus considered "interested persons" of, T. Rowe Price or International. Therefore, they are not entitled to compensation or benefits for their service as directors of the funds.
Table 4 provides the independent directors`/trustees` accrued compensation for the most recently completed fiscal year of each fund and their total compensation for the calendar year 2005. The fees are allocated to each fund under a formula which includes a base fee and a fee based on the net assets of each fund relative to the other funds. Effective July 1, 2005, the annual compensation for the directors/trustees was increased for 2005 to $150,000 and for 2006 to $190,000 per year. At the same time, the annual compensation for the lead independent director/trustee was increased for 2005 to $215,000 and for 2006 to $290,000 per year. The Price fund group included 113 funds at December 31, 2005. The independent directors of the funds do not receive any pension or retirement benefits from the funds or T. Rowe Price.
PAGE 18
4 Compensation to Fund Directors/Trustees (continued)
T. Rowe Price Fund | Director/Trustee Compensation From T. Rowe Price Funds | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Casey | Deering | Dick | Fagin | Horn | Rodgers | Schreiber | |||||||
| Balanced | 938 | 1,774 | 1,898 | 1,871 | 1,844 | 1,797 | 1,793 | ||||||
| Blue Chip Growth | 938 | 3,223 | 3,454 | 3,401 | 3,348 | 3,203 | 3,257 | ||||||
| Blue Chip Growth Portfolio | 330 | 729 | 784 | 788 | 764 | 607 | 741 | ||||||
| California Tax-Free Bond | — | 812 | 865 | 874 | 821 | — | 886 | ||||||
| California Tax-Free Money | — | 785 | 836 | 844 | 794 | — | 855 | ||||||
| Capital Appreciation | 938 | 2,875 | 3,082 | 3,017 | 2,989 | 2,923 | 2,899 | ||||||
| Capital Opportunity | 364 | 737 | 791 | 798 | 770 | 619 | 750 | ||||||
| Corporate Income | — | 769 | 827 | 845 | 786 | 134 | 839 | ||||||
| Developing Technologies | 182 | 688 | 739 | 743 | 713 | 540 | 701 | ||||||
| Diversified Mid-Cap Growth | 211 | 695 | 744 | 751 | 725 | 552 | 708 | ||||||
| Diversified Small-Cap Growth | 267 | 716 | 769 | 773 | 748 | 584 | 728 | ||||||
| Dividend Growth | 740 | 1,178 | 1,262 | 1,254 | 1,228 | 1,192 | 1,193 | ||||||
| Emerging Europe & Mediterranean | — | 1,072 | 1,142 | 1,157 | 1,120 | — | 1,085 | ||||||
| Emerging Markets Bond | — | 1,014 | 1,086 | 1,088 | 1,057 | — | 1,028 | ||||||
| Emerging Markets Stock | — | 1,350 | 1,441 | 1,452 | 1,410 | — | 1,364 | ||||||
| Equity Income | 938 | 4,484 | 4,820 | 4,828 | 4,676 | 4,275 | 4,566 | ||||||
| Equity Income Portfolio | 938 | 1,537 | 1,644 | 1,624 | 1,600 | 1,525 | 1,555 | ||||||
| Equity Index 500 | 941 | 2,667 | 2,862 | 2,805 | 2,776 | 2,815 | 2,698 | ||||||
| Equity Index 500 Portfolio | 118 | 664 | 711 | 719 | 691 | 505 | 676 | ||||||
| European Stock | — | 1,233 | 1,316 | 1,334 | 1,290 | — | 1,249 | ||||||
| Extended Equity Market Index | 599 | 819 | 879 | 883 | 854 | 744 | 832 | ||||||
| Financial Services | 632 | 918 | 982 | 982 | 958 | 882 | 932 | ||||||
| Florida Intermediate Tax-Free | — | 788 | 838 | 846 | 796 | — | 857 | ||||||
| Georgia Tax-Free Bond | — | 784 | 834 | 844 | 793 | — | 855 | ||||||
| Global Stock | — | 818 | 874 | 904 | 857 | — | 831 | ||||||
| Global Technology | 326 | 734 | 788 | 791 | 767 | 615 | 750 | ||||||
| GNMA | — | 975 | 1,054 | 1,077 | 995 | 186 | 1,075 | ||||||
| TRP Government Reserve Investment | — | 913 | 990 | 1,010 | 936 | 175 | 1,005 | ||||||
| Growth & Income | 938 | 1,569 | 1,680 | 1,664 | 1,633 | 1,550 | 1,589 | ||||||
| Growth Stock | 938 | 3,359 | 3,608 | 3,562 | 3,500 | 3,383 | 3,406 | ||||||
| Health Sciences | 932 | 1,438 | 1,538 | 1,523 | 1,496 | 1,404 | 1,455 | ||||||
| Health Sciences Portfolio | 124 | 666 | 713 | 721 | 694 | 508 | 678 | ||||||
| High Yield | — | 1,459 | 1,588 | 1,620 | 1,491 | 307 | 1,623 | ||||||
| Inflation Protected Bond | — | 746 | 804 | 820 | 763 | 128 | 814 | ||||||
| Institutional Core Plus | — | 363 | 393 | 405 | 377 | 120 | 381 | ||||||
| Institutional Emerging Markets Equity | — | 821 | 876 | 901 | 859 | — | 836 | ||||||
| Institutional Foreign Equity | — | 967 | 1,037 | 1,061 | 1,061 | — | 982 | ||||||
| Institutional High Yield | — | 851 | 920 | 938 | 871 | 147 | 936 | ||||||
| Institutional Large-Cap Core Growth | 169 | 679 | 732 | 737 | 712 | 535 | 691 | ||||||
| Institutional Large-Cap Growth | 443 | 740 | 793 | 798 | 771 | 618 | 752 | ||||||
| Institutional Large-Cap Value | 350 | 741 | 795 | 798 | 774 | 625 | 753 | ||||||
| Institutional Mid-Cap Equity Growth | 649 | 947 | 1,016 | 1,014 | 988 | 931 | 960 | ||||||
| Institutional Small-Cap Stock | 650 | 950 | 1,019 | 1,019 | 991 | 936 | 964 | ||||||
| International Bond | — | 1,797 | 1,921 | 1,898 | 1,873 | — | 1,815 | ||||||
| International Discovery | — | 1,431 | 1,526 | 1,540 | 1,492 | — | 1,447 | ||||||
| International Equity Index | — | 829 | 885 | 910 | 861 | — | 841 | ||||||
| International Growth & Income | — | 1,287 | 1,371 | 1,388 | 1,342 | — | 1,302 | ||||||
| International Stock | — | 2,307 | 2,472 | 2,496 | 2,414 | — | 2,339 | ||||||
| International Stock Portfolio | — | 1,106 | 1,184 | 1,178 | 1,153 | — | 1,120 | ||||||
| Japan | — | 881 | 941 | 967 | 922 | — | 894 | ||||||
| Latin America | — | 1,093 | 1,166 | 1,183 | 1,142 | — | 1,106 | ||||||
| Limited-Term Bond Portfolio | — | 742 | 794 | 799 | 774 | 585 | 755 | ||||||
| Maryland Short-Term Tax-Free Bond | — | 807 | 860 | 870 | 817 | — | 881 | ||||||
| Maryland Tax-Free Bond | — | 977 | 1,045 | 1,057 | 988 | — | 1,076 | ||||||
| Maryland Tax-Free Money | — | 789 | 839 | 849 | 797 | — | 858 | ||||||
| Media & Telecommunications | 804 | 1,285 | 1,374 | 1,362 | 1,337 | 1,251 | 1,300 | ||||||
| Mid-Cap Growth | 938 | 3,785 | 4,070 | 4,045 | 3,945 | 3,757 | 3,848 | ||||||
| Mid-Cap Growth Portfolio | 718 | 1,108 | 1,1 86 | 1,179 | 1,153 | 1,155 | 1,123 | ||||||
| Mid-Cap Value | 938 | 2,774 | 2,977 | 2,918 | 2,888 | 2,873 | 2,805 | ||||||
| New America Growth | 768 | 1,254 | 1,342 | 1,333 | 1,305 | 1,226 | 1,270 | ||||||
| New America Growth Portfolio | 282 | 715 | 767 | 771 | 746 | 583 | 727 | ||||||
| New Asia | — | 1,458 | 1,552 | 1,567 | 1,520 | — | 1,472 | ||||||
| New Era | 938 | 1,991 | 2,133 | 2,094 | 2,073 | 2,096 | 2,011 | ||||||
| New Horizons | 938 | 2,832 | 3,043 | 2,983 | 2,949 | 2,891 | 2,867 | ||||||
| New Income | — | 1,227 | 1,332 | 1,361 | 1,254 | 260 | 1,359 | ||||||
| New Jersey Tax-Free Bond | — | 795 | 846 | 854 | 804 | — | 867 | ||||||
| New York Tax-Free Bond | — | 809 | 861 | 869 | 818 | — | 882 | ||||||
| New York Tax-Free Money | — | 788 | 838 | 846 | 796 | — | 858 | ||||||
| Personal Strategy Balanced | — | 911 | 986 | 1,005 | 932 | 169 | 1,003 | ||||||
| Personal Strategy Balanced Portfolio | 377 | 751 | 802 | 810 | 780 | 636 | 763 | ||||||
| Personal Strategy Growth | — | 852 | 919 | 938 | 870 | 155 | 935 | ||||||
| Personal Strategy Income | — | 801 | 863 | 884 | 819 | 141 | 879 | ||||||
| Prime Reserve | — | 1,613 | 1,758 | 1,794 | 1,649 | 339 | 1,801 | ||||||
| Prime Reserve Portfolio | — | 700 | 754 | 758 | 734 | 531 | 712 | ||||||
| Real Estate | 785 | 1,219 | 1,302 | 1,294 | 1,269 | 1,221 | 1,233 | ||||||
| TRP Reserve Investment | — | 1,800 | 1,963 | 2,004 | 1,842 | 431 | 2,004 | ||||||
| Retirement 2005 | — | 761 | 820 | 839 | 780 | 134 | 831 | ||||||
| Retirement 2010 | — | 850 | 917 | 938 | 871 | 164 | 931 | ||||||
| Retirement 2015 | — | 779 | 839 | 856 | 797 | 143 | 850 | ||||||
| Retirement 2020 | — | 871 | 940 | 959 | 891 | 172 | 952 | ||||||
| Retirement 2025 | — | 771 | 831 | 848 | 789 | 139 | 841 | ||||||
| Retirement 2030 | — | 812 | 875 | 894 | 830 | 152 | 887 | ||||||
| Retirement 2035 | — | 748 | 805 | 822 | 765 | 130 | 816 | ||||||
| Retirement 2040 | — | 767 | 826 | 843 | 785 | 136 | 838 | ||||||
| Retirement 2045(a) | — | — | — | — | — | — | — | ||||||
| Retirement Income | — | 783 | 845 | 862 | 801 | 139 | 856 | ||||||
| Science & Technology | 938 | 2,248 | 2,416 | 2,376 | 2,342 | 2,581 | 2,278 | ||||||
| Short-Term Bond | — | 1,004 | 1,088 | 1,111 | 1,027 | 186 | 1,110 | ||||||
| Small-Cap Stock | 938 | 3,005 | 3,232 | 3,170 | 3,132 | 3,007 | 3,043 | ||||||
| Small-Cap Value | 938 | 2,634 | 2,827 | 2,772 | 2,740 | 2,806 | 2,665 | ||||||
| Spectrum Growth | 938 | 1,849 | 1,982 | 1,955 | 1,924 | 1,890 | 1,871 | ||||||
| Spectrum Income | 938 | 2,419 | 2,598 | 2,555 | 2,521 | 2,708 | 2,448 | ||||||
| Spectrum International | 388 | 751 | 802 | 808 | 780 | 634 | 763 | ||||||
| Summit Cash Reserves | — | 1,790 | 1,917 | 1,937 | 1,874 | 1,697 | 1,815 | ||||||
| Summit GNMA | — | 746 | 800 | 822 | 784 | 460 | 760 | ||||||
| Summit Municipal Income | — | 774 | 829 | 850 | 809 | 504 | 787 | ||||||
| Summit Municipal Intermediate | — | 819 | 872 | 895 | 854 | 565 | 831 | ||||||
| Summit Municipal Money Market | — | 1,014 | 1,084 | 1,103 | 1,061 | 835 | 1,029 | ||||||
| Tax-Efficient Balanced | — | 777 | 826 | 834 | 786 | — | 846 | ||||||
| Tax-Efficient Growth | — | 782 | 832 | 841 | 791 | — | 851 | ||||||
| Tax-Efficient Multi-Cap Growth | — | 774 | 823 | 831 | 783 | — | 842 | ||||||
| Tax-Exempt Money | — | 886 | 945 | 955 | 895 | — | 971 | ||||||
| Tax-Free High Yield | — | 962 | 1,030 | 1,039 | 973 | — | 1,058 | ||||||
| Tax-Free Income | — | 1,049 | 1,125 | 1,137 | 1,061 | — | 1,158 | ||||||
| Tax-Free Intermediate Bond | — | 798 | 848 | 857 | 806 | — | 870 | ||||||
| Tax-Free Short-Intermediate | — | 865 | 922 | 931 | 875 | — | 946 | ||||||
| Total Equity Market Index | 629 | 908 | 972 | 973 | 947 | 872 | 921 | ||||||
| U.S. Bond Index | — | 792 | 849 | 870 | 831 | 529 | 801 | ||||||
| U.S. Treasury Intermediate | — | 788 | 850 | 869 | 806 | 136 | 863 | ||||||
| U.S. Treasury Long-Term | — | 780 | 839 | 857 | 796 | 134 | 853 | ||||||
| U.S. Treasury Money | — | 903 | 975 | 995 | 922 | 164 | 994 | ||||||
| Value | 938 | 1,964 | 2,105 | 2,070 | 2,044 | 2,044 | 1,986 | ||||||
| Virginia Tax-Free Bond | — | 838 | 893 | 902 | 847 | — | 916 | ||||||
| Total Compensation From Funds and Fund Complex(b) | 38,306 | 150,000 | 160,750 | 159,500 | 156,250 | 125,000 | 152,000 | ||||||
PAGE 19
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PAGE 21
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PAGE 23
(a)The fund began operations on May 31, 2005, the last day of its fiscal year.
(b)Represents compensation paid for calendar year 2005. It may not equal the sum of the amounts shown in the table, which represents compensation for each fund`s recently completed fiscal year.
PAGE 24
What vote is required to elect the directors/trustees?
For all funds other than the California Tax-Free Income, Index, and State Tax-Free Trusts, Equity and Fixed Income Series, and Institutional Equity, Institutional Income, Institutional International, International, Personal Strategy, TRP Reserve Investment, Retirement, Spectrum, Summit, Summit Municipal, Tax-Efficient, and U.S. Treasury Funds, each fund votes separately and those nominees receiving the highest number of votes c ast at the meeting shall be elected directors/trustees of that fund (provided a quorum is present).
For the California Tax-Free Income, Index, and State Tax-Free Tr usts, Equity and Fixed Income Series, and Institutional Equity, Institutional Income, Institutional International, International, Personal Strategy, TRP Reserve Investment, Retirement, Spectrum, Summit, Summit Municipal, Tax-Efficient, and U.S. Treasury Funds, each corporation/trust votes separately but all series of each corporation vote together. The votes of the Blue Chip Growth, Capital Appreciation, Capital Opportunity, Dividend Growth, Equity Income, Growth Stock, High Yield, International Bond, International Growth & Income, International Stock, Mid-Cap Growth, Mid-Cap Value, New America Growth, New Income, Real Estate, Retirement 2010, Retirement 2020, Retirement 2030, Retirement 2040, Retirement Income, Science & Technology, Short-Term Bond, Small-Cap Stock, Small-Cap Value, Tax-Free Income, and Value Funds will include the votes of their Advisor and/or R Classes. The votes of the Blue Chip Growth, Equity Income, Health Sciences, Limited-Term Bond, and Mid-Cap Growth Portfolios will include the votes of their II Classes. Those nominees receiving the highest number of the combined votes cast at the meeting by the shareholders of all series and classes of each corporation/trust shall be elected directors/trustees of that corporation/trust (provided a quorum is present). The Board of Directors/Trustees recommends that shareholders vote FOR all of the proposed nominees.
PROPOSAL NO. 2 — Amend Investment Objective
GNMA FUND
The fund`s current objective is to seek "high current income consistent with maximum credit protection and moderate price fluctuation by investing exclusively in securities backed by the full faith and credit of the U.S. government and instruments linked to these securities.
The Board proposes that the objective be changed so that the fund is required to invest 80% of its net assets in GNMA securities backed by the full faith and credit of the U.S. government.
The new objective would differ from the current objective in two significant respects. First, the new objective would require that 80% of fund net assets be invested in GNMA securities backed by the full faith and credit of the U.S. government. The current objective requires that 100% of the fund`s assets be invested in securities backed by the full faith and credit of the U.S. government, but not necessarily GNMA securities. However, under rules adopted under the 1940 Act, at least
PAGE 25
80% of the fund`s assets must be invested in GNMA securities. The proposed change in the fund`s objective does not change this requirement.
Secondly, under the proposed new objective up to 20% of the fund`s net assets could be invested in securities not backed by the full faith and credit of the U.S. government. The other 20% of the fund`s securities could be invested in a wide variety of government and non-government securities and investments. The fund`s Board of Trustees has indicated that it will require the fund`s non-GNMA securities to have a credit rating of at least AA or the equivalent as determined by a national rating organization or, if unrated, deemed to be of comparable quality by T. Rowe Price. While it has no current intention to do so, the Board could authorize the fund to invest in lower quality securities at some time in the future. Under the current objective, the fund may not invest in any securities not backed by the full faith and credit of the U.S. government.
Securities backed by the full faith and credit of the U.S. government are considered to have no credit risk. While the non-GNMA securities that the fund would be eligible to invest in must be rated at least AA (or the equivalent), they will have some credit risk. Credit risk is the risk that an issuer will have its credit ratings downgraded or will default (fail to make scheduled interest or principal payments), potentially reducing the fund`s income l evel and share price. By conducting thorough credit research of its non-GNMA securities, T. Rowe Price will seek to reduce this risk.
The Board believes the proposed change to the fund`s objective, including the increase in the fund`s credit risk, is in the interests of the fund`s shareholders. The additional flexibility will provide the fund with more options in terms of incremental yield, diversification, and the ability to manage the fund in response to interest rate changes. With these tools the Board believes the fund will be able to execute its investment strategies more precisely.
If the proposed amendment is approved by shareholders, it will become effective on or about June 1 , 2006. Shareholders will receive notification of the changes to the fund`s objectives and programs.
What vote is required to approve this amendment to the fund`s investment objective?
Proposal No. 2 requires the affirmati ve vote of the lesser of (1) 67% of the shares present at the meeting of the fund in person or by proxy or (2) a majority of the fund`s outstanding shares. The Board of Trustees of the fund recommends that shareholders vote FOR the proposal.
PAGE 26
PROPOSAL NO. 3 — Amend Industry Concentration Fundamental Policy
HIGH YIELD, INTERNATIONAL BOND, NEW INCOME, AND SHORT-TERM BOND FUNDS AND THEIR ADVISOR AND/OR R CLASSES
Each fund`s Board is recommending that its fundamental policy on industry concentration (set forth below) be simplified and changed.
Industry Concentration (High Yield Fund and its Advisor Class) Purchase the securities of any issuer if, as a result, more than 25% of the value of the fund`s total assets would be invested in the securities of issuers having their principal business activities in the same industry, provided, however, that the fund will normally concentrate 25% or more of its assets in securities of the banking industry when the fund`s position in issues maturing in one year or less equals 35% or more of the fund`s total assets.
Industry Concentration (International Bond Fund and its Advisor Class) Purchase the securities of any issuer if, as a result, more than 25% of the value of the fund`s total assets would be invested in the securities of issuers having their principal business activities in the same industry, provided, however, that the fund will normally concentrate 25% or more of its assets in securities of the banking industry when the fund`s position in issues maturing in one year or less equals 35% or more of the fund`s total assets.
Industry Concentration (New Income Fund and its Advisor and R Class) Purchase the securities of any issuer if, as a result, more than 25% of the value of the fund`s total assets would be invested in the securities of issuers having their principal business activities in the same industry, provided, however, that the fund will invest more than 25% of its total assets, but not more than 50%, in any one of the gas utility, gas transmission utility, electric utility, telephone utility, and petroleum industries under certain circumstances, and further provided that this limitation does not apply to securities of the banking industry including, but not limited to, certificates of deposit and banker`s acceptances.
Industry Concentration (Short-Term Bond Fund and its Advisor Class) Purchase the securities of any issuer if, as a result, more than 25% of the value of the fund`s total assets would be invested in the securities of issuers having their principal business activities in the same industry, provided, however, that the fund will normally invest more than 25% of its total assets in the securities of the banking industry including, but not limited to, bank certificates of deposit and banker`s acceptances when the fund`s position in issues maturing in one year or less equals 35% or more of the fund`s total assets; provided, further, that the fund will invest more than 25% of its total assets, but not more than 50%, in any one of the gas utility, gas transmission utility, electric utility, telephone utility, and petroleum industries under certain circumstances.
PAGE 27
Since these policies were adopted, none of the funds has concentrated their investments in any industry and the circumstances which would have required such concentration have not occurred. As a result, the Boards have concluded that the existing policies are not necessary for the funds to fully implement their investment program s.
The Boards recommend that each fund`s new policy read as follows:
"The fund may not purchase the securities of any issuer if, as a result, more than 25% of the value of the fund`s total assets would be invested in the securities of issuers having their principal business activities in the same industry."
If the new policy is approved, each fund will not invest more than 25% of its total assets in securities of companies in the same industry. The funds have not concentrated their investments in single industries in the past and the new policy will not change that practice.
If the proposed amendment is approved by shareholders, it will become effective on or about May 1, 2006, or at such other time as the directors/trustees of the funds deem appropriate.
What vote is required to approve this amendment to each fund`s fundamental policy?
Proposal No. 3 requires the affirmative vote of the lesser of (1) 67% of the shares (including all classes) present at the meeting of each fund in person or by proxy or (b) a majority of each fund`s outstanding shares (including all classes). The Board of Directors of each fund recommends that shareholders vote FOR the proposal.
PROPOSAL NO. 4 — Adopt a New Industry Concentration Fundamental Policy
EQUITY INDEX 500 FUND, EXTENDED EQUITY MARKET INDEX FUND, TOTAL EQUITY MARKET INDEX FUND, AND EQUITY INDEX 500 PORTFOLIO
Each fund`s Board is recommending that its fundamental policy on industry concentration be changed to accommodate their operation as index funds. Currently the policies state that as a matter of fundamental policy, the funds may not:
"Purchase the securities of an y issuer if, as a result, more than 25% of the value of the funds` total assets would be invested in the securities of issuers having their principal business activities in the same industry."
The Boards are recommending that the funds adopt the following policy relating to concentration:
"The fund may not purchase the securities of any issuer if, as a result, more than 25% of the value of the fund`s total assets would be invested in the securities of issuers having their principal business activities in the same industry, except that the fund will invest more
PAGE 28
than 25% of the value of its total assets in issuers having their principal business activities in the same industry to the extent necessary to replicate the index that the fund uses as its benchmark as set forth in its prospectus."
This policy will simply allow each of the index funds to concentrate in an industry if the index the fund seeks to replicate also concentrates in that industry. Although such a scenario is unlikely, the proposal will provide the funds with the necessary flexibility should an index become concentrated. In the absence of this change, if one of the indices these funds follow were to become concentrated, the funds would not be able to replicate the index.
What vote is required for each fund to adopt a new fundamental policy?
Proposal No. 4 requires the affirmative vote of the lesser of (1) 60;67% of the shares present at the meeting of each fund in person or by proxy or (b) a majority of each fund`s outstanding shares. The Board of Directors of each fund recommends that shareholders vote FOR the proposal.
FURTHER INFORMATION ABOUT VOTING AND
THE SHAREHOLDER MEETING
THE SHAREHOLDER MEETING
What is the required quorum?
To hold a meeting for a corporation or trust, a majority of the corporation or trust`s shares entitled to be voted must have been received by proxy or be present at the meeting. In the event that a quorum is present but sufficient votes in favor of a proposal are not received by the meeting date, the persons named as proxies may propose one or more adjournments to permit further solicitation of proxies. Any such adjournment will require the affirmative vote of a majority of the shares present in person or by proxy at the meeting to be adjourned. The persons named as proxies will vote in favor of such adjournment if they determine that additional solicitation is reasonable and in the interests of the corporation/trust`s shareholders.
How are the votes counted?
The individuals named as proxies (or their substitutes) on the enclosed proxy card (or cards, if you have multiple funds or accounts) will vote according to your directions if your proxy is received properly executed, or in accordance with your instructions given when voting by telephone or Internet. With respect to directors/trustees, you may direct the proxy holders to vote your shares on the proposal by checking the appropriate box "FOR ALL NOMINEES" or "FOR ALL EXCEPT," or instruct them not to vote those shares on the proposal by checking the "WITHHOLD AUTHORITY" box. With respect to proposals 2, 3, and 4, you may direct the proxy holders to vote FOR or AGAINST. Alternatively, you may simply sign, date, and return your proxy card(s) with no specific instructions as to the proposals. If you
PAGE 29
properly execute your proxy card and give no voting instructions with respect to the election of directors/trustees or any of the other proposals, your shares will be voted FOR ALL NOMINEES and for all of the other proposals.
Abstentions and "broker non-votes" (as defined below) are counted for purposes of determining whether a quorum is present for purposes of convening the meeting. "Broker non-votes" are shares held by a broker or nominee for which an executed proxy is received by the fund but are not voted as to one or more proposals because instructions have not been received from the beneficial owners or persons entitled to vote, and the broker or nominee does not have discretionary voting power. If a proposal must be approved by a percentage of votes cast on the proposal, abstentions and broker non-votes will not be counted as "votes cast" on the proposal and will have no effect on the result of the vote. If the proposal must be approved by a percentage of voting securities present at the meeting or a majority of the fund`s outstanding shares, abstentions and broker non-votes will be considered to be voting securities that are present and will have the effect of being counted as votes against the proposal.
For shares held in IRA accounts, the Custodian shall, without written direction from the investor, vote shares for which no voting instructions are timely received in the same proportion as shares for which voting instructions from other shareholders are timely received.
Shares of the Equity, Fixed Income, and International Serie s held by insurance company separate accounts for which the insurance company has not received timely voting instructions, as well as shares the insurance company owns, shall be voted in the same proportion as shares for which voting instructions from contractholders are timely received.
Shares of the Price funds held by the Spectrum and Retirement Funds will be voted in the same proportion as shares for which voting instructions from other shareholders are timely received.
Can additional matters be acted upon at the annual meeting?
The management of the funds knows of no other business that may come before the meeting. However, if any additional matters are properly presented at the meeting, it is intended that the persons named in the enclosed proxy, or their substitutes, will vote on such matters in accordance with their judgment.
How can proxies be recorded?
You may record your votes o n the proxy card enclosed with this statement and mail it in the prepaid envelope provided to Management Information Services Corp., who the funds have retained to tabulate the votes. In addition, the funds (except the Equity, Fixed Income, and International Series) have arranged to have votes recorded through the Internet or by telephone. The telephone and Internet voting procedures are designed to authenticate shareholders` identities, to
PAGE 30
allow shareholders to authorize the voting of their shares in accordance with their instructions, and to confirm that their instructions have been properly recorded.
How can proxies be solicited, and who pays for the costs involved?
Directors/trustees, officers, or employees of the funds, T. Rowe Price or Price International may solicit proxies by mail, in person, or by telephone. In the event that votes are solicited by telephone, shareholders would be called at the telephone number T. Rowe Price has in its records for their accounts, and would be asked for their Social Security number or other identifying information. The shareholders would then be given an opportunity to authorize proxies to vote their shares at the meeting in accordance with their instructions. To ensure that shareholders` instructions have been recorded correctly, confirmation of the instructions is also mailed. A special toll-free number will be available in case the information contained in the confirmation is incorrect.
To ensure that sufficient shares of common stock are represented at the meeting to permit approval of the proposals outlined in the proxy statement, the funds may retain the services of a proxy solicitor to assist them in soliciting proxies for a fee plus reimbursement of out-of-pocket expenses. Securities brokers, custodians, fiduciaries, and other persons holding shares as nominees will be reimbursed, upon request, for their reasonable expenses in sending solicitation materials to the principals of the accounts.
All costs of the shareholder meetings and the proxy solicitation will be paid for by the funds, except for the Index Trust and the Institutional Income, Institutional Equity, Institutional International, International Index, TRP Reserve Investment, Summit, Summit Municipal, and U.S. Bond Index Funds. These funds pay a single fee to T. Rowe Price and, as a result, T. Rowe Price will bear these costs for these funds.
Can I change my vote after I mail my proxy?
Any proxy, including those given via the Internet or by telephone, may be revoked at any time before it is voted by filing a written notice of revocation with the funds, by delivering a properly executed proxy bearing a later date, or by attending the meeting and voting in person.
Are the funds required to hold annual meetings?
Under Maryland and Massachusetts law, the funds are not required to hold annual meetings. The Board of Directors/Trustees of each fund has determined that the funds will take advantage of these Maryland and Massachusetts law provisions to avoid the significant expense associated with holding annual meetings, including legal, accounting, printing, and mailing fees incurred in preparing proxy materials. Accordingly, no annual meetings shall be held in any year in which a meeting is not otherwise required to be held by the 1940 Act unless the
PAGE 31
Boards determine otherwise. However, special meetings will be held in accordance with applicable law or when otherwise determined by each fund`s Board.
If a shareholder wishes to present a proposal to be included in a proxy statement for a subsequent shareholder meeting, the proposal must be submitted in writing and received by Patricia B. Lippert, Secretary of the Funds, T. Rowe Price Associates, Inc., 100 East Pratt Street, Baltimore, MD 21202, within a reasonable time before the funds begin to print and mail their proxy materials.
GENERAL INFORMATION ABOUT THE FUNDS
Who are the funds` executive officers?
Table 5 lists the executive officers of the funds and their positions with T. Rowe Price, Price International, and T. Rowe Price Group. Each executive officer has been an officer of T. Rowe Price, Price International, or T. Rowe Price Group and the funds for at least the last five years unless otherwise indicated.
For all funds other than those referred to in the next sentence, the executive officers and directors/trustees of each fund, as a group, beneficially owned, directly or indirectly, less than 1% of any of the fund`s outstanding shares as of December 31, 2005. For the following funds, the executive officers and directors/trustees of each fund, as a group, beneficially owned, directly or indirec tly, the following percentages of each such fund`s outstanding shares as of December 31, 2005: Summit Municipal Income Fund (1.17%); Tax-Efficient Balanced Fund (1.28%); Tax-Efficient Growth Fund (2.04%); and Tax-Efficient Multi-Cap Growth Fund (1.90%).
5 Executive Officers of the Funds (continued)
Officer, Year of Birth | Position With Fund | Position With T. Rowe Price | Position With T. Rowe Price Group | |||
|---|---|---|---|---|---|---|
| Balanced | ||||||
| Richard T. Whitney, 1958a | President | Vice President | Vice President | |||
| Blue Chip Growth | ||||||
| Larry J. Puglia, 1960a | President | Vice President | Vice President | |||
| California Tax-Free Income Trust | ||||||
| Mary J. Miller, 1955a | President | Director and Vice President | Vice President | |||
| Joseph K. Lynagh, 1958 | Executive Vice President | Vice President | Vice President | |||
| Konstantine B. Mallas, 1963 | Executive Vice President | Vice President | Vice President | |||
| Capital Appreciation | ||||||
| Stephen W. Boesel, 1944a | President | Vice President | Vice President | |||
| Capital Opportunity | ||||||
| William J. Stromberg, 1960a | President | Vice President | Vice President | |||
| Corporate Income | ||||||
| David A. Tiberii, 1965a | President | Vice President | Vice President | |||
| Mark J. Vaselkiv, 1958a | Executive Vice President | Vice President | Vice President | |||
| Developing Technologies | ||||||
| Michael F. Sola, 1969 | President | Vice President | Vice President | |||
| Jeffrey Rottinghaus, 1970a | Executive Vice President | Vice President | Vice President | |||
| Diversified Mid-Cap Growth | ||||||
| Donald J. Peters, 1959 | President | Vice President | Vice President | |||
| Diversified Small-Cap Growth | ||||||
| Paul W. Wojcik, 1970 | President | Vice President | Vice President | |||
| Richard T. Whitney, 1958a | Executive Vice President | Vice President | Vice President | |||
| Dividend Growth | ||||||
| Thomas J. Huber, 1966 | President | Vice President | Vice President | |||
| Equity Income | ||||||
| Brian C. Rogers, 1955a | President | Chief Investment Officer, Director, and Vice President | Chief Investment Officer, Director, and Vice President | |||
| Equity S eries | ||||||
| Brian C. Rogers, 1955a | President | Chief Investment Officer, Director, and Vice President | Chief Investment Officer, Director, and Vice President | |||
| E. Frederick Bair, 1969 | Executive Vice President | Vice President | None | |||
| Brian W. H. Berghuis, 1958a | Executive Vice President | Vice President | Vice President | |||
| Kris H. Jenner, 1962 | Executive Vice President | Vice President | Vice President | |||
| Joseph M. Milano, 1972 | Executive Vice President | Vice President | Vice President | |||
| Edmund M. Notzon III, 1945a | Executive Vice President | Vice Pr esident | Vice President | |||
| Larry J. Puglia, 1960a | Executive Vice President | Vice President | Vice President | |||
| Financial Services | ||||||
| Michael W. Holton, 1968 | President | Vice President | Vice President | |||
| Fixed Income Series | ||||||
| Edward A. Wiese, 1959 | President | Vice President | Vice President | |||
| James M. McDonald, 1949 | Executive Vice President | Vice President | Vice President | |||
| Global Technology | ||||||
| Robert N. Gensler, 1957b | President | Vice President | Vice President | |||
| GNMA | ||||||
| Connice A. Bavely, 1951 | President | Vice President | Vice President | |||
| Growth & Income | ||||||
| Anna M. Dopkin, 1967 | President | Vice President | Vice President | |||
| Growth Stock | ||||||
| Robert W. Smith, 1961a | President | Vice President | Vice President | |||
| Robert W. Sharps, 1971 | Executive Vice President | President | President | |||
| Health Sciences | ||||||
| Kris H. Jenner, 1962 | President | Vice President | Vice President | |||
| High Yield | ||||||
| Mark J. Vaselkiv, 1958a | President | Vice President | Vice President | |||
| Index Trust | ||||||
| E. Frederick Bair, 1969 | President | Vice President | None | |||
| Inflation Protected Bond | ||||||
| Daniel O. Shackelford, 1958 | President | Vice President | Vice President | |||
| Institutional Equity | ||||||
| Brian C. Rogers, 1955a | President | Chief Investment Officer, Director, and Vice President | Chief Investment Officer, Director, and Vice President | |||
| Brian W. H. Berghuis, 1958a | Executive Vice President | Vice President | Vice President | |||
| John D. Linehan, 1965b | Executive Vice President | Vice President | Vice President | |||
| Gregory A. McCrickard, 1958a | Executive Vice President | Vice President | Vice President | |||
| Larry J. Puglia, 1960a | Executive Vice President | Vice President | Vice President | |||
| Robert W. Sharps, 1971 | Executive Vice President | Vice President | Vice President | |||
| Robert W. Smith, 1961a | Executive Vice President | Vice President | Vice President | |||
| Institutional Income | ||||||
| Mary J. Miller, 1955a | President | Director and Vice President | Vice President | |||
| Brian J.Brennan, 1964a | Executive Vice President | Vice President | Vice President | |||
| Mark J. Vaselkiv, 1958a | Executive Vice President | V ice President | Vice President | |||
| Institutional International | ||||||
| David J. L. Warren, 1957ab | President | Director and Vice President | Vice President | |||
| International | ||||||
| David J. L. Warren, 1957ab | Preside nt | Director and Vice President | Vice President | |||
| Robert N. Gensler, 1957b | Executive Vice President | Vice President | Vice President | |||
| Raymond A. Mills, 1960b | Executive Vice President | Vice President | Vice President | |||
| International Equity Index | ||||||
| E. Frederick Bair, 1969 | President | Vice President | None | |||
| International Series | ||||||
| David J. L. Warren, 1957 ab | President | Director and Vice President | Vice President | |||
| Media & Telecommunications | ||||||
| Robert N. Gensler, 1957b | President | Vice President | Vice President | |||
| P. Robert Bartolo, 1972a | Executive Vice President | Vice President | Vice President | |||
| Henry M. Ellenbogen, 1971a | Executive Vice President | Vice President | Vice President | |||
| Mid-Cap Growth | ||||||
| Brian W. H. Berghuis, 1958a | President | Vice President | Vice President | |||
| John F. Wakeman, 1962 | Executive Vice President | Vice President | Vice President | |||
| Mid-Cap Value | ||||||
| David J. Wallack, 1960 | President | Vice President | Vice President | |||
| New America Growth | ||||||
| Joseph M. Milano, 1972 | President | Vice President | Vice President | |||
| New Era | ||||||
| Charles M. Ober, 1950 | President | Vice President | Vice President | |||
| New Horizons | ||||||
| John H. Laporte, 1945a | President | Vice President | Vice President | |||
| New Income | ||||||
| Daniel O. Shackelford, 1958 | President | Vice President | Vice President | |||
| Personal Strategy | ||||||
| Edmund M. Notzon III, 1945a | President | Vice President | Vice President | |||
| Stephen W. Boesel, 1944a | Executive Vice President | Vice President | Vice President | |||
| Larry J. Puglia, 1960a | Executive Vice President | Vice President | Vice President | |||
| Prime Reserve | ||||||
| James M. McDonald, 1949 | President | Vice President | Vice President | |||
| Real Estate | ||||||
| David M. Lee, 1962 | President | Vice President | Vice President | |||
| TRP Reserve Investment | ||||||
| James M. McDonald, 1949 | President | Vice President | Vice President | |||
| Retirement | ||||||
| Edmund M. Notzon III, 1945a | President | Vice President | Vice President | |||
| Stephen W. Boesel, 1944a | Executive Vice President | Vice President | Vice President | |||
| Science & Technology | ||||||
| Michael F. Sola, 1969 | President | Vice President | Vice President | |||
| Short-Term Bond | ||||||
| Edward A. Wiese, 1959 | President | Vice President | Vice President | |||
| Small-Cap Stock | ||||||
| Gregory A. McCrickard, 1958a | President | Vice President | Vice President | |||
| Small-Cap Value | ||||||
| Preston G. Athey, 1949a | President | Vice President | Vice President | |||
| Spectrum | ||||||
| Edmund M. Notzon III, 1945a | President | Vice President | Vice President | |||
| Stephen W. Boesel, 1944a | Executive Vice President | Vice President | Vice President | |||
| Mary J. Miller, 1955a | Executive Vice President | Director and Vice President | Vice President | |||
| David J. L. Warren, 1957ab | Executive Vice President | Direct or and Vice President | Vice President | |||
| State Tax-Free Income Trust | ||||||
| Mary J. Miller, 1955a | President | Director and Vice President | Vice President | |||
| Charles B. Hill, 1961 | Executive Vice President | Vice President | Vice President | |||
| Joseph K. Lynagh, 1958 | Executive Vice President | Vice President | Vice President | |||
| Konstantine B. Mallas, 1963 | Executive Vice President | Vice President | Vice President | |||
| Hugh D. McGuirk, 1960 | Executive Vice President | Vice President | Vice President | |||
| Summit | ||||||
| Edward A. Wiese, 1959 | President | Vice President | Vice President | |||
| Connice A. Bavely, 1951 | Executive Vice President | Vice President | Vice President | |||
| James M. McDonald, 1949 | Executive Vice President | Vice President | Vice President | |||
| Summit Municipal | ||||||
| Mary J. Miller, 1955a | President | Director and Vice President | Vice President | |||
| Charles B. Hill, 1961 | Executive Vice President | Vice President | Vice President | |||
| Joseph K. Lynagh, 1958 | Executive Vice President | Vice President | Vice President | |||
| Konstantine B. Mallas, 1963 | Executive Vice President | Vice President | Vice President | |||
| Tax-Efficient | ||||||
| Donald J. Peters, 1959 | President | Vice President | Vice President | |||
| Hugh D. McGuirk, 1960 | Executive Vice President | Vice President | Vice President | |||
| Tax-Exempt Money | ||||||
| Joseph K. Lynagh, 1958 | President | Vice President | Vice President | |||
| Tax-Free High Yield | ||||||
| James M. Murphy, 1967 | President | Vice President | Vice President | |||
| Tax-Free Income | ||||||
| Mary J. Miller, 1955a | President | Director and V ice President | Vice President | |||
| Tax-Free Intermediate Bond | ||||||
| Charles B. Hill, 1961 | President | Vice President | Vice President | |||
| Tax-Free Short-Intermediate | ||||||
| Charles B. Hill, 1961 | President | Vice President | Vice President | |||
| U.S. Bond Index | ||||||
| Edmund M. Notzon III, 1945a | President | Vice President | Vice President | |||
| Charles M. Shriver, 1967 | Executive Vice President | Vice President | None | |||
| U.S. Treasury | ||||||
| Mary J. Miller, 1955a | President | Director and Vice President | Vice President | |||
| Brian J. Brennan, 1964 | Executive Vice President | Vice President | Vice President | |||
| James M. McDonald, 1949 | Executive Vice President | Vice President | Vice President | |||
| Cheryl A. Mickel, 1967 | Executive Vice President | Vice President | Vice President | |||
| Value | ||||||
| John D. Linehan, 1965b | President | Vice President | Vice President | |||
PAGE 32
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PAGE 34
PAGE 35
PAGE 36
PAGE 37
aPreston G. Athey, Brian W.H. Berghuis, Stephen W. Boesel, John H. Laporte, Gregory A. McCrickard, Mary J. Miller, Edmund M. Notzon III, Larry J. Puglia, Brian C. Rogers, Robert W. Smith, William J. Stromberg, Mark J. Vaselkiv, David J.L. Warren, and Richard T. Whitney have held their positions with T. Rowe Price Group since 2002. David A. Tiberii has held his position with T. Rowe Price Group since 2003. Henry M. Ellenbogen and Jeffrey Rottinghaus have held their positions with T. Rowe Price Group since 2004.
bRobert N. Gensler, John D. Linehan, and Raymond A. Mills are Vice Presidents of Pric e International David J.L. Warren is Chief Executive Officer, Director, and President of Price International.
What are the shares outstanding for each fund?
Table 6 presents the shares of the capital stock of each fund outstanding as of December 31, 2005.
6 Outstanding Shares of Capital Stock (continued)
T. Rowe Price Fund | Outstanding Shares of Capital Stock |
|---|---|
| Balanced | 127,755,568 |
| Blue Chip Growth | 268,260,427 |
| Blue Chip Growth Portfolio | 13,717,202 |
| California Tax-Free Bond | 26,230,831 |
| California Tax-Free Money | 107,760,923 |
| Capital Appreciation | 369,035,827 |
| Capital Opportunity | 12,823,736 |
| Corporate Income | 21,682,060 |
| Developing Technologies | 9,556,249 |
| Diversified Mid-Cap Growth | 5,295,364 |
| Diversified Small-Cap Growt h | 6,221,058 |
| Dividend Growth | 33,971,463 |
| Emerging Europe & Mediterranean | 41,862,756 |
| Emerging Markets Bond | 34,755,623 |
| Emerging Markets Stock | 60,488,791 |
| Equity Income | 786,872,106 |
| Equity Income Portfolio | 81,958,856 |
| Equity Index 500 | 173,519,179 |
| Equity Index 500 Portfolio | 1,531,440 |
| European Stock | 47,351,972 |
| Extended Equity Market Index | 18,760,616 |
| Financial Services | 18,643,826 |
| Florida Intermediate Tax-Free | 11,160,750 |
| Georgia Tax-Free Bond | 9,555,028 |
| Global Stock | 9,100,698 |
| Global Technology | 19,983,663 |
| GNMA | 133,124,558 |
| TRP Government Reserve Investment | 807,481,099 |
| Growth & Income | 84,430,452 |
| Growth Stock | 450,746,577 |
| Health Sciences | 59,379,159 |
| Health Sciences Portfolio | 942,697 |
| Hi gh Yield | 585,081,577 |
| Inflation Protected Bond | 9,947,536 |
| Institutional Core Plus | 3,279,341 |
| Institutional Emerging Markets Equity | 5,938,873 |
| Institutional Foreign Equity | 14,903,139 |
| Institutional High Yield | 33,438,482 |
| Institutional Large-Cap Core Growth | 2,775,772 |
| Institutional Large-Cap Growth | 14,769,762 |
| Institutional Large-Cap Value | 12,493,818 |
| Institutional Mid-Cap Equity Growth | 17,798,479 |
| Institutional Small-Cap Stock | 31,596,865 |
| International Bond | 178,695,061 |
| International Discovery | 36,311,315 |
| International Equity Index | 13,376,828 |
| International Growth & Income | 92,148,819 |
| International Stock | 393 ,113,541 |
| International Stock Portfolio | 30,538,563 |
| Japan | 40,916,401 |
| Latin America | 42,872,836 |
| Limited-Term Bond Portfolio | 17,633,631 |
| Maryland Short-Term Tax-Free Bond | 33,590,351 |
| Maryland Tax-Free Bond | 126,796,749 |
| Maryland Tax-Free Money | 153,942,468 |
| Media & Telecommunications | 30,828,783 |
| Mid-Cap Growth | 293,845,605 |
| Mid-Cap Growth Portfolio | 27,749,920 |
| Mid-Cap Value | 261,654,587 |
| New America Growth | 27,159,331 |
| New America Growth Portfolio | 4,641,314 |
| New Asia | 121,908,379 |
| New Era | 91,558,133 |
| New Horizons | 206,415,993 |
| New Income | 393,247,974 |
| New Jersey Tax-Free Bond | 15,139,774 |
| New York Tax-Free Bond | 21,818,22 2 |
| New York Tax-Free Money | 118,550,998 |
| Personal Strategy Balanced | 65,865,977 |
| Personal Strategy Balanced Portfolio | 7,944,029 |
| Personal Strategy Growth | 40,129,948 |
| Personal Strategy Income | 32,070,213 |
| Prime Reserve | 4,901,646,310 |
| Prime Reserve Portfolio | 23,999,771 |
| Real Estate | 49,335,891 |
| TRP Reserve Investment | 7,808,072,396 |
| Retirement 2005 | 35,556,198 |
| Retirement 2010 | 105,710,264 |
| Retirement 2015 | 82,023,217 |
| Retirement 2020 | 125,204,227 |
| Retirement 2025 | 70,808,177 |
| Retirement 2030 | 75,098,767 |
| Retirement 2035 | 30,876,283 |
| Retirement 2040 | 33,004,147 |
| Retirement 2045 | 2,451,864 |
| Re tirement Income | 41,733,665 |
| Science & Technology | 191,334,059 |
| Short-Term Bond | 271,834,489 |
| Small-Cap Stock | 226,995,215 |
| Small-Cap Value | 144,473,555 |
| Spectrum Growth | 156,678,200 |
| Spectrum Income | 330,319 ,915 |
| Spectrum International | 13,804,927 |
| Summit Cash Reserves | 3,958,990,601 |
| Summit GNMA | 8,047,820 |
| Summit Municipal Income | 14,494,828 |
| Summit Municipal Intermediate | 20,814,452 |
| Summit Municipal Money Market | 393,435,719 |
| Tax-Efficient Balanced | 2,963,970 |
| Tax-Efficient Growth | 7,082,081 |
| Tax-Efficient Multi-Cap Growth | 3,033,912 |
| Tax-Exempt Money | 1,064,446,263 |
| Tax-Free High Yield | 115,712,483 |
| Tax-Free Income | 176,134,064 |
| Tax-Free Intermediate Bond | 17,163,857 |
| Tax-Free Short-Intermediate | 96,121,979 |
| Total Equity Market Index | 28,489,829 |
| U.S. Bond Index | 16,624,370 |
| U.S. Treasury Intermediate | 49,244,825 |
| U.S. Treasury Long-Term | 18,901,246 |
| U.S. Treasury Money | 885,109,299 |
| Value | 152,844,632 |
| Virginia Tax-Free Bond | 40,964,320 |
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Who are the principal holders of each fund`s shares?
Table 7 sets forth the persons or entities owning more than 5% of each fund`s outstanding common stock as of December 31, 2005.
7 Record/Beneficial Ownership of Fund Shares (continued)
Fund | Shareholder | # of Shares | % |
|---|---|---|---|
| Balanced | T. Rowe Price Trust Company Baltimore, Maryland 21297 | 64,133,159 | 50.19 |
| Blue Chip Growth | Fidelity Investments Covington, Kentucky 41015 Pirateline & Co. Baltimore, Maryland 21202 T. Rowe Price Retirement Plan Services, Inc. Baltimore, Maryland 21297 | 13,389,532 14,788,303 78,836,569 | 5.47 6.05 32.24 |
| Blue Chip Growth Fund—Advisor Class | John Hancock Life Insurance Company USA Toronto Ontario Canada M4W1E5 Mercer Trust Co. Norwood, Massachusetts 02062 National Financial Services New York, New York 10281 | 9,621,406 1,587,130 2,405,381 | 44.44 7.33 11.11 |
| Blue Chip Growth Fund—R Class | American United Life Indianapolis, Indiana 46206 Massachusetts Mutual Life Insurance Co. Springfield, Massachusetts 01111 Nationwide Trust Company Columbus, Ohio 43218 T. Rowe Price Retirement Plan Services, Inc. | 406,452 144,877 318,078 473,020 | 22.08 7.87 17.28 25.70 |
| Blue Chip Growth Portfolio | C.M. Life Insurance Company Springfield, Massachusetts 01111 Mass Mutual Life Insurance Company Springfield, Massachusetts 01111 NYLIAC Parsippany, New Jersey 07054 Security Benefit Life Insurance Company Topeka, Kansas 66636 Transamerica Life Insurance Company Cedar Rapids, Iowa 52499 Western Reserve Life Assurance Company of Ohio Cedar Rapids, Iowa 52499 | 1,334,278 4,131,465 862,407 649,599 1,200,418 788,776 | 14.02 43.41 9.06 6.83 12.61 8.29 |
| Blue Chip Growth Portfolio—II | Lincoln Benefit Life Company Vernon Hills, Illinois 60061 National Life Insurance Co. Montpelier, Vermont 05604 Nationwide Insurance Company Columbus, Ohio 43218 | 1,851,807 316,811 697,483 | 44.09 32.67 16.61 |
| California Tax-Free Money | Georgette O`Connor Day Los Angeles, California 90049 | 8,948,515 | 8.31 |
| Capital Appreciation | Charles Schwab & Co., Inc. San Francisco, California 94104 National Financial Services T. Rowe Price Trust Company | 35,286,627 32,591,714 31,746,888 | 9.59 8.86 8.63 |
| Capital Appreciation Fund—Advisor Class | National Financial Services | 373,940 | 37.38 |
| Capital Opportunity | Swebak & Co. Rockford, Illinois 61110 McWood & Co. Raleigh, North Carolina 27626 | 2,546,013 3,308,100 | 19.92 25.89 |
| Capital Opportunity Fund—Advisor Class | T. Rowe Price Associates, Inc. Baltimore, Maryland 21202 | 18,849 | 100.00 |
| Capital Opportunity Fund—R Class | T. Rowe Price Associates, Inc. | 18,809 | 100.00 |
| Corporate Income | Yachtcrew & Co. Baltimore, Maryland 21202 | 9,610,728 | 44.34 |
| Developing Technologies | Trustees of T. Rowe Price Baltimore, Maryland 21202 | 815,072 | 8.54 |
| Dividend Growth | T. Rowe Price Trust Company | 5,516,304 | 16.25 |
| Emerging Europe & Mediterranean | National Financial Services | 9,750,764 | 23.30 |
| Emerging Markets Bond | Charles Schwab & Co., Inc. National Financial Services Yachtcrew & Co. | 2,394,815 2,312,668 7,778,600 | 6.90 6.66 22.40 |
| Emerging Markets Stock | Charles Schwab & Co., Inc. National Financial Services Pirateline & Co. T. Rowe Price Trust Company | 6,539,454 4,833,608 3,648,375 3,873,243 | 10.81 7.99 6.03 6.41 |
| Equity Income | T. Rowe Price Trust Company | 139,830,993 | 20.28 |
| Equity Income Fund—Advisor Class | Citigroup Global Markets Inc. New York, New York 10001 John Hancock Life Insurance Company USA National Financial Services Prudential Retirement Insurance & Annuity Company Hartford, Connecticut 06103 | 6,041,497 9,351,101 45,796,374 4,683,969 | 6.72 10.40 50.94 5.21 |
| Equity Income Fund—R Class | American United Life Nationwide Trust Company Unified Trust Company Lexington, Kentucky 40504 Wachovia Bank Charlotte, North Carolina 28288 | 865,018 741,838 621,627 1,099,607 | 11.94 10.24 8.58 15.17 |
| Equity Income Portfolio | American United Life American United Life Mass Mutual Life Insurance Company NYLIAC Pruco Life Newark, New Jersey 07102 Security Benefit Life Insurance Company | 4,156,146 10,150,167 6,970,882 14,809,860 6,910,550 3,555,732 | 6.32 15.43 10.60 22.51 10.51 5.41 |
| Equity Income Portfolio— II | Lincoln Benefit Life Company NYLIAC Nationwid e Insurance Company | 1,826,974 7,580,468 4,691,410 | 11.29 46.85 28.99 |
| Equity Index 500 | Retirement Portfolio 2010 Baltimore, Maryland 21202 Retirement Portfolio 2020 Baltimore, Maryland 21202 T. Rowe Price Trust Company | 11,786,858 10,622,597 34,518,779 | 6.80 6.12 19.90 |
| Equity Index 500 Portfolio | Security Benefit Life Insurance Company Transamerica Life Insurance Company | 675,989 780,606 | 44.14 50.97 |
| European Stock | Bobstay & Co. Baltimore, Maryland 21202 Charles Schwab & Co., Inc. | 2,629,119 4,083,540 | 5.56 8.63 |
| Extended Equity Market Index | T. Rowe Price Trust Company | 4,303,194 | 22.95 |
| Financial Services | Charles Schwab & Co., Inc. | 1,036, 158 | 5.56 |
| Georgia Tax-Free Bond | Charles Schwab & Co., Inc. | 590,365 | 6.18 |
| Global Stock | Charles Schwab & Co., Inc. T. Rowe Price Retirement Plan Services, Inc. | 681,971 831,898 | 7.48 9.12 |
| GNMA | Yachtcrew & Co. | 51,764,757 | 38.92 |
| TRP Government Reserve Investment | Barnaclesail Baltimore, Maryland 21202 Bridgesail & Co. Baltimore, Maryland 21202 Mainbody & Co. Baltimore, Maryland 21202 T. Rowe Price Retirement Plan Services, Inc. | 447,556,607 44,655,705 126,304,914 95,392,935 | 55.20 5.51 15.58 11.76 |
| Growth & Income | T. Rowe Price Trust Company | 22,853,899 | 27.08 |
| Growth Stock | Charles Schwab & Co., Inc. Saxon and Co. Philadelphia, Pennsylvania 19182 T. Rowe Price Trust Company | 20,586,655 21,213,960 61,002,068 | 5.25 5.41 15.55 |
| Growth Stock Fund—Advisor Class | National Financial Services PFPC Brokerage Inc. King of Prussia, Pennsylvania 19406 U.S. Ba nk Milwaukee, Wisconsin 53201 | 14,279,628 3,076,167 3,037,475 | 32.17 6.93 6.84 |
| Growth Stock Fund—R Class | American United Life Nationwide Trust Company Suntrust Bank Englewood, Colorado 80111 | 1,864,664 1,120,652 1,134,458 | 13.49 8.11 8.21 |
| Health Sciences | John Hancock Life Insurance Company USA | 5,175,062 | 8.72 |
| Health Sciences Portfolio | First Security Benefit Life and Annuity Company of New York Security Benefit Life Insurance Company | 43,815 642,790 | 6.38 93.62 |
| Health Sciences Portfolio—II | National Life Insurance Co. Principal Life Insurance Co. Des Moines, Iowa 50392 | 192,855 46,837 | 75.31 18.29 |
| High Yield | Yachtcrew & Co. | 93,033,493 | 20.36 |
| High Yield Fund—Advisor Class | National Financial Services | 118,994,581 | 93.05 |
| Inflation Protected Bond | T. Rowe Price Retirement Plan Services, Inc. | 1,537,017 | 15.46 |
| Institutional Core Plus | Dewey Ballantine LLP New York, New York 10019 TRP Finance, Inc. | 1,712,270 1,567,071 | 52.21 47.79 |
| Institutional Emerging Markets Equity | SEI Private Trust Co. Oaks, Pennsylvania 19456 State Street Bank & Trust Co. Boston, Massachusetts 02111 The Nemours Foundation Jacksonville, Florida 32246 | 3,909,028 407,843 516,072 | 65.82 6.87 8.69 |
| Institutional Foreign Equity | Carey & Co. Columbus, Ohio 43219 Mac & Co. Pittsburgh, Pennsylvania 15230 State Street Bank & Trust Co. Kansas City, Missouri 64105 Strafe & Co. Westerville, Ohio 43086 Vanguard Fiduciary Trust Company Valley Forge, Pennsylvania 19482 | 1,126,173 1,052,418 2,206,214 1,577,255 2,117,873 | 7.58 7.08 14.85 10.61 14.25 |
| Institutional High Yield | Bread & Co. Baltimore, Maryland 21202 Ladybug & Co. Baltimore, Maryland 21202 Ladybird & Co. Baltimore, Maryland 21202 National City Cleveland, Ohio 44101 National Financial Services State Street Bank & Trust Co. North Quincy, Massachusetts 02171 | 7,311,765 3,351,942 2,142,539 2,278,713 6,148,560 1,692,254 | 21.89 10.03 6.41 6.82 18.41 5.07 |
| Institutional Large-Cap Core Growth | Post & Co. New York, New York 10268 TRP Finance, Inc. Wilmington, Delaware 19801 TRUCOJO St. Joseph, Missouri 64502 The Jewish Foundation of Cincinnati Cincinnati, Ohio 45236 | 1,577,395 203,198 204,682 790,495 | 56.83 7.32 7.37 28.48 |
| Institutional Large-Cap Growth | Charles Schwab & Co., Inc. Dewey Ballantine LLP National Merit Scholarship Corporation Evanston, Illinois 60201 Stichting Pensioenfonds Van De Koninklijke Nedlloyd Netherlands SEI Private Trust Co. Oaks, Pennsylvania 19456 The Bank of New York New York, New York 10286 Wave Board & Co. Quincy, Massachusetts 02171 | 3,395,836 1,699,779 1,118,734 840,128 1,289,771 1,078,743 778,558 | 22.99 11.51 7.57 5.69 8.73 7.30 5.27 |
| Institutional Large-Cap Value | Carey & Co. Columbus, Ohio 43219 Charles Schwab & Co., Inc. Dewey Ballantine LLP Fidelity Management Boston, Massachusetts 02109 Investors Bank & Trust Purchase, New York 10577 Patterson & Co. Charlotte, North Carolina 28288 Wells Fargo Bank NA Minneapolis, Minnesota 55480 | 1,919,589 1,833,163 1,351,777 900,908 1,758,836 914,397 1,211,371 | 15.36 14.67 10.82 7.21 14.08 7.32 9.70 |
| Institutional Mid-Cap Equity Growth | Balsa & Company Dallas, Texas 75254 Bank of New York New York, New York 10286 SEI Private Trust Co. Oaks, Pennsylvania 19456 U.S. Bank | 1,094,207 971,169 9 18,511 892,002 | 6.15 5.46 5.16 5.01 |
| Institutional Small-Cap Stock | National Financial Services Sigler & Co. Brooklyn, New York 11245 State Street Trust & Banking Company Tokyo, Japan 105-6014 | 4,618,587 5,783,241 3,193,975 | 14.62 18.30 10.11 |
| International Bond | Charles Schwab & Co., Inc. National Financial Services Yachtcrew & Co. | 20,146,057 9,050,486 45,883,487 | 11.89 5.34 27.05 |
| International Bond Fund—Advisor Class | Citigroup Global Markets Inc. National Financial Services Smith Barney Corp Trust Company East Brunswick, New Jersey 08816 | 3,734,861 2,790,995 1,198,893 | 41.50 31.01 13.32 |
| International Discovery | Fidelity Investments T. Rowe Price Retirement Plan Services, Inc. Vanguard Fiduciary Trust Company | 2,488,52 6 2,480,675 3,188,973 | 6.85 6.83 8.78 |
| International Equity Index | T. Rowe Price Retirement Plan Services, Inc. | 1,274,361 | 9.53 |
| International Growth & Income | Pirateline & Co. Retirement Portfolio 2010 Retirement Portfolio 2015 Baltimore, Maryland 21202 Retirement Portfolio 2020 Retirement Portfolio 2025 Baltimore, Maryland 21202 Retirement Portfolio 2030 Baltimore, Maryland 21202 | 14,651,573 5,902,097 3,883,996 8,939,338 3,978,313 6,932,433 | 20.01 8.06 5.31 12.21 5.43 9.47 |
| In ternational Growth & Income Fund—Advisor Class | U.S. Bank | 17,449,180 | 96.77 |
| International Growth & Income Fund—R Class | American United Life Saxon and Co. | 62 8,988 53,118 | 73.49 6.21 |
| International Stock | T. Rowe Price Trust Company | 62,449,890 | 16.07 |
| International Stock Fund—Advisor Class | Citigroup Global Markets Inc. | 832,142 | 25.51 |
| International Stock Fund—R Class | American United Life T. Rowe Price Retirement Plan Services, Inc. | 54,024 178,656 | 17.68 58.48 |
| International Stock Portfolio | CUNA Mutual Life Insurance Company Waverly, Iowa 50677 Pruco Life SMA Life Worcester, Massachusetts 01653 Security Benefit Life Insurance Company United of Omaha—Series V Omaha, Nebraska 68175 | 1,906,452 4,872,143 9,037,735 1,670,973 1,978,749 | 6.24 15.96 29.60 5.47 6.48 |
| Japan | Charles Schwab & Co., Inc. National Financial Services | 4,936,801 3,553,192 | 12.02 8.65 |
| Latin America | Charles Schwab & Co., Inc. | 4,713,347 | 11.00 |
| Limited-Term Bond Portfolio | American National Group Galveston, Texas 77550 American United Life AUL Individual Variable Indianapolis, Indiana 46206 Paragon Life Insurance Company St. Louis, Missouri 63105-3443 Security Benefit Life Insurance Company Sentry Life Insurance Company Stevens Point, Wisconsin 54481 United of Omaha—Series V | 1,232,442 887,947 1,198,184 1,128,990 2,707,246 879,413 4,519,688 | 7.27 5.24 7.07 6.66 15.97 5.19 26.67 |
| Limited-Term Bond Portfolio—II | Nationwide Trust Company | 643,291 | 93.70 |
| Maryland Short-Term Tax-Free Bond | Charles Schwab & Co., Inc. | 2,143,922 | 6.40 |
| Maryland Tax-Free Money | T. Rowe Price Associates, Inc. | 20,000,000 | 12.79 |
| Media & Telecommunications | Charles Schwab & Co., Inc. T. Rowe Price Trust Company | 1,603,834 2,574,190 | 5.21 8.36 |
| Mid-Cap Growth | Charles Schwab & Co., Inc. T. Rowe Price Trust Company | 21,452,354 49,639,874 | 7.65 17.70 |
| Mid-Cap Growth Fund—Advisor Class | MITRA & Company Milwaukee, Wisconsin 53202 Nationa l Financial Services Vanguard Fiduciary Trust Company U.S. Bank Wells Fargo Bank NA | 559,387 1,405,869 1,237,727 571,828 525,585 | 5.83 14.66 12.91 5.96 5.48 |
| Mid-Cap Growth Fund—R Class | ING Life Insurance and Annuity Company Hartford, Connecticut 06156 Nationwide Trust Company ReliaStar Life Insurance Company Hartford, Connecticut 06156 T. Rowe Price Retirement Plan Services, Inc. | 608,694 542,906 541,291 195,771 | 16.20 14.45 14.40 5.21 |
| Mid-Cap Growth Portfolio | C.M. Life Insurance Company MML Baystate Life Insurance Company Springfield, Massachusetts 01111 Mass Mutual Life Insurance Company Security Benefit Life Insurance Company | 10,001,494 1,392,891 5,328,757 2,009,014 | 39.25 5.47 20.91 7.88 |
| Mid-Cap Growth Portfolio—II | JPF Separate Account Concord, New Hampshire 03301 Nationwide Insurance Company | 395,075 1,801,424 | 17.42 79.42 |
| Mid-Cap Value | Charles Schwab & Co., Inc. National Financial Services T. Rowe Price Retirement Plan Services, Inc. | 15,366,109 15,726,194 14,686,160 | 6.66 6.81 6.36 |
| Mid-Cap Value Fund—Advisor Class | National Financial Services U.S. Bank Union Central Life Insurance Compan y Cincinnati, Ohio 45240 | 2,685,934 1,395,548 1,090,120 | 15.27 7.93 6.20 |
| Mid-Cap Value Fund—R Class | American United Life ING Life Insurance and Annuity Company J.P. Morgan Chase Brooklyn, New York 11245 Nationwide Trust Company State Street Bank & Trust Co. | 896,564 960,962 904,148 1,850,086 3,314,160 | 6.91 7.40 6.96 14.25 25.52 |
| New America Growth | T. Rowe Price Trust Company Wilmington Trust Co. Wilmington, Delaware 19899 | 6,483,988 2,057,991 | 23.90 7.59 |
| New America Growth Portfolio | Farm Bureau Life Insurance Company West Des Moines, Iowa 50266 Lincoln Benefit Life Company Mony America Variable New York, New York 10104 Nationwide Insurance Company Paragon Life Insurance Company Security Benefit Life Insurance Company United of Omaha—Series V | 435,757 252,875 350,996 705,085 258,564 1,400,133 510,396 | 9.39 5.57 7.56 15.19 5.57 30.17 11.00 |
| New Asia | Charles Schwab & Co., Inc. | 11,732,444 | 9.63 |
| New Era | Charles Schwab & Co., Inc. National Financial Services | 9,141,510 5,191,888 | 9.99 5.67 |
| New Horizons | Pirateline & Co. T. Rowe Price Trust Company | 13,248,337 63,224,131 | 6.42 30.66 |
| New Income | Retirement Portfolio 2010 Retirement Portfolio 2020 T. Rowe Price Trust Company Yachtcrew & Co. | 30,830,830 27,908,288 39,275,018 103,922,936 | 7.86 7.11 10.01 26.49 |
| New Income Fund—Advisor Class | Harvey R. Gross Teaneck, New Jersey 07666 National Financial Services | 21,742 92,563 | 5.22 22.22 |
| New Income Fund—R Class | AMVESCAP National Trust Company Atlanta, Georgia 30348 T. 60;Rowe Price Retirement Plan Services, Inc. | 23,778 254,155 | 5.73 61.22 |
| New York Tax-Free Money | Coleman M. Brandt Grace L. Brandt New York, New York | 10,665,228 | 8.98 |
| Personal Strategy Balanced | T. Rowe Price Trust Company | 31,032,853 | 47.13 |
| Personal Strategy Balanced Portfolio | Farm Bureau Life Insurance Company NYLIAC Paragon Life Insurance Company Security Benefit Life Insurance Company Sentry Life Insurance Company Southern Farm Bureau Life Insurance Company West Des Moines, Iowa 50266 United of Omaha—Series V | 1,300,050 423,114 757,126 1,678,992 806,007 487,038 980,812 | 16.37 5.33 9.53 21.14 10.15 6.13 12.35 |
| Personal Strategy Growth | T. Rowe Price Trust Company | 16,198,688 | 40.36 |
| Personal Strategy Income | T. Rowe Price Trust Company | 12,197,154 | 38.01 |
| Prime Reserve | T. Rowe Price Trust Company | 671,801,748 | 13.70 |
| Prime Reserve Portfolio | First Security Benefit Life and Annuity Company of New York Mony America Variable New York, New York 10019 Security Benefit Life Insurance Company Sentry Life Insurance Company Southern Farm Bureau Life Insurance Company | 1,279,494 5,928,784 11,919,856 2,816,777 1,961,571 | 5.33 24.70 49.67 11.74 8.17 |
| Real Estate | T. Rowe Price Retirement Plan Services, Inc. | 4,456,264 | 9.21 |
| Real Estate Fund—Advisor Class | National Financial Services Union Bank Trust San Diego, California 92186 | 777,463 53,577 | 85.33 5.88 |
| TRP Reserve Investment | Covewater & Co. Baltimore, Maryland 21202 Eye & Co. Baltimore, Maryland 21202 Overlap & Co. Baltimore, Maryland 21202 Seamile & Co. Baltimore, Maryland 21202 Taskforce & Co. Baltimore, Maryland 21202 T. Rowe Price Managed GIC Baltimore, Maryland 21202 | 546,481,695 450,829,175 637,217,524 1,318,481,826 801,223,236 424,167,741 | 6.99 5.77 8.15 16.86 10.25 5.43 |
| Retirement 2005 | T. Rowe Price Retirement Plan Services, Inc. | 23,166,358 | 65.18 |
| Retirement 2010 | T. Rowe Price Retirement Plan Services, Inc. | 60,331,473 | 61.50 |
| Retirement 2010 Fund—Advisor Class | Nationwide Trust Company Saxon and Co. Scudder Trust Company Salem, New Hampshire 03079 TRUSTlynx & Company Denver, Colorado 80217 Union Bank Trust Union Central Life Insurance Co. Cincinnati, Ohio 45240 Wells Fargo Bank | 288,573 378,109 362,305 192,156 573,665 506,503 251,995 | 8.15 10.67 10.23 5.42 16.19 14.30 7.11 |
| Retirement 2010 Fund—R Class | State Street Bank & Trust Co. Westwood, Massachusetts 02090 Saxon and Co. | 2,515,671 520,172 | 61.07 12.63 |
| Retirement 2015 | T. Rowe Price Retirement Plan Services, Inc. | 54,749,136 | 66.67 |
| Retirement 2020 | T. Rowe Price Retirement Plan Services, Inc. | 76,864,398 | 64.94 |
| Retirement 2020 Fund—Advisor Class | Saxon and Co. Union Bank Trust Union Central Life Insurance Co. Wells Fargo Bank | 882,395 366,748 946,624 204,201 | 23.62 9.82 25.34 5.47 |
| Retirement 2020 Fund—R Class | State Street Bank & Trust Co. Saxon and Co. T. Rowe Price Retirement Plan Services, Inc. | 754,036 746,961 171,309 | 23.57 23.35 5.36 |
| Retirement 2025 | T. Rowe Price Retirement Plan Services, Inc. | 50,474,350 | 71.26 |
| Retirement 2030 | T. Rowe Price Retirement Plan Services, Inc. | 47,903,1 99 | 67.85 |
| Retirement 2030 Fund—Advisor Class | Saxon and Co. Scudder Trust Company Union Bank Trust Union Central Life Insurance Co. Wilmington Trust Company Cust. Wilmington, Delaware 19899 | 545,551 256,738 229,986 527,844 114,628 | 24.98 11.76 10.53 24.17 5.25 |
| Retirement 2030 Fund—R Class | State Street Bank & Trust Co. Saxon and Co. Suntrust Bank | 632,691 497,171 322,391 | 26.95 21.18 13.73 |
| Retirement 2035 | T. Rowe Price Retirement Plan Services, Inc. | 22,498,928 | 72.80 |
| Retirement 2040 | T. Rowe Price Retirement Plan Services, Inc. | 22,210,367 | 71.38 |
| Retirement 2040 Fund—Advisor Class | Saxon and Co. Union Bank Trust Union Central Life Insurance Co. Wilmington Trust Company Cust. | 221,725 60,968 232,533 383,129 | 19.79 5.44 20.75 34.19 |
| Retirement 2040 Fund—R Class | Saxon and Co. State Street Bank & Trust Suntrust Bank T. Rowe Price Retirement Plan Services, Inc. | 144,042 49,401 302,232 40,551 | 18.42 6.32 38.66 5.19 |
| Retirement 2045 Fund | T. Rowe Price Retirement Plan Services, Inc. Trustees of T. Rowe Price | 1,640,826 143,541 | 66.95 5.86 |
| Retirement Income | T. Rowe Price Retirement Plan Services, Inc. | 14,164,279 | 34.07 |
| Retirement Income Fund—Advisor Class | AIG Federal Savings Bank Custodian Houston, Texas 77019 Belbank & Co. Belvi dere, Illinois 61008 Scudder Trust Company Saxon and Co. Union Bank Trust | 67,777 47,991 81,323 93,704 230,405 | 10.40 7.36 12.48 14.38 35.36 |
| Retirement Income Fund—R Class | Fulton Financial Adv. Lancaster, Pennsylvania17604 NFS LLC FEBO Reliance Trust Company Hialeah, Florida 33016 Saxon and Co. State Street Bank & Trust T. Rowe Price Retirement Plan Services, Inc. | 20,917 13,487 22,619 15,862 90,917 | 8.03 5.18 8.69 6.09 34.91 |
| Science & Technology | T. Rowe Price Trust Company | 38,387,911 | 23.29 |
| Science & Technology Fund— Advisor Class | John Hancock Life Insurance Company USA | 23,538,276 | 89.38 |
| Short-Term Bond | Yachtcrew & Co. | 41,094,935 | 15.15 |
| Short-Term Bond Fund—Advisor Class | PFPC Brokerage Inc. | 2,133,760 | 99.65 |
| Small-Cap Stock | Norwest Bank Company Englewood, Colorado 80111 T. Rowe Price Trust Company | 11,457,809 34,012,770 | 5.44 16.14 |
| Small-Cap Stock Fund—Advisor Class | ICMA Retirement Trust Washington, DC 20002 Minnesota Life Saint Paul, Minnesota 55101 Northern Trust Company Vanguard Fiduciary Trust Company | 2,144,229 3,163,533 2,262,811 2,151,830 | 13.46 19.86 14.20 13.51 |
| Small-Cap Value | T. Rowe Price Trust Company | 36,112,756 | 28.26 |
| Small-Cap Value Fund—Advisor Class | ICMA Retirement Trust John Hancock Life Insurance Company USA Merrill Lynch Pierce Fenner & Smith Inc. Jacksonville, Florida 32246 U.S. Bank | 3,941,201 5,602,806 1,977,685 1,105,337 | 23.69 33.68 11.89 6.64 |
| Spectrum Growth | T. Rowe Price Trust Company | 27,969,458 | 17.85 |
| Spectrum Income | T. Rowe Price Trust Company | 88,618,447 | 26.82 |
| Spectrum International | T . Rowe Price Retirement Plan Services, Inc. | 1,116,945 | 8.08 |
| Summit Cash Reserves | T. Rowe Price Trust Company Yachtcrew & Co. | 531,242,898 237,134,377 | 13.39 5.98 |
| Summit Municipal Income | National Financial Services | 2,798,509 | 19.32 |
| Summit Municipal Intermediate | Charles Schwab & Co., Inc. Prudential Investment Management Services Iselin, New Jersey 08830 | 1,809,605 7,561,330 | 8.69 36.32 |
| Summit Municipal Money Market | TRP Finan ce, Inc. T. Rowe Price Associates, Inc. T. Rowe Price Group, Inc. Baltimore, Maryland 21289 T. Rowe Price International, Inc. Baltimore, Maryland 21202 | 25,302,335 26,714,209 45,182,392 49,773,645 | 6.45 6.81 11.52 12.69 |
| Tax-Exempt Money | T. Rowe Price Associates, Inc. T. Rowe Price International, Inc. | 201,721,673 94,226,248 | 18.93 8.84 |
| Tax-Free High Yield | Charles Schwab & Co., Inc. | 6,042,249 | 5.23 |
| Tax-Free Income Fund—Advisor Class | National Financial Services | 29,081,298 | 99.45 |
| Tax-Free Short-Intermediate | Charles Schwab & Co., Inc. | 8,267,035 | 8.61 |
| U.S. Bond Index | Alaska College Savings Trust Baltimore, Maryland 21202 T. Rowe Price Retirement Plan Services, Inc. | 1,061,269 5,912,946 | 6.39 35.58 |
| U.S. Treasury Intermediate | T. Rowe Price Trust Company | 9,439,034 | 19.19 |
| U.S. Tre asury Long-Term | T. Rowe Price Trust Company Yachtcrew & Co. | 2,374,004 6,239,013 | 12.55 32.99 |
| U.S. Treasury Money | T. Rowe Price Trust Company | 153,374,118 | 17.33 |
| Value | Northern Trust Company Pirateline & Co. Retirement Portfolio 2020 Retirement Portfolio 2030 T. Rowe Price Trust Company | 8,058,120 11,113,617 13,462,457 12,276,510 19,280,932 | 5.75 7.94 9.61 8.77 13.77 |
| Value Fund—Advisor Class | Bost & Company Pittsburgh, Pennsylvania 15230 Citigroup Global Markets Inc. ING Life Insurance and Annuity Company Minnesota Life National Financial Services | 843,336 800,438 1,341,339 1,916,378 6,635,695 | 6.69 6.35 10.64 15.20 52.64 |
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INFORMATION ABOUT INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS
The Audit Committee has selected PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Price funds for their current fiscal years. Representatives of PricewaterhouseCoopers are expected to be present at the meeting and will be available to make a statement, if they desire to do so, and to respond to appropriate questions which shareholders may wish to address to them.
Table 8 sets forth the audit, audit-related, tax, and all other fees billed to the Price funds by PricewaterhouseCoopers in each of the last two fiscal years. Audit fees are billed for professional services rendered by PricewaterhouseCoopers for the audit of each Price fund`s annual
PAGE 56
financial statements and for services normally provided in connection with statutory and regulatory filings. Audit-related fees are billed to the Price funds for assurance and related services by PricewaterhouseCoopers that are reasonably related to the performance of the audit of each Price fund`s financial statements. The nature of service comprising these fees is the issuance of a report on internal controls. Tax fees are billed to the Price funds for services rendered by PricewaterhouseCoopers for tax compliance, tax advice, and tax planning. The nature of services comprising these fees includes the review of distribution calculations and the preparation of federal, state, and excise tax returns. All other fees are billed for all other services rendered to the Price funds by PricewaterhouseCoopers. The nature of the service comprising these fees is agreed-upon procedures in conjunction with service contract approvals by the Price funds` Board of Directors/Trustees.
The Audit Committee has considered whether the provisions of the services covered under "Other Fees" is compatible with maintaining the independence of PricewaterhouseCoopers.
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8 (continued)
Fund | Audit Fees | Audit Related Fees | Tax Fees | All Other Fees | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Previous Fiscal Year | Current Fiscal Year | Previous Fiscal Year | Current Fiscal Year | Previous Fiscal Year | Current Fiscal Year | Previous Fiscal Year | Current Fiscal Year | |||||
| Balanced | 9,523 | 10,364 | 1,316 | 666 | 2,583 | 2,944 | — | 393 | ||||
| Blue Chip Growth | 23,270 | 24,316 | 3,018 | 1,563 | 6,311 | 6,907 | — | 393 | ||||
| Blue Chip Growth Portfolio | 8,930 | 8,740 | 1,227 | 562 | 2,422 | 2,482 | — | 394 | ||||
| California Tax-Free Bond | 8,359 | 7,120 | 715 | 811 | 2,330 | 2,073 | 124 | — | ||||
| California Tax-Free Money | 8,009 | 6,869 | 683 | 784 | 2,233 | 2,000 | 124 | — | ||||
| Capital Apprecia tion | 10,718 | 16,636 | 1,544 | 993 | 2,906 | 4,385 | — | 393 | ||||
| Capital Opportunity | 6,897 | 10,298 | 968 | 508 | 1,871 | 2,243 | — | 393 | ||||
| Corporate Income | 7,523 | 6,403 | 685 | 797 | 2,079 | 1,957 | 124 | 306 | ||||
| Developing Technologies | 6,500 | 6,867 | 909 | 442 | 1,763 | 1,950 | — | 393 | ||||
| Diversified Mid-Cap Growth | 11,778 | 7,589 | 725 | 488 | 3,194 | 2,156 | — | 252 | ||||
| Diversified Small - -Cap Growth | 6,129 | 6,605 | 848 | 425 | 1,662 | 1,876 | — | 394 | ||||
| Dividend Growth | 7,530 | 8,016 | 1,050 | 515 | 2,042 | 2,277 | — | 394 | ||||
| Emerging Europe & Mediterranean | 11,228 | 11,928 | 1,064 | 1,016 | 2,997 | 3,382 | 124 | 369 | ||||
| Emerging Markets Bond | 11,457 | 12,262 | 1,600 | 788 | 3,107 | 3,483 | — | 393 | ||||
| Emerging Markets Stock | 12,481 | 14,017 | 1,211 | 1,194 | 5,686 | 3,974 | 124 | 368 | ||||
| Equity Income | 28,978 | 29,989 | 3,951 | 1,928 | 7,858 | 8,518 | — | 394 | ||||
| Equity Income Portfolio | 11,007 | 11,356 | 1,529 | 730 | 2,985 | 3,226 | — | 394 | ||||
| Equity Index 500 | 12,316 | 15,668 | 1,736 | 927 | 3,340 | 4,096 | — | 393 | ||||
| Equity Index 500 Portfolio | 5,500 | 6,078 | 751 | 391 | 1,492 | 1,726 | — | 394 | ||||
| European Stock | 13,785 | 14,394 | 1,345 | 1,221 | 3,794 | 4,081 | 124 | 368 | ||||
| Extended Equity Market Index | 7,127 | 8,633 | 1,005 | 475 | 1,933 | 2,097 | — | 394 | ||||
| Financial Services | 7,104 | 7,519 | 994 | 484 | 1,927 | 2,136 | — | 394 | ||||
| Florida Intermediate Tax-Free | 8,047 | 6,882 | 686 | 785 | 2,243 | 2,004 | 124 | — | ||||
| Georgia Tax-Free Bond | 7,993 | 6,860 | 682 | 781 | 2,228 | 1,997 | 124 | — | ||||
| Global Stock | 11,682 | 11,096 | 1,094 | 1,009 | 5,467 | 3,146 | 124 | 368 | ||||
| Global Technology | 6,543 | 6,937 | 913 | 446 | 2,808 | 1,970 | — | 394 | ||||
| GNMA | 10,069 | 7,170 | 916 | 939 | 2,783 | 2,191 | 124 | 307 | ||||
| TRP Government Reserve Investment | 9,384 | 7,641 | 853 | 955 | 2,594 | 2,335 | 124 | 306 | ||||
| Growth & Income | 9,700 | 9,816 | 1,336 | 631 | 2,631 | 2,789 | — | 394 | ||||
| Growth Stock | 21,264 | 24,352 | 2,898 | 1,566 | 5,767 | 6,917 | — | 394 | ||||
| Health Sciences | 8,150 | 8,846 | 1,152 | 569 | 2,210 | 2,513 | — | 393 | ||||
| Health Sciences Portfolio | 9,059 | 8,756 | 1,245 | 563 | 2,457 | 2,487 | — | 394 | ||||
| High Yield | 12,903 | 13,755 | 1,428 | 1,774 | 3,630 | 4,203 | 124 | 306 | ||||
| Inflation Protected Bond | 7,356 | 3,739 | 670 | 640 | 2,033 | 1,143 | 124 | 306 | ||||
| Institutional Core Plus | N/A | 7,486 | N/A | 64 | N/A | 2,288 | N/A | 165 | ||||
| Institutional Emerging Markets Equity | 9,490 | 9,590 | 912 | 732 | 4,863 | 2,719 | 124 | 368 | ||||
| Institutional Foreign Equity | 15,070 | 13,100 | 1,410 | 1,129 | 6,399 | 3,714 | 124 | 368 | ||||
| Institutional High Yield | 8,395 | 3,861 | 763 | 687 | 2,320 | 1,180 | 124 | 306 | ||||
| Institutional Large-Cap Core Growth | 8,254 | 6,463 | 860 | 416 | 2,238 | 1,836 | — | 394 | ||||
| Institutional Large-Cap Growth | 6,960 | 7,260 | 980 | 467 | 1,887 | 2,062 | — | 393 | ||||
| Institutional Large-Cap Value | 6,252 | 6,750 | 871 | 434 | 1,695 | 1,917 | — | 394 | ||||
| Institutional Mid-Cap Equity Growth | 7,433 | 7,776 | 1,045 | 500 | 2,016 | 2,209 | — | 394 | ||||
| Institutional Small-Cap Stock | 6,927 | 7,328 | 961 | 471 | 1,878 | 2,082 | — | 394 | ||||
| International Bond | 17,744 | 21,265 | 2,481 | 1,367 | 4,812 | 6,041 | — | 394 | ||||
| International Discovery | 13,502 | 15,119 | 1,317 | 1,278 | 5,967 | 4,287 | 124 | 368 | ||||
| International Equity Index | 10,003 | 10,939 | 965 | 799 | 2,753 | 2,747 | 124 | 369 | ||||
| International Growth & Income | 16,199 | 17,354 | 1,563 | 1,503 | 4,458 | 4,921 | 124 | 368 | ||||
| International Stock | 28,804 | 29,735 | 2,707 | 2,409 | 13,781 | 8,431 | 124 | 369 | ||||
| International Stock Portfolio | 12,054 | 13,207 | 1,703 | 849 | 5,521 | 3,752 | — | 393 | ||||
| Japan | 10.724 | 10,797 | 1,049 | 910 | 2,951 | 3,061 | 124 | 369 | ||||
| Latin America | 11,020 | 11,537 | 1,070 | 966 | 3,032 | 3,271 | 124 | 369 | ||||
| Limited-Term Bond Portfolio | 7,047 | 8,994 | 992 | 501 | 1,911 | 2,214 | — | 394 | ||||
| Maryland Short-Term Tax-Free Bond | 8,270 | 7,082 | 709 | 808 | 2,305 | 2,062 | 124 | — | ||||
| Maryland Tax-Free Bond | 10,480 | 8,080 | 907 | 919 | 2,921 | 2,353 | 124 | — | ||||
| Maryland Tax-Free Money | 7,951 | 7,048 | 679 | 807 | 2,216 | 2,052 | 124 | & #151; | ||||
| Media & Telecommunications | 7,812 | 8,405 | 1,103 | 540 | 2,118 | 2,388 | — | 394 | ||||
| Mid-Cap Growth | 26,406 | 29,371 | 3,602 | 1,889 | 7,161 | 8,343 | — | 393 | ||||
| Mid-Cap Growth Portfolio | 10,164 | 10,040 | 1,414 | 646 | 2,757 | 2,852 | — | 393 | ||||
| Mid-Cap Value | 15,810 | 19,279 | 2,181 | 1,240 | 4,287 | 5,476 | — | 393 | ||||
| New America Growth | 7,952 | 8,260 | 1,103 | 531 | 2,156 | 2,346 | — | 394 | ||||
| New America Growth Portfolio | 6,765 | 7,089 | 948 | 456 | 1,835 | 2,013 | — | 393 | ||||
| New Asia | 13,149 | 15,107 | 1,319 | 1,248 | 5,871 | 4,283 | 124 | 368 | ||||
| New Era | 8,564 | 10,573 | 1,207 | 680 | 2,322 | 3,003 | — | 393 | ||||
| New Horizons | 12,790 | 14,913 | 1,801 | 959 | 3,468 | 4,236 | — | 393 | ||||
| New Income | 16,881 | 16,580 | 1,536 | 1,916 | 4,665 | 5,067 | 124 | 307 | ||||
| New Jersey Tax-Free Bond | 8,115 | 6,948 | 692 | 793 | 2,262 | 2,023 | 124 | — | ||||
| New York Tax-Free Bond | 8,288 | 7,067 | 707 | 807 | 2,311 | 2,058 | 124 | — | ||||
| New York Tax-Free Money | 8,028 | 6,887 | 685 | 785 | 2,238 | 2,005 | 124 | — | ||||
| Personal Strategy Balanced | 7,945 | 8,421 | 796 | 954 | 2,214 | 2,332 | 124 | 307 | ||||
| Personal Strategy Balanced Portfolio | 6,824 | 7,163 | 956 | 461 | 1,851 | 2,035 | — | 393 | ||||
| Personal Strategy Growth | 7,349 | 7,859 | 742 | 891 | 2,049 | 2,176 | 124 | 306 | ||||
| Personal Strategy Income | 7,120 | 7,513 | 721 | 853 | 1,986 | 2,076 | 124 | 307 | ||||
| Prime Reserve | 18,092 | 11,607 | 1,647 | 1,590 | 5,000 | 3,547 | 124 | 306 | ||||
| Prime Reserve Portfolio | 6,948 | 7,330 | 977 | 471 | 1,884 | 2,082 | — | 394 | ||||
| Real Estate | 6,382 | 8,931 | 890 | 497 | 1,731 | 2,196 | — | 394 | ||||
| TRP Reserve Investment | 14,037 | 13,696 | 1,278 | 1,742 | 3,879 | 4,185 | 124 | 307 | ||||
| Retirement 2005 | 5,186 | 4,003 | — | 134 | 1,314 | 1,223 | — | 165 | ||||
| Retirement 2010 | 10,774 | 4,849 | 434 | 720 | 2,730 | 1,482 | 124 | 307 | ||||
| Retirement 2015 | 5,186 | 4,011 | — | 134 | 1,314 | 1,226 | — | 165 | ||||
| Retirement 2020 | 10,774 | 4,897 | 434 | 726 | 2,730 | 1,496 | 124 | 307 | ||||
| Retirement 2025 | 5,186 | 4,008 | — | 134 | 1,314 | 1,225 | — | 165 | ||||
| Retirement 2030 | 10,774 | 4,614 | 434 | 690 | 2,730 | 1,410 | 124 | 307 | ||||
| Retirement 2035 | 5,186 | 3,620 | — | 131 | 1,314 | 1,106 | — | 165 | ||||
| Retirement 2040 | 10,774 | 4,418 | 434 | 664 | 2,730 | 1,350 | 124 | 307 | ||||
| Retirement 2045 (a) | — | — | — | — | — | — | — | — | ||||
| Retirement Income | 10,774 | 4,571 | 434 | 683 | 2,730 | 1,397 | 124 | 307 | ||||
| Science & Technology | 15,929 | 15,233 | 2,190 | 979 | 6,440 | 4,327 | — | 393 | ||||
| Short-Term Bond | 9,296 | 8,460 | 847 | 1,065 | 2,569 | 2,585 | 124 | 307 | ||||
| Small-Cap Stock | 16,969 | 18,399 | 2,322 | 1,183 | 4,602 | 5,226 | — | 394 | ||||
| Small-Cap Value | 13,744 | 15,666 | 1,914 | 1,007 | 3,727 | 4,450 | — | 393 | ||||
| Spectrum Growth | 6,323 | 6,458 | 996 | 415 | 1,715 | 1,834 | — | 394 | ||||
| Spectrum Income | 6,953 | 7,934 | 1,147 | 510 | 1,885 | 2,254 | — | 394 | ||||
| Spectrum International | 4,406 | 2,928 | 672 | 188 | 1,195 | 832 | — | 393 | ||||
| Summit Cash Reserves | 12,1 69 | 12,489 | 1,191 | 1,025 | 3,349 | 3,541 | 124 | 369 | ||||
| Summit GNMA | 7,157 | 7,123 | 690 | 614 | 1,970 | 2,020 | 124 | 368 | ||||
| Summit Municipal Income | 7,331 | 7,471 | 711 | 656 | 2,018 | 2,118 | 124 | 368 | ||||
| Summit Municipal Intermediate | 7,382 | 7,596 | 718 | 665 | 2,032 | 2,154 | 124 | 369 | ||||
| Summit Municipal Money Market | 7,738 | 8,248 | 760 | 713 | 2,129 | 2,339 | 124 | 369 | ||||
| Tax-Efficient Balanced | 7,517 | 6,343 | 674 | 721 | 2,096 | 1,847 | 124 | — | ||||
| Tax-Efficient Growth | 7,674 | 6,552 | 679 | 743 | 2,139 | 1,907 | 124 | — | ||||
| Tax-Efficient Multi-Cap Growth | 7,781 | 6,968 | 670 | 795 | 2,169 | 2,029 | 124 | — | ||||
| Tax-Exempt Money | 8,348 | 6,306 | 788 | 718 | 2,327 | 1,836 | 124 | — | ||||
| Tax-Free High Yield | 10,062 | 7,760 | 865 | 889 | 2,805 | 2,259 | 124 | — | ||||
| Tax-Free Income | 13,110 | 12,155 | 1,174 | 1,386 | 3,655 | 3,539 | 124 | — | ||||
| Tax-Free Intermediate Bond | 8,145 | 6,978 | 697 | 796 | 2,271 | 2,031 | 124 | — | ||||
| Tax-Free Short-Intermediate | 8,934 | 7,404 | 769 | 847 | 2,490 | 2,155 | 124 | — | ||||
| Total Equity Market Index | 7,336 | 7,790 | 1,033 | 501 | 1,990 | 2,213 | — | 393 | ||||
| U.S. Bond Index | 7,741 | 9,058 | 730 | 695 | 2,067 | 2,214 | 124 | 368 | ||||
| U.S. Treasury Intermediate | 8,138 | 7,088 | 740 | 880 | 2,249 | 2,166 | 124 | 306 | ||||
| U.S. Treasury Long-Term | 7,892 | 6,884 | 718 | 854 | 2,181 | 2,104 | 124 | 307 | ||||
| U.S. Treasury Money | 9,419 | 7,339 | 859 | 940 | 2,603 | 2,243 | 124 | 306 | ||||
| Value | 11,123 | 12,486 | 1,537 | 803 | 3,016 | 3,547 | — | 394 | ||||
| Virginia Tax-Free Bond | 8,624 | 7,266 | 739 | 830 | 2,404 | 2,116 | 124 | — | ||||
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(a)The fund began operations on May 31, 2005, the last day of its fiscal year.
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