NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
T. Rowe Price Funds
100 East Pratt Street
Baltimore, MD 21202
Patricia B. Lippert
Secretary
September 7, 2001
An annual meeting of shareholders of the funds will be held on Tuesday, October
23, 2001, at 3:00 p.m., eastern time, in the offices of the funds, 100 East
Pratt Street, Baltimore, MD 21202. The following matters will be acted upon at
that time:
1. To elect 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; and
2. To transact such other business as may properly come before the meeting and
any adjournments thereof.
Only shareholders of record of common stock at the close of business on August
24, 2001, 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
THE PROPOSAL.
PATRICIA B. LIPPERT
T. Rowe Price Family of Funds
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 MATTER 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 SERIES
CONTRACTHOLDERS ARE URGED TO DESIGNATE THEIR CHOICE ON THE MATTER 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.
YOUR PROMPT RESPONSE WILL HELP ASSURE A QUORUM AT THE MEETING AND AVOID THE
ADDITIONAL EXPENSE OF FURTHER SOLICITATION.
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* 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 October 23, 2001.
PAGE 2
Annual Meeting of Shareholders -- October 23, 2001
T. ROWE PRICE FAMILY OF FUNDS (each a "fund" and collectively, the "funds")
Institutional Equity Funds, Inc. T. Rowe Price Index Trust, Inc.
consisting of its series: consisting of its series:
Institutional Large-Cap Value Fund T. Rowe Price Equity Index 500 Fund
Institutional Mid-Cap Equity Growth T. Rowe Price Extended Equity Market
Fund Index
Institutional Small-Cap Stock Fund Fund
Institutional International Funds, T. Rowe Price Total Equity Market Index
Inc. Fund
consisting of its series: T. Rowe Price International Funds, Inc.
Foreign Equity Fund consisting of its series:
T. Rowe Price Balanced Fund, Inc. T. Rowe Price Emerging Europe &
T. Rowe Price Blue Chip Growth Fund, Mediterranean Fund
Inc. and T. Rowe Price Emerging Markets Bond
its Advisor Class Fund
T. Rowe Price California Tax-Free T. Rowe Price Emerging Markets Stock
Income Trust Fund
consisting of its series: T. Rowe Price European Stock Fund
California Tax-Free Bond Fund T. Rowe Price Global Stock Fund
California Tax-Free Money Fund T. Rowe Price International Bond Fund
T. Rowe Price Capital Appreciation and
Fund its Advisor Class
T. Rowe Price Capital Opportunity T. Rowe Price International Discovery
Fund, Inc. Fund
T. Rowe Price Corporate Income Fund, T. Rowe Price International Growth &
Inc. Income
T. Rowe Price Developing Technologies Fund
Fund, Inc. T. Rowe Price International Stock Fund
T. Rowe Price Diversified Small-Cap and
Growth its Advisor Class
Fund, Inc. T. Rowe Price Japan Fund
T. Rowe Price Dividend Growth Fund, T. Rowe Price Latin America Fund
Inc. T. Rowe Price New Asia Fund
T. Rowe Price Equity Income Fund and T. Rowe Price International Index Fund,
its Advisor Class Inc.
T. Rowe Price Equity Series, Inc. consisting of its series:
consisting of its series: T. Rowe Price International Equity
T. Rowe Price Blue Chip Growth Index Fund
Portfolio T. Rowe Price International Series,
Inc.
T. Rowe Price Equity Income Portfolio consisting of its series:
T. Rowe Price Equity Index 500 T. Rowe Price International Stock
Portfolio Portfolio
T. Rowe Price Health Sciences T. Rowe Price Media &
Portfolio Telecommunications
Fund, Inc.
T. Rowe Price Mid-Cap Growth Portfolio T. Rowe Price Mid-Cap Growth Fund, Inc.
T. Rowe Price New America Growth and
Portfolio its Advisor Class
T. Rowe Price Personal Strategy T. Rowe Price Mid-Cap Value Fund, Inc.
Balanced T. Rowe Price New America Growth Fund
Portfolio T. Rowe Price New Income Fund, Inc.
T. Rowe Price Financial Services Fund, T. Rowe Price Personal Strategy Funds,
Inc. Inc.
T. Rowe Price Fixed Income Series, consisting of its series:
Inc. T. Rowe Price Personal Strategy
consisting of its series: Balanced
T. Rowe Price Limited-Term Bond Fund
Portfolio T. Rowe Price Personal Strategy Growth
Fund
T. Rowe Price Prime Reserve Portfolio T. Rowe Price Personal Strategy Income
T. Rowe Price Global Technology Fund, Fund
Inc. T. Rowe Price Prime Reserve Fund, Inc.
T. Rowe Price GNMA Fund and
T. Rowe Price Growth & Income Fund, its PLUS Class
Inc. T. Rowe Price Real Estate Fund, Inc.
T. Rowe Price Health Sciences Fund,
Inc. (continued on next page)
T. Rowe Price High Yield Fund, Inc.
and
its Advisor Class
PAGE 3
T. Rowe Price Reserve Investment Funds, T. Rowe Price Summit Municipal Funds,
Inc. Inc.
consisting of its series: consisting of its series:
T. Rowe Price Government Reserve
Investment Fund T. Rowe Price Summit Municipal Income
T. Rowe Price Reserve Investment Fund Fund
T. Rowe Price Science & Technology T. Rowe Price Summit Municipal
Fund, Inc. Intermediate Fund
and its Advisor Class T. Rowe Price Summit Municipal Money
T. Rowe Price Short-Term Bond Fund, Market Fund
Inc. T. Rowe Price Tax-Efficient Funds,
T. Rowe Price Small-Cap Stock Fund, Inc.
Inc. and its consisting of its series:
Advisor Class T. Rowe Price Tax-Efficient Balanced
T. Rowe Price Small-Cap Value Fund, Fund
Inc. and its T. Rowe Price Tax-Efficient Growth
Advisor Class Fund
T. Rowe Price Spectrum Fund, Inc. T. Rowe Price Tax-Efficient Multi-Cap
consisting of its series: Growth
Spectrum Growth Fund Fund
Spectrum Income Fund T. Rowe Price Tax-Exempt Money Fund,
Spectrum International Fund Inc. and
T. Rowe Price State Tax-Free Income its PLUS Class
Trust T. Rowe Price Tax-Free High Yield,
consisting of its series: Inc.
Florida Intermediate Tax-Free Fund T. Rowe Price Tax-Free Income Fund,
Georgia Tax-Free Bond Fund Inc.
T. Rowe Price Tax-Free Intermediate
Maryland Short-Term Tax-Free Bond Fund Bond
Maryland Tax-Free Bond Fund Fund, Inc.
Maryland Tax-Free Money Fund T. Rowe Price Tax-Free
New Jersey Tax-Free Bond Fund Short-Intermediate
New York Tax-Free Bond Fund Fund, Inc.
New York Tax-Free Money Fund T. Rowe Price U.S. Bond Index Fund,
Virginia Tax-Free Bond Fund Inc.
T. Rowe Price Summit Funds, Inc. consisting of its series:
consisting of its series: T. Rowe Price U.S. Bond Index Fund
T. Rowe Price U.S. Treasury Funds,
T. Rowe Price Summit Cash Reserves Fund Inc.
T. Rowe Price Summit GNMA Fund 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 matter
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, 1-800-541-5910.
Who is asking for my vote?
The Boards of the funds have asked that you vote on the matter listed in the
notice of annual meeting of shareholders. The votes will be formally counted at
the annual meeting on Tuesday, October 23, 2001, 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
postage-paid envelope provided. Do not mail the proxy card if you are voting by
Internet or telephone.
PAGE 4
Equity, Fixed Income, and International Series contractholders may vote in
person at the annual meeting or by returning their completed proxy card in the
postage-paid envelope provided.
Who is eligible to vote?
Shareholders of record at the close of business on August 24, 2001, (the "RECORD
DATE") are notified of the meeting and are entitled to vote. The notice of
annual meeting, the proxy card, and the proxy statement were mailed to
shareholders of record on or about September 7, 2001.
Shareholders 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 August 24, 2001.
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 July 24, 2001, the Boards of the funds, including a
majority of the independent directors/trustees, unanimously approved submitting
the following proposal:
PROPOSAL FUNDS AFFECTED
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1. To elect directors/trustees to serve All funds
on the Boards of the funds until the next
annual meeting, if any, or until their
successors shall have been duly elected
and qualified.
2. To transact such other business as may All funds
properly come before the meeting and any
adjournments thereof.
- --------------------------------------------------------------
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(R) National Market. T. Rowe Price International, Inc., 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
PAGE 5
with T. Rowe Price Services, Inc. ("Price Services"). The taxable funds also
have a subtransfer 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 custodian for certain IRA,
Keogh, and other prototype plans that 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 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-END. IF YOU WOULD LIKE TO RECEIVE ADDITIONAL COPIES OF ANY REPORT, PLEASE
CONTACT T. ROWE PRICE BY CALLING 1-800-541-5910; WRITING TO 100 EAST PRATT
STREET, BALTIMORE, MD 21202; OR VISITING OUR WEB SITE AT WWW.TROWEPRICE.COM. ALL
COPIES ARE PROVIDED FREE OF CHARGE.
ELECTION OF DIRECTORS/TRUSTEES
Why are directors/trustees being elected?
Because of the important role independent directors/trustees play in governing
our funds, the current fund directors/trustees are asking shareholders to elect
an expanded slate of directors/trustees that will increase the number of
independent directors/trustees serving each fund. The increased representation
of independent directors/trustees will mean greater protection of shareholders'
interests.
Importantly, all of the directors/trustees standing for election currently serve
on the Boards of multiple funds. If the entire slate is approved, there will be
nine independent directors/trustees and two or three inside 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 and economic trends,
increase sharing of directors'/trustees' knowledge, background, and experience
and allow 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)
or until his successor is duly elected and qualified.
PAGE 6
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.
Price Equity Funds. Ms. Merriman and Messrs. Dick, Fagin, Vos and Wythes
currently serve as independent directors/trustees to all of the Price equity
funds. Shareholders are being asked to reelect them to each of the Boards of the
Price equity funds.
In addition, Messrs. Burnett, Deering, Linaweaver, and Schreiber, who currently
serve as independent directors/trustees to all of the Price income funds, are
being nominated for election to each of the Boards of the Price equity funds.
Mr. Kennedy currently serves as an interested director/trustee to the following
Price equity funds and shareholders are being asked to reelect him: Balanced,
Blue Chip Growth, Capital Appreciation, Dividend Growth, Equity Income,
Financial Services, Growth & Income, Index, Institutional Equity, Mid-Cap
Growth, Mid-Cap Value, Personal Strategy, Real Estate, Tax-Efficient, and Value.
Shareholders are also being asked to elect Mr. Kennedy as a director of the
following Price equity funds: Developing Technologies, Global Technology, Media
& Telecommunications, and Spectrum.
Mr. Laporte currently serves as an interested director/trustee to the following
Price equity funds and shareholders are being asked to re-elect him: Capital
Opportunity, Diversified Small-Cap Growth, Equity Series, Health Sciences, New
America Growth, Science & Technology, Small-Cap Stock, and Small-Cap Value.
Mr. Riepe currently serves as an interested director to all of the Price equity
funds and shareholders are being asked to reelect him.
Mr. Testa currently serves as an interested director to all of the Price equity
funds, except the Mid-Cap Growth Fund. Shareholders are being asked to reelect
him as a director to all of the Price equity funds on which he currently serves
and to elect him as a director of the Mid-Cap Growth Fund.
Price Income Funds. Messrs. Burnett, Deering, Linaweaver, and Schreiber
currently serve as independent directors/trustees to all of the Price income
funds. Shareholders are being asked to reelect them to each of the Boards of the
Price income funds.
In addition, Ms. Merriman and Messrs. Dick, Fagin, Vos, and Wythes, who
currently serve as independent directors/trustees to all of the Price equity
funds, are being nominated for election to each of the Boards of the Price
income funds.
Messrs. Reynolds, Riepe, and Testa currently serve as interested directors to
all of the Price income funds and shareholders are being asked to reelect them.
PAGE 7
Price International Funds. Messrs. Deering, Dick, and Wythes currently serve as
independent directors/trustees to all of the Price international funds.
Shareholders are being asked to reelect them to each of the Boards of the Price
international funds.
In addition, Ms. Merriman and Messrs. Burnett, Fagin, Linaweaver, Schreiber, and
Vos, who currently serve on the Boards of either the Price equity or income
funds, are being nominated for election to each of the Boards of the Price
international funds.
Messrs. Testa and Wade currently serve as interested directors to all of the
Price international funds and shareholders are being asked to reelect them.
Shareholders are being asked to elect the Board of Directors/Trustees of their
respective fund(s) only.
Table 1 provides biographical information on each director/trustee, their
ownership, if any, in the funds to which they have been nominated for election
as a director/trustee, and their total ownership in any of the other Price
funds/trusts.
Table 1 Nominees for Election as
Directors/Trustees
All Other Price
Funds' Shares
Owned, Directly or
Name, Date of Birth, Address, Fund Shares Beneficially Indirectly, as
Position on Fund Board, and Owned, Directly or Indirectly, of 6/30/01
Principal Occupations/a/ as of 6/30/01
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*James A. C. Kennedy, 8/15/53 Capital Appreciation 11,184 3,611,334
Developing 40,679
100 E. Pratt Street, Baltimore, Technologies 7,682
MD 21202 Dividend Growth 1,729
Equity Income 10,245
Director/Trustee of the Financial Services 5,940
Balanced, Blue Chip Growth, Media & 6,843
Capital Appreciation, Dividend Telecommunications 7,307
Growth, Equity Income, Mid-Cap Growth 19,421
Financial Services, Growth & Mid-Cap Value
Income, Institutional Equity, Value
Mid-Cap Growth, Mid-Cap Value,
Personal Strategy, Real Estate,
Tax-Efficient, and Value Funds
and the Index Trust
Managing Director and Director,
T. Rowe Price and T. Rowe Price
Group, Inc.; Officer and/or
Director of 3 other T. Rowe
Price equity funds/trusts
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*John H. Laporte, 7/26/45 Capital Opportunity 6,229 3,159,980
New America Growth 31,755
100 E. Pratt Street, Baltimore, Science & Technology 34,070
MD 21202 Small-Cap Stock 4,800
Director/Trustee of the Capital
Opportunity, Diversified
Small-Cap Growth, Health
Sciences, New America Growth,
Science & Technology, Small-Cap
Stock, and Small-Cap Value
Funds and the Equity Series
Managing Director, T. Rowe
Price; Managing Director and
Director, T. Rowe Price Group,
Inc.; Officer and/or Director
of 7 other T. Rowe Price equity
funds/ trusts
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*William T. Reynolds, 5/26/48 GNMA 29,191 35,661
Maryland: 14,374
100 E. Pratt Street, Baltimore, Short-Term Tax-Free 188,457
MD 21202 358
Tax-Free Bond 20,271
Director/Trustee of the T. Rowe Prime Reserve 260,533
Price income funds/trusts Short-Term Bond 169,554
Summit Municipal 649
Director and Managing Director, Money Market 297,404
T. Rowe Price and T. Rowe Price Tax-Exempt Money
Group, Inc.; Vice President of Tax-Free Short-
the Personal Strategy,
Spectrum, and Tax-Efficient Intermediate
Funds U.S. Treasury
Intermediate
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*James S. Riepe, 6/25/43 Balanced 39,074 153,121
Capital Appreciation 15,593
100 E. Pratt Street, Baltimore, Equity Income 50,271
MD 21202 Growth & Income 21,205
High Yield 49,816
Director/Trustee of all T. Rowe Prime Reserve 121,133
Price funds except the Short-Term Bond 93,851
international funds Small-Cap Value 41,532
Summit Cash Reserves 3,730,933
Vice Chairman of the Board, Summit Municipal 4,890,637
Director and Managing Director, Money Market 166,464
T. Rowe Price Group, Inc.; Tax-Free Short- 14,483
Director and Managing Director, 22,774
T. Rowe Price; Chairman of the Intermediate
Board, T. Rowe Price Investment Total Market Equity
Services, Inc., T. Rowe Price Index
Retirement Plan Services, Inc., Value
and T. Rowe Price Services,
Inc.; Chairman of the Board,
President and Trust Officer, T.
Rowe Price Trust Company;
Director, T. Rowe Price
International, Inc.; Director
of 3 other T. Rowe Price equity
funds
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*M. David Testa, 4/22/44 Emerging Markets Stock 30,795 9,113
Health Sciences 12,435
100 E. Pratt Street, Baltimore, High Yield 222,585
MD 21202 International 5,554
Discovery 103,895
Director/Trustee of all T. Rowe International Stock 7,748
Price funds except Mid-Cap Mid-Cap Growth 47,610
Growth Prime Reserve 36,337
Small-Cap Value 2,491,579
Vice Chairman of the Board, Summit Cash Reserves 104,531
Chief Investment Officer, Summit Municipal 1,245
Director, and Managing Intermediate 38,008
DIrector, T. Rowe Price Group, Tax-Free Income
Inc.; Chief Investment Officer, Value
Director, and Managing
Director, T. Rowe Price; Vice
President and Director, T. Rowe
Price Trust Company; Director,
T. Rowe Price International,
Inc.; Director of 3 other T.
Rowe Price equity funds
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*Martin G. Wade, 2/16/43 International 3,851 4,465
Discovery 16,925
60 Queen Victoria Street International Stock 4,743
London EC4N 4TZ, England Latin America
Director of the T. Rowe Price
international funds
Managing Director, T. Rowe
Price; Director and Managing
Director, T. Rowe Price Group,
Inc.; Chairman of the Board, T.
Rowe Price International, Inc.
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Calvin W. Burnett, Ph.D., High Yield 160 183
3/16/32 International Stock 89
Prime Reserve 1,605
2500 West North Avenue
Baltimore, MD 21216
Director/Trustee of the T. Rowe
Price income funds/trusts
President, Coppin State
College; Director, Provident
Bank of Maryland
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Anthony W. Deering, 1/28/45 European Stock 7,191 --
International Bond 124,300
10275 Little Patuxent Parkway International 2,729
Columbia, MD 21044 Discovery 7,524
Japan 2,500
Director/Trustee of the T. Rowe Media & 5,934
Price income and international Telecommunications 109,882
funds/trusts Real Estate
Small-Cap Value
Director, Chairman of the
Board, President, and Chief
Executive Officer, The Rouse
Company, real estate developers
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Donald W. Dick, Jr., 1/27/43 Balanced 1,858 5,123
Blue Chip Growth 776
EuroCapital Advisors, LLC Capital Appreciation 7,206
P.O. Box 491 Dividend Growth 411
Chilmark, MA 02535 Equity Income 1,400
Equity Index 500 460
Director/Trustee of the T. Rowe European Stock 1,234
Price equity and international Financial Services 923
funds/trusts Growth & Income 649
Health Sciences 696
Principal, EuroCapital High Yield 5,847
Advisors, LLC, an acquisition International Bond 10,176
and management advisory firm; International 1,413
Director, ThinkSharp, Inc. Discovery 9,596
(1/98 to present), The Haven International Stock 3,014
Group, f/k/a Haven Acquisition Japan 1,141
Corp. (6/98 to present), Haven Latin America 319
Homes, Inc. (6/98 to present), Mid-Cap Growth 1,061
LaPointe International Corp. New America Growth 1,753
(since 3/99), LaPointe, Ltd. New Asia 2,181
(UK) (since 7/99) and Sequor New Income 478,022
Industries, N.V. (The Prime Reserve 873
Netherlands) Science & Technology 1,080
Small-Cap Stock 357
Spectrum: 544
Growth 5,313
International
U.S. Treasury
Intermediate
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David K. Fagin, 4/9/38 Blue Chip Growth 1,741 69
Dividend Growth 2,183
33 Glenmoor Drive Equity Income 1,970
Englewood, CO 80110-7115 European Stock 2,280
International Stock 10,979
Director/Trustee of the T. Rowe Mid-Cap Growth 4,482
Price equity funds/trusts New Asia 2,228
Small-Cap Stock 1,925
Director, Dayton Mining Summit Cash Reserves 1,693,600
Corporation Short-Term Bond 10,355
(6/98 to present), Golden Star Tax-Efficient: 4,038
Resources Ltd., and Canyon Balanced 5,061
Resources, Corp. (5/00 to
present); Chairman and Growth
President, Nye Corporation;
formerly, Director, Nescor
Corporation and Chairman of the
Board and Director, Western
Exploration and Development,
Ltd.
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F. Pierce Linaweaver, 8/22/34 Balanced 8,071 20,625
High Yield 22,837
Green Spring Station International 6,300
2360 West Joppa Road, Suite 224 Discovery 9,269
Lutherville, MD 21093 New America Growth 5,158
Prime Reserve
Director/Trustee of the T. Rowe
Price income funds/trusts
President, F. Pierce Linaweaver
& Associates, Inc., consulting
environmental and civil
engineers; Director,
Daft-McCune-Walker, Inc. (1998
to present)
- --------------------------------------------------------------------------------------
Hanne M. Merriman, 11/16/41 Blue Chip Growth 5,397 1,060
Capital Appreciation 1,547
3201 New Mexico Avenue, N.W. Dividend Growth 2,391
Suite 350 Equity Income 3,117
Washington, D.C. 20016 Equity Index 500 5,112
New America Growth 647
Director/Trustee of the T. Rowe Prime Reserve 6,085
Price equity funds/trusts Spectrum: 13,362
Growth 2,071
Retail Business Consultant; 126,868
Director, Ann Taylor Stores International 1,984
Corporation, Central Illinois Summit Municipal 4,680
Public Service Company, Ameren Money Market
Corp., Finlay Enterprises, Science & Technology
Inc., The Rouse Company, State Value
Farm Mutual Automobile
Insurance Company, and US
Airways Group, Inc.
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John G. Schreiber, 10/21/46 GNMA 19,632 --
Growth & Income 19,172
Centaur Capital Partners High Yield 28,755
One Westminster Place, Suite New Income 21,297
300 Prime Reserve 33,947
Lake Forest, IL 60045 Short-Term Bond 34,785
Summit Cash Reserves 114,326
Director/Trustee of the T. Rowe Summit Municipal: 136,374
Price income funds/trusts Income 133,856
4,659,898
Owner/President, Centaur Intermediate 108,237
Capital Partners, Inc., a real Money Market 12,566
estate investment company; Tax-Exempt Money 15,309
Director, AMLI Residential Tax-Free High Yield 25,693
Properties Trust, The Brickman Tax-Free Income 34,485
Group, Ltd., and Host Marriott Tax-Free Short- 18,603
Corporation; Partner, 148,388
Blackstone Real Estate Intermediate 21,921
Partners, L.P.; Director, and U.S. Treasury:
formerly Executive Vice Intermediate
President, JMB Realty
Corporation Long-Term
Money
Value
- --------------------------------------------------------------------------------------
Hubert D. Vos, 8/2/33 Equity Income 1,295 2,429
Health Sciences 2,427
1114 State Street, Suite 247 Mid-Cap Growth 552
P.O. Box 90409 Science & Technology 1,996
Santa Barbara, CA 93190-0409 Small-Cap Stock 693
Small-Cap Value 1,174
Director/Trustee of the T. Rowe
Price equity funds/trusts
Owner/President, Stonington
Capital Corporation, a private
investment company
- --------------------------------------------------------------------------------------
Paul M. Wythes, 6/23/33 Growth & Income 1,711 3,621
International 38,805
755 Page Mill Road, Suite A200 Discovery 1,045
Palo Alto, CA 94304-1005 New America Growth 1,223
Science & Technology 761
Director/Trustee of the T. Rowe Small-Cap Value 57,338
Price equity and international Value
funds/trusts
Founding Partner of Sutter Hill
Ventures, a venture capital
limited partnership, providing
equity capital to young high
technology companies throughout
the United States; Director,
Teltone Corporation and Sutter
Hill Investments Maritius Ltd.
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PAGE 8
PAGE 9
PAGE 10
PAGE 11
* Nominees considered "interested persons" because of relationships with T. Rowe
Price and/or T. Rowe Price International as described in the table. They are
also shareholders of T. Rowe Price Group, Inc.
/a/
Unless otherwise indicated, each individual has held the office indicated, or
other offices in the same company, for the last five years. Messrs. Kennedy,
Laporte, Reynolds, Riepe, Testa, and Wade have held their positions with T.
Rowe Price Group since 2000.
Table 2 sets forth the year each director/trustee was first elected.
PAGE 12
Table 2 Year of Original Election as a Director/Trustee
T. Rowe Price Fund Burnett Deering Dick Fagin Linaweaver Merriman Schreiber Vos Wythes
- ------------------------------------------------------------------------------------------------------------------------------------
Balanced * * 1991 1991 * 1994 * 1991 1992
- ------------------------------------------------------------------------------------------------------------------------------------
Blue Chip Growth * * 1993 1993 * 1994 * 1993 1993
- ------------------------------------------------------------------------------------------------------------------------------------
California Tax-Free Income Trust 1993 1986 * * 1986 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Appreciation * * 1986 1988 * 1994 * 1986 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Opportunity * * 1994 1994 * 1994 * 1994 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Corporate Income 1995 1995 * * 1995 * 1995 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Developing Technologies * * 2000 2000 * 2000 * 2000 2000
- ------------------------------------------------------------------------------------------------------------------------------------
Diversified Small-Cap Growth * * 1997 1997 * 1997 * 1997 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Dividend Growth * * 1992 1992 * 1994 * 1992 1992
- ------------------------------------------------------------------------------------------------------------------------------------
Equity Income * * 1994 1988 * 1994 * 1985 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Equity Series * * 1994 1994 * 1994 * 1994 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Financial Services * * 1996 1996 * 1996 * 1996 1996
- ------------------------------------------------------------------------------------------------------------------------------------
Fixed Income Series 1994 1994 * * 1994 * 1994 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Global Technology * * 2000 2000 * 2000 * 2000 2000
- ------------------------------------------------------------------------------------------------------------------------------------
GNMA 1993 1985 * * 1985 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Growth & Income * * 1982 1994 * 1994 * 1994 1982
- ------------------------------------------------------------------------------------------------------------------------------------
Health Sciences * * 1995 1995 * 1995 * 1995 1995
- ------------------------------------------------------------------------------------------------------------------------------------
High Yield 1993 1984 * * 1984 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Index Trust * * 1994 1994 * 1994 * 1 1990
994
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional Equity * * 1996 1996 * 1996 * 1996 1996
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional International * 1991 1989 * * * * * 1996
- ------------------------------------------------------------------------------------------------------------------------------------
International * 1991 1988 * * * * * 1996
- ------------------------------------------------------------------------------------------------------------------------------------
International Index * 2000 2000 * * * * * 2000
- ------------------------------------------------------------------------------------------------------------------------------------
International Series * 1994 1994 * * * * * 1996
- ------------------------------------------------------------------------------------------------------------------------------------
Media & Telecommunications * * 1997 1997 * 1997 * 1997 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Mid-Cap Growth * * 1992 1992 * 1994 * 1992 1992
- ------------------------------------------------------------------------------------------------------------------------------------
Mid-Cap Value * * 1996 1996 * 1996 * 1996 1996
- ------------------------------------------------------------------------------------------------------------------------------------
New America Growth * * 1985 1994 * 1994 * 1994 1985
- ------------------------------------------------------------------------------------------------------------------------------------
New Income 1993 1980 * * 1983 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Personal Strategy * * 1994 1994 * 1994 * 1994 1994
- ------------------------------------------------------------------------------------------------------------------------------------
Prime Reserve 1993 1979 * * 1980 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Real Estate * * 1997 1997 * 1997 * 1997 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Reserve Investment 1997 1997 * * 1997 * 1997 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Science & Technology * * 1994 1994 * 1994 * 1988 1987
- ------------------------------------------------------------------------------------------------------------------------------------
Short-Term Bond 1993 1983 * * 1983 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Small-Cap Stock * * 1992 1992 * 1994 * 1992 1992
- ------------------------------------------------------------------------------------------------------------------------------------
Small-Cap Value * * 199 1994 * 1994 * 1988 1988
4
- ------------------------------------------------------------------------------------------------------------------------------------
Spectrum * * 1999 1999 * 1999 * 1999 1999
- ------------------------------------------------------------------------------------------------------------------------------------
State Tax-Free Income Trust 1993 1986 * * 1986 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Summit 1993 1993 * * 1993 * 1993 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Summit Municipal 1993 1993 * * 1993 * 1993 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Efficient * * 1997 1997 * 1997 * 1997 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Exempt Money 1993 1983 * * 1983 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Free High Yield 1993 1984 * * 1984 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Free Income 1993 1983 * * 1979 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Free Intermediate 1993 1992 * * 1992 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Free Short-Intermediate 1993 1983 * * 1983 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Bond Index 2000 2000 * * 2000 * 2000 * *
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury 1993 1989 * * 1989 * 1992 * *
- ------------------------------------------------------------------------------------------------------------------------------------
Value * * 1994 1994 * 1994 * 1994 1994
- ------------------------------------------------------------------------------------------------------------------------------------
T. Rowe Price Fund Reynolds Riepe Testa Wade
- --------------------------------------------------------------------------------------
Balanced -- 1991 1991 --
- --------------------------------------------------------------------------------------
Blue Chip Growth -- 1993 1993 --
- --------------------------------------------------------------------------------------
California Tax-Free Income Trust 1991 1986 1997 --
- --------------------------------------------------------------------------------------
Capital Appreciation -- 1986 1997 --
- --------------------------------------------------------------------------------------
Capital Opportunity -- 1994 1997 --
- --------------------------------------------------------------------------------------
Corporate Income 1995 1995 1997 --
- --------------------------------------------------------------------------------------
Developing Technologies -- 2000 2000 --
- --------------------------------------------------------------------------------------
Diversified Small-Cap Growth -- 1997 1997 --
- --------------------------------------------------------------------------------------
Dividend Growth -- 1992 1992 --
- --------------------------------------------------------------------------------------
Equity Income -- 1985 1994 --
- --------------------------------------------------------------------------------------
Equity Series -- 1994 1994 --
- --------------------------------------------------------------------------------------
Financial Services -- 1996 1996 --
- --------------------------------------------------------------------------------------
Fixed Income Series 1997 1994 1997 --
- --------------------------------------------------------------------------------------
Global Technology -- 2000 2000 --
- --------------------------------------------------------------------------------------
GNMA 1997 1985 1997 --
- --------------------------------------------------------------------------------------
Growth & Income -- 1982 1994 --
- --------------------------------------------------------------------------------------
Health Sciences -- 1995 1995 --
- --------------------------------------------------------------------------------------
High Yield 1997 1984 1997 --
- --------------------------------------------------------------------------------------
Index Trust -- 1990 1994 --
- --------------------------------------------------------------------------------------
Institutional Equity -- 1996 1996 --
- --------------------------------------------------------------------------------------
Institutional International -- -- 1989 1989
- --------------------------------------------------------------------------------------
International -- -- 1979 1982
- --------------------------------------------------------------------------------------
International Index -- -- 2000 2000
- --------------------------------------------------------------------------------------
International Series -- -- 1994 1994
- --------------------------------------------------------------------------------------
Media & Telecommunications -- 1993 1997 --
- --------------------------------------------------------------------------------------
Mid-Cap Growth -- 1992 * --
- --------------------------------------------------------------------------------------
Mid-Cap Value -- 1996 1996 --
- --------------------------------------------------------------------------------------
New America Growth -- 1985 1997 --
- --------------------------------------------------------------------------------------
New Income 1997 1983 1997 --
- --------------------------------------------------------------------------------------
Personal Strategy -- 1994 1994 --
- --------------------------------------------------------------------------------------
Prime Reserve 1995 1994 1997 --
- --------------------------------------------------------------------------------------
Real Estate -- 1997 1997 --
- --------------------------------------------------------------------------------------
Reserve Investment 1997 1997 1997 --
- --------------------------------------------------------------------------------------
Science & Technology -- 1987 1997 --
- --------------------------------------------------------------------------------------
Short-Term Bond 1997 1983 1997 --
- --------------------------------------------------------------------------------------
Small-Cap Stock -- 1992 1997 --
- --------------------------------------------------------------------------------------
Small-Cap Value -- 1988 1997 --
- --------------------------------------------------------------------------------------
Spectrum -- 1990 1999 --
- --------------------------------------------------------------------------------------
State Tax-Free Income Trust 1991 1986 1997 --
- --------------------------------------------------------------------------------------
Summit 1997 1993 1997 --
- --------------------------------------------------------------------------------------
Summit Municipal 1993 1993 1997 --
- --------------------------------------------------------------------------------------
Tax-Efficient -- 1997 1997 --
- --------------------------------------------------------------------------------------
Tax-Exempt Money 1991 1983 1997 --
- --------------------------------------------------------------------------------------
Tax-Free High Yield 1989 1984 1997 --
- --------------------------------------------------------------------------------------
Tax-Free Income 1990 1983 1997 --
- --------------------------------------------------------------------------------------
Tax-Free Intermediate 1994 1992 1997 --
- --------------------------------------------------------------------------------------
Tax-Free Short-Intermediate 1994 1983 1997 --
- --------------------------------------------------------------------------------------
U.S. Bond Index 2000 2000 2000 --
- --------------------------------------------------------------------------------------
U.S. Treasury 1997 1989 1997 --
- --------------------------------------------------------------------------------------
Value -- 1994 1994 --
- --------------------------------------------------------------------------------------
PAGE 13
PAGE 14
* Initial election.
PAGE 15
Do the nominees have a stake in the funds?
The Boards of the funds believe it is important that each nominee for
director/trustee have an investment in the T. Rowe Price funds. The nominees
allocate their investments among the T. Rowe Price funds based on their own
investment objectives. Table 1 lists each nominee's investment in the funds, if
any, as well as his total investment in all of the T. Rowe 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 interests of its shareholders.
The directors/trustees periodically review the performance, expenses, service
providers of, and business and regulatory matters affecting, the funds based on
reports provided by their respective investment advisers, transfer agent,
custodians, auditors, and legal counsel.
How often does each fund's Board meet?
The Boards of Directors /Trustees of the Price equity and income funds held five
meetings during calendar year 2000. The Board of Directors for the T. Rowe Price
international funds held six meetings during calendar year 2000. With the
exception of Mr. Kennedy, each director/ trustee attended 75% or more of those
meetings. Each director/trustee has attended 75% or more of the four meetings of
the Price funds held to date in 2001. Each Board currently has two 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 selecting
candidates for election as independent directors or trustees to fill vacancies
on each fund's Board. F. Pierce Linaweaver is 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.
They met informally during the last fiscal year, but the committee as such held
no formal meetings.
The Joint Audit Committee includes at least one independent director/ trustee
representing each of the T. Rowe Price funds. The members of the committee are
David K. Fagin, F. Pierce Linaweaver, John G. Schreiber, and Paul M. Wythes.
These directors/trustees also receive a fee of $1,000 for each committee meeting
attended. The Audit Committee holds two regular meetings during each fiscal
year, at which time it meets with the independent accountants of the T. Rowe
Price funds to review: (1) the services provided; (2) the findings of the most
recent audit; (3) management's response to the findings of the most recent
audit; (4) the scope of the audit to be performed; (5) the accountants' fees;
and (6) any accounting or other questions relating to particular areas of the T.
Rowe Price funds' operations or the
PAGE 16
operations of parties dealing with the T. Rowe Price funds, as circumstances
indicate. The Audit Committee for the funds met twice in 2000 and has met once
in 2001. All members of the committee participated in the meetings.
What are the directors/trustees paid for their services to the funds?
Messrs. Kennedy, Laporte, Reynolds, Riepe, Testa, and Wade are employed by, and
thus considered "interested persons" of, T. Rowe Price or T. Rowe Price
International. Therefore, they are not entitled to compensation or benefits for
their service as directors of the funds.
Ms. Merriman and Messrs. Burnett, Deering, Dick, Fagin, Linaweaver, Schreiber,
Vos, and Wythes are the independent, or noninterested, directors of the funds.
Effective January 1, 2001, compensation to the independent directors changed to
an annual retainer of $110,000 per year for service on the Boards of the T. Rowe
Price funds. The Price fund group included 95 funds at December 31, 2000. The
independent directors of the funds do not receive any pension or retirement
benefits from the funds or T. Rowe Price.
Prior to January 1, 2001, the annual retainer was $65,000 per year for service
on the Boards of the T. Rowe Price domestic funds, an additional $15,000 for
service on the Boards of the T. Rowe Price international funds and a fee of
$1,000 for each Audit Committee meeting attended.
Table 3 provides the independent directors'/trustees' accrued compensation for
the most recently completed fiscal year of each fund and their total
compensation for the period January 1, 2000, through December 31, 2000. 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.
PAGE 17
Table 3 Compensation to Fund Directors/Trustees
Director/Trustee Compensation From T. Rowe Price Funds
T. Rowe Price Fund ------------------------------------------------------------------------------------
- ------------------------------------------------Burnett Deering Dick Fagin Linaweaver Merriman Schreiber Vos Wythes
------------------------------------------------------------------------------------
Balanced $ * $ * $ 1,302 $ 1,808 $ * $ 1,808 $ * $ 1,865 $ 1,47
- ------------------------------------------------------------------------------------------------------------------------------------
Blue Chip Growth * * 2,479 3,800 * 3,800 * 4,007 2,64
- ------------------------------------------------------------------------------------------------------------------------------------
California Tax-Free Bond 1,491 1,323 * * 1,513 * 1,513 *
- ------------------------------------------------------------------------------------------------------------------------------------
California Tax-Free Money 1,362 1,282 * * 1,372 * 1,372 *
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Appreciation * * 1,163 1,311 * 1,311 * 1,334 1,18
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Opportunity * * 1,017 1,036 * 1,036 * 1,039 1,01
- ------------------------------------------------------------------------------------------------------------------------------------
Corporate Income 1,366 1,286 * * 1,371 * 1,371 *
- ------------------------------------------------------------------------------------------------------------------------------------
Developing Technologies * * 249 250 * 250 * 250 24
- ------------------------------------------------------------------------------------------------------------------------------------
Diversified Small-Cap Growth * * 1,014 1,031 * 1,031 * 1.033 1,01
- ------------------------------------------------------------------------------------------------------------------------------------
Dividend Growth * * 1,166 1,316 * 1,316 * 1,336 1,18
- ------------------------------------------------------------------------------------------------------------------------------------
Emerging Europe & Mediterranean * 139 139 * * * * * 13
- ------------------------------------------------------------------------------------------------------------------------------------
Emerging Markets Bond * 1,724 1,704 * * * * * 1,70
- ------------------------------------------------------------------------------------------------------------------------------------
Emerging Markets Stock * 1,724 1,848 * * * * * 1,84
- ------------------------------------------------------------------------------------------------------------------------------------
Equity Income * * 3,184 5,117 * 5,117 * 5,403 3,41
- ------------------------------------------------------------------------------------------------------------------------------------
Equity Income Portfolio * * 1,112 1,216 * 1,216 * 1,232 1,12
- ------------------------------------------------------------------------------------------------------------------------------------
Equity Index 500 * * 1,982 2,853 * 2,853 * 2,971 2,07
- ------------------------------------------------------------------------------------------------------------------------------------
European Stock * 2,138 2,155 * * * 2,13
- ------------------------------------------------------------------------------------------------------------------------------------
Extended Equity Market Index * * 1,012 1,028 * 1,028 * 1,030 1,01
- ------------------------------------------------------------------------------------------------------------------------------------
Financial Services * * 1,034 1,068 * 1,068 * 1,076 1,04
- ------------------------------------------------------------------------------------------------------------------------------------
Florida Intermediate Tax-Free $ 1,340 $ 1,276 $ * $ * $ 1,349 $ * $ 1,349 $ * $
- ------------------------------------------------------------------------------------------------------------------------------------
Foreign Equity * 2,873 2,694 * * * * * 2,69
- ------------------------------------------------------------------------------------------------------------------------------------
Georgia Tax-Free Bond 1,314 1,268 * * 1,320 1,320 *
- ------------------------------------------------------------------------------------------------------------------------------------
Global Stock * 1,698 1,829 * * * * * 1,82
- ------------------------------------------------------------------------------------------------------------------------------------
Global Technology * * 282 87 * 87 * 91 28
- ------------------------------------------------------------------------------------------------------------------------------------
GNMA 3,624 2,010 * * 3,737 3,737 *
- ------------------------------------------------------------------------------------------------------------------------------------
Growth & Income * * 1,658 2,245 * 2,245 * 2,332 1,72
- ------------------------------------------------------------------------------------------------------------------------------------
Health Sciences * * 1,111 1,216 * 1,216 * 1,241 1,13
- ------------------------------------------------------------------------------------------------------------------------------------
High Yield 4,640 2,331 * * 4,781 * 4,776 *
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional Large-Cap Value * * 581 581 * 581 * 581 58
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional Mid-Cap Equity Growth * * 1,058 1,114 * 1,114 * 1,124 1,06
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional Small-Cap Stock * * 590 599 * 599 * 604 59
- ------------------------------------------------------------------------------------------------------------------------------------
International Bond * 1,902 1,817 * * * * * 1,83
- ------------------------------------------------------------------------------------------------------------------------------------
International Discovery * 1,973 2,021 * * * * * 2,02
- ------------------------------------------------------------------------------------------------------------------------------------
International Growth & Income * 1,671 1,809 * * * * * 1,80
- ------------------------------------------------------------------------------------------------------------------------------------
International Stock * 5,604 4,698 * * * * * 4,69
- ------------------------------------------------------------------------------------------------------------------------------------
International Stock Portfolio * 1,902 1,817 * * * * * 1,83
- ------------------------------------------------------------------------------------------------------------------------------------
Japan * 1,827 1,927 * * * * * 1,92
- ------------------------------------------------------------------------------------------------------------------------------------
Latin America $ * $ 1,752 $ 1,868 $ * $ * $ * $ * $ * $ 1,86
- ------------------------------------------------------------------------------------------------------------------------------------
Limited-Term Bond Portfolio 1,314 1,268 * * 1,321 * 1,321 *
- ------------------------------------------------------------------------------------------------------------------------------------
Maryland Short-Term Tax-Free Bond 1,378 1,287 * * 1,388 * 1,388 *
- ------------------------------------------------------------------------------------------------------------------------------------
Maryland Tax-Free Bond 2,373 1,598 * * 2,474 * 2,474 *
- ------------------------------------------------------------------------------------------------------------------------------------
Media & Telecommunications * * 1,221 1,420 * 1,420 * 1,446 1,24
- ------------------------------------------------------------------------------------------------------------------------------------
Mid-Cap Growth * * 2,179 3,235 * 3,235 * 3,408 2,31
- ------------------------------------------------------------------------------------------------------------------------------------
Mid-Cap Growth Portfolio * * 1,036 1,073 * 1,073 * 1,081 1,04
- ------------------------------------------------------------------------------------------------------------------------------------
Mid-Cap Value * * 1,040 1,080 * 1,080 * 1,087 1,04
- ------------------------------------------------------------------------------------------------------------------------------------
New America Growth * * 1,381 1,722 * 1,722 * 1,766 1,41
- ------------------------------------------------------------------------------------------------------------------------------------
New America Growth Portfolio * * 1,020 1,042 * 1,042 * 1,045 1,02
- ------------------------------------------------------------------------------------------------------------------------------------
New Asia * 2,079 2,109 * * * * * 2,10
- ------------------------------------------------------------------------------------------------------------------------------------
New Income 4,996 2,446 * * 5,159 * 5,159 *
- ------------------------------------------------------------------------------------------------------------------------------------
New Jersey Tax-Free Bond 1,366 1,284 * * 1,378 * 1,378 *
- ------------------------------------------------------------------------------------------------------------------------------------
New York Tax-Free Bond 1,456 1,312 * * 1,474 * 1,474 *
- ------------------------------------------------------------------------------------------------------------------------------------
New York Tax-Free Money 1,373 1,286 * * 1,384 * 1,384 *
- ------------------------------------------------------------------------------------------------------------------------------------
Personal Strategy Balanced * * 1,199 1,411 * 1,411 * 1,429 1,21
- ------------------------------------------------------------------------------------------------------------------------------------
Personal Strategy Balanced Portfolio * * 1,017 1,036 * 1,036 * 1,039 1,01
- ------------------------------------------------------------------------------------------------------------------------------------
Personal Strategy Growth * * 1,086 1,180 * 1,180 * 1,188 1,09
- ------------------------------------------------------------------------------------------------------------------------------------
Personal Strategy Income $ * $ * $ 1,068 $ 1,145 $ * $ 1,145 $ * $ 1,151 $ 1,07
- ------------------------------------------------------------------------------------------------------------------------------------
Prime Reserve 9,031 5,292 * * 9,566 * 9,566 *
- ------------------------------------------------------------------------------------------------------------------------------------
Prime Reserve Portfolio 1,272 1,255 * * 1,274 * 1,274 *
- ------------------------------------------------------------------------------------------------------------------------------------
Real Estate * * 1,002 1,008 * 1,008 * 1,010 1,00
- ------------------------------------------------------------------------------------------------------------------------------------
Science & Technology * * 3,819 6,324 * 6,324 * 6,646 4,07
- ------------------------------------------------------------------------------------------------------------------------------------
Short-Term Bond 2,188 1,550 * * 2,233 * 2,233 *
- ------------------------------------------------------------------------------------------------------------------------------------
Small-Cap Stock * * 1,171 1,461 * 1,461 * 1,521 1,21
- ------------------------------------------------------------------------------------------------------------------------------------
Small-Cap Value * * 1,252 1,480 * 1,480 * 1,516 1,28
- ------------------------------------------------------------------------------------------------------------------------------------
Summit Cash Reserves 4,040 2,096 * * 4,041 * 4,041 *
- ------------------------------------------------------------------------------------------------------------------------------------
Summit GNMA 1,311 1,266 * * 1,311 * 1,311 *
- ------------------------------------------------------------------------------------------------------------------------------------
Summit Municipal Income 1,322 1,270 * * 1,322 * 1,322 *
- ------------------------------------------------------------------------------------------------------------------------------------
Summit Municipal Intermediate 1,332 1,273 * * 1,333 * 1,333 *
- ------------------------------------------------------------------------------------------------------------------------------------
Summit Municipal Money 1,465 1,314 * * 1,466 * 1,466 *
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Efficient Balanced * * 1,006 1,012 * 1,012 * 1,013 1,00
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Efficient Growth * * 1,012 1,023 * 1,023 * 1,026 1,01
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Efficient Multi-Cap Growth * * 290 290 * 290 * 290 29
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Exempt Money 2,015 1,486 * * 2,085 * 2,085 *
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Free High Yield 2,442 1,618 * * 2,544 * 2,544 *
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Free Income 2,728 1,131 * * 2,858 * 2,858 *
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Free Intermediate 1,373 1,286 * * 1,384 * 1,384 *
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Free Short-Intermediate $ 1,688 $ 1,384 $ * $ * $ 1,727 $ * $ 1,727 $ * $
- ------------------------------------------------------------------------------------------------------------------------------------
Total Equity Market Index * * 1,040 1,079 * 1,079 * 1,085 1,04
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Intermediate 1,772 1,415 * * 1,795 * 1,795 *
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Long-Term 1,937 1,468 * * 1,965 * 1,965 *
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Money 3,322 1,911 * * 3,409 * 3,409 *
- ------------------------------------------------------------------------------------------------------------------------------------
Value * * 1,167 1,320 * 1,320 * 1,345 1,18
- ------------------------------------------------------------------------------------------------------------------------------------
Virginia Tax-Free Bond 1,555 1,343 * * 1,583 * 1,583 *
- ------------------------------------------------------------------------------------------------------------------------------------
Total Compensation From Funds and Fund $65,000 $80,000 $80,000 $65,000 $67,000 $65,000 $67,000 $67,000 $82,00
Complex**
- ------------------------------------------------------------------------------------------------------------------------------------
PAGE 18
PAGE 19
PAGE 20
PAGE 21
Note:
The Reserve Investment and Spectrum Funds do not incur director's fees. The
Blue Chip Growth, Equity Index 500, and Health Sciences Portfolios and the
International Equity Index, Maryland Tax-Free Money, and U.S. Bond Index
Funds have not completed a full fiscal year and did not pay any compensation
in calendar year 2000.
* Initial election.
** Represents compensation paid for calendar year 2000. 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 22
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,
International, Personal Strategy, Reserve Investment, Spectrum, Summit, Summit
Municipal, Tax-Efficient, and U. S. Treasury Funds, each fund votes separately
and a plurality (receiving more "for" votes than "against" votes) of the votes
cast at the meeting is sufficient to approve the election of a director/trustee
of that fund.
For the California Tax-Free Income, Index, and State Tax-Free Trusts, Equity and
Fixed Income Series, and Institutional Equity, International, Personal Strategy,
Reserve Investment, 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, Equity Income,
High Yield, International Bond, International Stock, Mid-Cap Growth, Science &
Technology, Small-Cap Stock, Small-Cap Value, and Value Funds and their Advisor
Classes will be combined. A plurality (receiving more "for" votes than "against"
votes) of the combined votes cast at the meeting by the shareholders of all
series and classes of each corporation is sufficient to approve the election of
a director/trustee of that corporation. The Board of Directors/ Trustees
recommends that shareholders vote FOR all of the proposed nominees.
FURTHER INFORMATION ABOUT VOTING AND THE SHAREHOLDER MEETING
What is the required quorum?
To hold the meeting, a majority of each fund'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 the proposal is 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 fund'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. 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.
Alternatively, you may simply sign, date, and
PAGE 23
return your proxy card(s) with no specific instructions as to the proposals. IF
YOU PROPERLY EXECUTE YOUR PROXY CARD AND GIVE NO VOTING INSTRUCTIONS WITH
RESPECT TO THE ELECTION OF DIRECTORS/TRUSTEES, YOUR SHARES WILL BE VOTED FOR ALL
NOMINEES.
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 Series 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
contract holders are timely received.
Can additional matters be acted upon at the annual meeting?
The management of the funds knows of no other business which 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 on 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 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
PAGE 24
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.
The approximate date on which this proxy statement and proxy card are first
being mailed to shareholders is September 7, 2001.
All costs of the shareholder meetings and the proxy solicitation will be paid
for by the 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 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 the proxy
statement for the next 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 4 lists the executive officers of the funds (other than the nominees for
election as directors/trustees) and their positions with T. Rowe Price, T. Rowe
Price Group, or Price International. Each executive officer has been an officer
of T. Rowe Price or Price International and the funds for at least the last five
years.
In the case of T. Rowe Price Group, the officers have served for the time
periods indicated in the footnote to the table.
The table also sets forth the ownership of the executive officers of the funds
as of June 30, 2001. In each case, 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.
Table 4 Executive Officers of the Funds and Beneficial Ownership
Officer, Date of Birth Position With Fund Position With T. Rowe Price Position With T. Rowe Price Group Amount and
Nature of
Beneficial
Ownership
as of
June 30, 2001
Balanced
Richard T. Whitney, 5/7/58 President Managing Director Managing Director* 9,926
Blue Chip Growth
Larry J. Puglia, 8/25/60 President Managing Director Managing Director* 5,244
California Tax-Fee Income Trust
Mary J. Miller, 7/19/55 President Managing Director Managing Director* -
Capital Appreciation
Stephen W. Boesel, 12/28/44 President Managing Director Managing Director* -
Capital Opportunity
William J. Stromberg, 3/10/60 President Managing Director Managing Director* -
Corporate Income
Robert M. Rubino, 8/2/53 President Vice President Vice President** 3,382
Mark J. Vaselkiv, 7/22/58 Executive Vice President Managing Director Managing Director* 704
Developing Technologies
Charles A. Morris, 1/3/63 President Managing Director Managing Director* 8,008
Michael F. Sola, 7/21/69 Executive Vice President Vice President Vice President** 72,391
Diversified Small-Cap Growth
Richard T. Whitney, 5/7/58 President Managing Director Managing Director* 3,049
Paul J. Wojcik, 11/28/70 Executive Vice President Vice President Vice President** 2,666
Dividend Growth
Thomas J. Huber, 9/23/66 President Vice President Vice President** 2,164
Equity Income
Brian C. Rogers, 6/27/55 President Managing Director Managing Director and Director* 52,452
Equity Series
Marc L. Baylin, 11/17/67 Executive Vice President Vice President Vice President** -
Brian W. H. Berghuis, 10/12/58 Executive Vice President Managing Director Managing Director* -
Kris H. Jenner, 2/5/62 Executive Vice President Vice President Vice President** -
Larry J. Puglia, 8/25/60 Executive Vice President Managing Director Managing Director* -
Brian C. Rogers, 6/27/55 Executive Vice President Managing Director Managing Director and Director* -
Richard T. Whitney, 5/7/58 Executive Vice President Managing Director Managing Director* -
Financial Services
Anna M. Dopkin, 9/5/67 President Vice President Vice President** 3,859
Fixed Income Series
Edward A. Wiese, 4/12/59 President Vice President Vice President** -
Global Technology
Charles A. Morris, 1/3/63 President Managing Director Managing Director* -
GNMA
Connice A. Bavely, 3/5/51 President Vice President Vice President** -
Growth & Income
Robert W. Sharps, 6/10/71 President Vice President Vice President** 4,196
Health Sciences
Kris H. Jenner, 2/5/62 President Vice President Vice President** 2,743
High Yield
Mark J. Vaselkiv, 7/22/58 President Managing Director Managing Director* 19,401
Index Trust
Richard T. Whitney, 5/7/58 President Managing Director Managing Director* Equity Index 500 - 2,004
Extended Equity
Market Index - 2,602
Total Equity
Market Index - 4,315
Institutional Equity
Brian W. H. Berghuis, 10/12/58 Executive Vice President Managing Director Managing Director* -
Gregory A. McCrickard, 10/19/58 Executive Vice President Managing Director Managing Director* -
Brian C. Rogers, 6/27/55 Executive Vice President Managing Director Managing Director and Director* -
Robert W. Smith, 4/11/61 Executive Vice President Managing Director Managing Director* -
Institutional International
John R. Ford, 11/25/57a President Managing Director Managing Director* -
International
John R. Ford, 11/25/57a President Managing Director Managing Director* European Stock - 385
International
Discovery - 254
International Stock - 290
Latin America - 510
David J. L. Warren, 4/14/57a Executive Vice President Managing Director Managing Director* -
International Index
Richard T. Whitney, 5/7/58 President Managing Director Managing Director* 5,183
Raymond A. Mills, 12/3/60 Executive Vice President Vice President Vice President** -
International Series
John R. Ford, 11/25/57a President Managing Director Managing Director* -
Media & Telecommunications
Robert N. Gensler, 10/18/57 President Vice President Vice President** 13,316
Mid-Cap Growth
Brian W. H. Berghuis, 10/12/58 President Managing Director Managing Director* 16,114
John H. Wakeman, 11/25/62 Executive Vice President Vice President Vice President** 3,715
Mid-Cap Value
Gregory A. McCrickard, 10/19/58 President Managing Director Managing Director* -
David J. Wallack, 7/2/60 Executive Vice President Vice President Vice President** 4,190
New America Growth
Marc L. Baylin, 11/17/67 President Vice President Vice President** 1,624
Personal Strategy
Edmund M. Notzon III, 10/1/45 President Managing Director Managing Director* Personal Strategy:
Balanced - 1,377
Growth - 1,164
Income - 1,640
Stephen W. Boesel, 12/28/44 Executive Vice President Managing Director Managing Director* -
Larry J. Puglia, 8/25/60 Executive Vice President Managing Director Managing Director* -
Prime Reserve
Edward A. Wiese, 4/12/59 President Vice President Vice President** 49,099
James M. McDonald, 9/29/49 Executive Vice President Vice President Vice President** 42,590
Real Estate
David M. Lee, 11/13/62 President Vice President Vice President** 5,086
Reserve Investment
Edward A. Wiese, 4/12/59 President Vice President Vice President** -
James M. McDonald, 9/29/49 Executive Vice President Vice President Vice President** -
Science & Technology
Charles A. Morris, 1/3/63 President Managing Director Managing Director* 23,831
Michael F. Sola, 7/21/69 Executive Vice President Vice President Vice President** 289
Short-Term Bond
Edward A. Wiese, 4/12/59 President Vice President Vice President** 39,933
Small-Cap Stock
Gregory A. McCrickard, 10/19/58 President Managing Director Managing Director* 5,770
Small-Cap Value
Preston G. Athey, 7/17/49 President Managing Director Managing Director* 19,951
Spectrum
Edmund M. Notzon III, 10/1/45 President Managing Director Managing Director* Spectrum:
Growth - 10,714
Income - 1,981
International - 18,671
Stephen W. Boesel, 12/28/44 Executive Vice President Managing Director Managing Director* -
State Tax-Free Income Trust
Mary J. Miller, 7/19/55 President Managing Director Managing Director* Maryland:
Bond - 57,898
Money - 5,031
Short-Term - 143,401
Summit
Edward A. Wiese, 4/12/59 President Vice President Vice President** Summit Cash
Reserves - 71,822
Connice A. Bavely, 3/5/51 Executive Vice President Vice President Vice President** Summit Cash
Reserves - 2,082
Summit Municipal
Mary J. Miller, 7/19/55 President Managing Director Managing Director* Summit Municipal
Money - 2,379,867
Charles B. Hill, 9/22/61 Executive Vice President Vice President Vice President** -
Joseph K. Lynagh, 6/9/58 Executive Vice President Vice President Vice President** -
Tax-Efficient
Donald J. Peters, 7/3/59 President Vice President Vice President** Tax-Efficient:
Balanced - 33,064
Growth - 72,753
Multi-Cap - 12,134
Hugh D. McGuirk, 7/6/60 Executive Vice President Vice President Vice President** Tax-Efficient:
Balanced - 257
Growth - 1,625
Tax-Exempt Money
Joseph K. Lynagh, 6/9/58 President Vice President Vice President** -
Tax-Fee High Yield
Mary J. Miller, 7/19/55 President Managing Director Managing Director* -
Tax-Free Income
Mary J. Miller, 7/19/55 President Managing Director Managing Director* -
Tax-Free Intermediate
Charles B. Hill, 9/22/61 President Vice President Vice President** -
Mary J. Miller, 7/19/55 Executive Vice President Managing Director Managing Director* -
Tax-Free Short-Intermediate
Mary J. Miller, 7/19/55 President Managing Director Managing Director* -
Charles B. Hill, 9/22/61 Executive Vice President Vice President Vice President** -
U.S. Bond Index
Edmund M. Notzon III, 10/1/45 President Managing Director Managing Director* 2,064
U.S. Treasury
Edward A. Wiese, 4/12/59 Executive Vice President Vice President Vice President** -
Value
Brian C. Rogers, 6/27/55 President Managing Director Managing Director and Director* 24,074
a John R. Ford is Chief Investment Officer and Director of T. Rowe Price International, Inc. David J.L. Warren is Chief Executive
Officer, Director, and President of T. Rowe Price International, Inc.
* Officer since 2000.
** Officer since 2001.
What is the share ownership of each fund?
Table 5 presents the shares of the capital stock of each fund outstanding as of
June 30, 2001.
Table 5 Outstanding Shares of Capital Stock
Outstanding Shares of
T. Rowe Price Fund Capital Stock
- --------------------------------------------------------------------
Balanced 101,113,826
- --------------------------------------------------------------------
Blue Chip Growth 216,548,290
- --------------------------------------------------------------------
Blue Chip Growth Portfolio 567,481
- --------------------------------------------------------------------
California Tax-Free Bond 21,942,309
- --------------------------------------------------------------------
California Tax-Free Money 95,316,378
- --------------------------------------------------------------------
Capital Appreciation 86,259,268
- --------------------------------------------------------------------
Capital Opportunity 6,945,745
- --------------------------------------------------------------------
Corporate Income 6,704,665
- --------------------------------------------------------------------
Developing Technologies 4,166,481
- --------------------------------------------------------------------
Diversified Small-Cap Growth 6,474,217
- --------------------------------------------------------------------
Dividend Growth 34,380,728
- --------------------------------------------------------------------
Emerging Europe & Mediterranean 3,031,266
- --------------------------------------------------------------------
Emerging Markets Bond 14,552,863
- --------------------------------------------------------------------
Emerging Markets Stock 15,001,097
- --------------------------------------------------------------------
Equity Income 419,124,920
- --------------------------------------------------------------------
Equity Income Portfolio 36,989,436
- --------------------------------------------------------------------
Equity Index 500 111,573,176
- --------------------------------------------------------------------
Equity Index 500 Portfolio 436,919
- --------------------------------------------------------------------
European Stock 56,296,808
- --------------------------------------------------------------------
Extended Equity Market Index 7,630,980
- --------------------------------------------------------------------
Financial Services 16,133,093
- --------------------------------------------------------------------
Florida Intermediate Tax-Free 8,589,234
- --------------------------------------------------------------------
Foreign Equity 169,040,078
- --------------------------------------------------------------------
Georgia Tax-Free Bond 6,851,081
- --------------------------------------------------------------------
Global Stock 5,899,870
- --------------------------------------------------------------------
Global Technology 17,998,243
- --------------------------------------------------------------------
GNMA 109,641,298
- --------------------------------------------------------------------
Growth & Income 107,901,234
- --------------------------------------------------------------------
Government Reserve Investment 1,609,884,403
- --------------------------------------------------------------------
Health Sciences 45,100,762
- --------------------------------------------------------------------
Health Sciences Portfolio 468,951
- --------------------------------------------------------------------
High Yield 219,595,342
- --------------------------------------------------------------------
Institutional Large-Cap Value 203,832
- --------------------------------------------------------------------
Institutional Mid-Cap Equity Growth 14,886,232
- --------------------------------------------------------------------
Institutional Small-Cap Stock 23,148,117
- --------------------------------------------------------------------
International Bond 96,455,373
- --------------------------------------------------------------------
International Discovery 27,629,213
- --------------------------------------------------------------------
International Equity Index 801,925
- --------------------------------------------------------------------
International Growth & Income 1,025,217
- --------------------------------------------------------------------
International Stock 640,536,597
- --------------------------------------------------------------------
International Stock Portfolio 47,929,993
- --------------------------------------------------------------------
Japan 23,923,618
- --------------------------------------------------------------------
Latin America 20,714,668
- --------------------------------------------------------------------
Limited-Term Bond Portfolio 14,876,526
- --------------------------------------------------------------------
Maryland Short-Term Tax-Free Bond 24,026,442
- --------------------------------------------------------------------
Maryland Tax-Free Bond 108,661,547
- --------------------------------------------------------------------
Maryland Tax-Free Money 29,244,708
- --------------------------------------------------------------------
Media & Telecommunications 35,294,237
- --------------------------------------------------------------------
Mid-Cap Growth 168,283,708
- --------------------------------------------------------------------
Mid-Cap Growth Portfolio 18,299,403
- --------------------------------------------------------------------
Mid-Cap Value 22,320,932
- --------------------------------------------------------------------
New America Growth 40,558,055
- --------------------------------------------------------------------
New America Growth Portfolio 5,109,518
- --------------------------------------------------------------------
New Asia 111,091,693
- --------------------------------------------------------------------
New Income 197,710,809
- --------------------------------------------------------------------
New Jersey Tax-Free Bond 10,956,118
- --------------------------------------------------------------------
New York Tax-Free Bond 18,985,300
- --------------------------------------------------------------------
New York Tax-Free Money 116,210,154
- --------------------------------------------------------------------
Personal Strategy Balanced 43,042,755
- --------------------------------------------------------------------
Personal Strategy Balanced Portfolio 7,085,097
- --------------------------------------------------------------------
Personal Strategy Growth 16,421,919
- --------------------------------------------------------------------
Personal Strategy Income 19,054,294
- --------------------------------------------------------------------
Prime Reserve 5,689,212,709
- --------------------------------------------------------------------
Prime Reserve-PLUS Class 69,669,366
- --------------------------------------------------------------------
Prime Reserve Portfolio 25,287,408
- --------------------------------------------------------------------
Real Estate 5,123,602
- --------------------------------------------------------------------
Reserve Investment 3,604,763,641
- --------------------------------------------------------------------
Science & Technology 253,416,40
6
- --------------------------------------------------------------------
Short-Term Bond 100,219,811
- --------------------------------------------------------------------
Small-Cap Stock 111,914,404
- --------------------------------------------------------------------
Small-Cap Value 80,505,838
- --------------------------------------------------------------------
Spectrum Growth 173,506,615
- --------------------------------------------------------------------
Spectrum Income 223,293,074
- --------------------------------------------------------------------
Spectrum International 8,239,282
- --------------------------------------------------------------------
Summit Cash Reserves 2,695,391,201
- --------------------------------------------------------------------
Summit GNMA 8.299,810
- --------------------------------------------------------------------
Summit Municipal Income 7,292,355
- --------------------------------------------------------------------
Summit Municipal Intermediate 8,067,518
- --------------------------------------------------------------------
Summit Municipal Money 215,351,012
- --------------------------------------------------------------------
Tax-Efficient Balanced 3,803,066
- --------------------------------------------------------------------
Tax-Efficient Growth 8,438,562
- --------------------------------------------------------------------
Tax-Efficient Multi-Cap Growth 1,883,906
- --------------------------------------------------------------------
Tax-Exempt Money 726,691,573
- --------------------------------------------------------------------
Tax-Exempt Money-PLUS Class 26,462,066
- --------------------------------------------------------------------
Tax-Free High Yield 95,292,358
- --------------------------------------------------------------------
Tax-Free Income 145,261,553
- --------------------------------------------------------------------
Tax-Free Intermediate 11,357,151
- --------------------------------------------------------------------
Tax-Free Short-Intermediate 78,589,344
- --------------------------------------------------------------------
Total Equity Market Index 16,223,372
- --------------------------------------------------------------------
U.S. Bond Index 3,885,187
- --------------------------------------------------------------------
U.S. Treasury Intermediate 46,363,048
- --------------------------------------------------------------------
U.S. Treasury Long-Term 27,552,911
- --------------------------------------------------------------------
U.S. Treasury Money 942,989,577
- --------------------------------------------------------------------
Value 64,097,191
- --------------------------------------------------------------------
Virginia Tax-Free Bond 29,709,886
- --------------------------------------------------------------------
Who are the principal holders of each fund's shares?
Table 6 sets forth the persons owning more than 5% of each fund's outstanding
common stock as of June 30, 2001.
Table 6 Record/Beneficial Ownership of Fund
Shares
Fund Owner % Ownership
- -----------------------------------------------------------------------------------------------
Western Reserve Life Assurance Co. 36
Of Ohio, FMD Operational
Accounting, 4333 Edgewood Rd. NE,
Cedar Rapids, IA 52499-0001
Blue Chip Growth Portfolio ---------------------------------------------------
T. Rowe Price Associates, Attn. 35
Financial Reporting Dept., 100 E.
Pratt St., Baltimore, MD 21202
---------------------------------------------------
Security Benefit Life Ins. Co. FBO 2
T. Rowe Price No Load VA, Attn. 7
- -------------------------------------------- Mark Young, 700 SW Harrison St.,
Topeka, KS 66636-0002
---------------------------------------------------
Capital Appreciation Charles Schwab & Co. Inc. Reinvest 9
Account, Attn. Mutual Fund Dept.,
101 Montgomery St., San Francisco,
CA 94104-4122
- -----------------------------------------------------------------------------------------------
Capital Opportunity TRP Finance, Inc., 802 West Street 5
Suite 301, Wilmington, DE 19801
- -----------------------------------------------------------------------------------------------
Developing Technologies TRP Finance, Inc., 802 West Street 5
Suite 301, Wilmington, DE 19801
- -----------------------------------------------------------------------------------------------
Emerging Markets Bond Yachtcrew & Co., T. Rowe Price 48
Associates, Attn. Fund Accounting
Dept., 100 E. Pratt St., Baltimore,
MD 21202
- -----------------------------------------------------------------------------------------------
Emerging Markets Stock Charles Schwab & Co. Inc. Reinvest 14
Account, Attn. Mutual Fund Dept.,
101 Montgomery St., San Francisco,
CA 94104-4122
- -----------------------------------------------------------------------------------------------
Pruco Life Flexible Premium 2
Variable Annuity Account, Attn. 7
Financial Rptg./Sep. Accounts, 213
Washington St.-7th Floor, Newark,
NJ 07102-2917
---------------------------------------------------
American United Life Separate 17
Account II, Attn. Bill Flory, PO
Box 1995, Indianapolis, IN
46206-9102
---------------------------------------------------
Equity Income Portfolio New York Life Insurance & Annuity 1
Corp., NYLIFE Distributors, Attn. 2
Charles McCarthy, 300 Interpace
Parkway, 3rd Floor, Parsippany, NJ
07054-1100
---------------------------------------------------
United Of Omaha-Series V, Attn. 9
Product Accounting & Reporting 11th
Floor, Mutual Of Omaha Plaza,
Omaha, NE 68175-0001
---------------------------------------------------
Security Benefit Life Ins. Co. FBO 8
T. Rowe Price No Load VA, Attn.
Mark Young, 700 SW Harrison St.,
- -------------------------------------------- Topeka, KS 66636-0002
---------------------------------------------------
American United Life American Unit 7
Trust, Attn. Bill Flory, PO Box
1995, Indianapolis, IN 46206-9102
---------------------------------------------------
T. Rowe Price Associates, Attn. 6
Financial Reporting Dept., 100 E. 9
Equity Index 500 Portfolio Pratt St., Baltimore, MD 21202
---------------------------------------------------
Security Benefit Life Ins. Co. FBO 29
T. Rowe Price No Load VA, Attn.
Mark Young, 700 SW Harrison St.,
- -------------------------------------------- Topeka, KS 66636-0002
---------------------------------------------------
European Stock Charles Schwab & Co. Inc. Reinvest 1
Account, Attn. Mutual Fund Dept., 1
101 Montgomery St., San Francisco,
CA 94104-4122
- -----------------------------------------------------------------------------------------------
Extended Equity Market Index TRP Finance, Inc., 802 West Street 5
Suite 301, Wilmington, DE 19801
- -----------------------------------------------------------------------------------------------
Charles Schwab & Co. Inc. Reinvest 9
Account, Attn. Mutual Fund Dept.,
101 Montgomery St., San Francisco,
Financial Services CA 94104-4122
---------------------------------------------------
National Financial Services For The 5
Exclusive Benefit Of Our Customers,
200 Liberty, One Financial Center
- -------------------------------------------- 4th Fl., New York, NY 10281-1003
---------------------------------------------------
Foreign Equity PACO, Attn. Mutual Funds, PO Box 7
831575, Dallas, TX 75283-1575
- -----------------------------------------------------------------------------------------------
Georgia Tax-Free Bond National Financial Services For The 5
Exclusive Benefit Of Our Customers,
200 Liberty, One Financial Center
4th Fl., New York, NY 10281-1003
- -----------------------------------------------------------------------------------------------
GNMA Yachtcrew & Co., T. Rowe Price 2
Associates, Attn. Fund Accounting 9
Dept., 100 E. Pratt St., Baltimore,
MD 21202
- -----------------------------------------------------------------------------------------------
Bridgesail & Co., c/o T. Rowe Price 66
Associates, Attn. Science &
Government Reserve Investment Technology Fund, 100 E. Pratt St.,
Baltimore, MD 21202
---------------------------------------------------
Barnaclesail, c/o T. Rowe Price 28
Mid-Cap Growth Fund, 100 E. Pratt
- -------------------------------------------- St., Baltimore, MD 21202
---------------------------------------------------
Growth & Income Pirateline & Co., c/o T. Rowe Price 14
Associates, 100 E. Pratt St.,
Baltimore MD 21202
- -----------------------------------------------------------------------------------------------
Security Benefit Life Ins. Co. FBO 5
T. Rowe Price No Load VA, Attn. 5
Health Sciences Portfolio Mark Young, 700 SW Harrison St.,
Topeka, KS 66636-0002
---------------------------------------------------
T. Rowe Price Associates, Attn. 4
Financial Reporting Dept., 100 E. 3
- -------------------------------------------- Pratt St., Baltimore, MD 21202
---------------------------------------------------
High Yield Yachtcrew & Co., T. Rowe Price 3
Associates, Attn. Fund Accounting 4
Dept., 100 E. Pratt St., Baltimore,
MD 21202
- -----------------------------------------------------------------------------------------------
Sigler & Co Cust. Smithsonian 2
Institution, Chase Manhattan Bank, 8
Mark R. Pensec AVP, 4 New York
Plaza 2nd Fl, New York, NY
10004-2413
---------------------------------------------------
Northern Trust Co. Tr. Illinois 1
Tool Works Pension Tr. U/A Dtd. 9
1/8/90, Attn. Robert T. Callahan,
3600 West Lake Ave., Glenview, IL
60025-1215
Institutional Small-Cap ---------------------------------------------------
Brookline Contributory Re. Sys., 8
333 Washington St., Brookline MA
02445-6853
---------------------------------------------------
Burlington Resources Inc., 5051 7
Westheimer Rd., Ste. 1400, Houston,
TX 77056-5686
---------------------------------------------------
Y & R Career Compensation Plan, 6
Attn. David Ottignon, Chase
Manhattan Bank, 4 New York Plaza,
IASD-2nd Fl., New York, NY
10004-2413
- -----------------------------------------------------------------------------------------------
Goucher College Endowment Fund, 5
Mercantile Safe Deposit & Tr., 1021
Dulaney Valley Rd., Towson, MD
21204-2780
---------------------------------------------------
Yachtcrew & Co., T. Rowe Price 53
Associates, Attn. Fund Accounting
Dept., 100 E. Pratt St., Baltimore,
International Bond MD 21202
---------------------------------------------------
Charles Schwab & Co. Inc. Reinvest 10
Account, Attn. Mutual Fund Dept.,
101 Montgomery St., San Francisco,
- -------------------------------------------- CA 94104-4122
---------------------------------------------------
Charles Schwab & Co. Inc. Reinvest 6
Account, Attn. Mutual Fund Dept.,
101 Montgomery St., San Francisco,
International Discovery CA 94104-4122
---------------------------------------------------
Fidelity Investments Institutional 5
Operations Co. FIIOC as Agent For
Ford SSIP, 100 Magellan Way (KWIC),
- -------------------------------------------- Covington, KY 41015-1999
---------------------------------------------------
International Equity Index TRP Finance, Inc., 802 West Street 5
Suite 301, Wilmington, DE 19801 1
- -----------------------------------------------------------------------------------------------
International Growth & Income TRP Finance, Inc., 802 West Street 9
Suite 301, Wilmington, DE 19801
- -----------------------------------------------------------------------------------------------
Charles Schwab & Co. Inc. Reinvest 8
Account, Attn. Mutual Fund Dept.,
International Stock 101 Montgomery St., San Francisco,
CA 94104-4122
---------------------------------------------------
Pirateline & Co., c/o T. Rowe Price 7
Associates, 100 E. Pratt St.,
- -------------------------------------------- Baltimore MD 21202
---------------------------------------------------
SMA Life, 440 Lincoln St. S310, 38
Worcester, MA 01653-0002
---------------------------------------------------
CUNA Mutual LIfe Ins. Co., Century 1
Variable Annuity Acct., c/o Fund 2
Accounting, 2000 Heritage Way,
Waverly, IA 50677-9208
---------------------------------------------------
International Stock Portfolio Pruco Life Flexible Premium 1
Variable Annuity Account, Attn. 2
Financial Rptg./Sep. Accounts, 213
Washington St.-7th Floor, Newark,
NJ 07102-2917
---------------------------------------------------
United Of Omaha-Series V, Attn. 6
Product Accounting & Reporting 11th
Floor, Mutual Of Omaha Plaza,
Omaha, NE 68175-0001
---------------------------------------------------
- -------------------------------------------- CUNA Mutual LIfe Ins. Co., Century 5
Group Annuity, c/o Fund Accounting,
2000 Heritage Way, Waverly, IA
50677-9208
---------------------------------------------------
National Financial Services For The 9
Exclusive Benefit Of Our Customers,
200 Liberty, One Financial Center
Japan 4th Fl., New York, NY 10281-1003
---------------------------------------------------
Charles Schwab & Co. Inc. Reinvest 7
Account, Attn. Mutual Fund Dept.,
101 Montgomery St., San Francisco,
- -------------------------------------------- CA 94104-4122
---------------------------------------------------
Latin America Fidelity Investments Institutional 5
Operations Co. FIIOC as Agent For
Ford SSIP, 100 Magellan Way (KWIC),
Covington, KY 41015-1999
- -----------------------------------------------------------------------------------------------
United Of Omaha-Series V, Attn. 64
Product Accounting & Reporting 11th
Floor, Mutual Of Omaha Plaza,
Omaha, NE 68175-0001
---------------------------------------------------
Security Benefit Life Ins. Co. FBO 12
T. Rowe Price No Load VA, Attn.
Limited-Term Bond Portfolio Mark Young, 700 SW Harrison St.,
Topeka, KS 66636-0002
---------------------------------------------------
Sentry Life Insurance Co., Attn. 7
Laurie Schulz, 1800 N. Point Drive,
Stevens Point, WI 54481-1283
---------------------------------------------------
I L Annuity & Insurance Co. 6
Visionary Choice, Attn. Susan
- -------------------------------------------- Russell, 2960 N. Meridian Street,
Box 7149, Indianapolis, IN
46207-7149
---------------------------------------------------
Melanie B. Manfield, 5115 Bradley 1
Maryland Tax-Free Money Blvd., Chevy Chase, MD 20815-6525 4
---------------------------------------------------
T. Rowe Price Group, Inc., Attn. 7
Financial Reporting Dept., PO Box
- -------------------------------------------- 89000, Baltimore, MD 21289-5076
---------------------------------------------------
Atlantic Trust Company NA Nominee 1
Account, 100 Federal St., 37th 2
Floor, Boston MA 02110-1802
---------------------------------------------------
Pell Rudman Trust Co NA Nominee 10
Acct., Attn. Mutual Funds, 100
Federal St., 37th Fl., Boston, MA
02110-1802
---------------------------------------------------
Mid-Cap Equity Growth Stichting Pensioenfonds, Van De 7
Koninklijke Nedlloyd, PO Box 1982,
3000 BZ Rotterdam, The Netherlands
---------------------------------------------------
CIBC World Markets Agt. For CIBC 6
Mellon Trust Co Tr. Nexfor Master
Investment Trust Funds, 161 Bay
St., PO Box 500, Toronto, Ontario
Canada M5J2S8
---------------------------------------------------
Wendel & Co. A/C 842494, c/o The 5
- -------------------------------------------- Bank Of New York, Attn. Mutual
Funds/Reorg Dept., PO Box 1066 Wall
St. Station, New York, NY
10286-0001
---------------------------------------------------
Mid-Cap Growth Charles Schwab & Co. Inc. Reinvest 7
Account, Attn. Mutual Fund Dept.,
101 Montgomery St., San Francisco,
CA 94104-4122
- -----------------------------------------------------------------------------------------------
C M Life Insurance Co., Attn. Fund 59
Operations/N255, 1295 State Street,
Springfield MA 01111-0001
---------------------------------------------------
Security Benefit Life Ins. Co. FBO 1
T. Rowe Price No Load VA, Attn. 2
Mid-Cap Growth Portfolio Mark Young, 700 SW Harrison St.,
Topeka, KS 66636-0002
---------------------------------------------------
Mass Mutual Life Insurance Company, 10
Attn. Fund Operations/ N255, 1295
State Street, Springfield, MA
01111-0001
---------------------------------------------------
MML Baystate Life Insurance 5
- -------------------------------------------- Company, Attn. Fund Operations/
N255, 1295 State Street,
Springfield, MA 01111-0001
---------------------------------------------------
Mid-Cap Value Pirateline & Co., c/o T. Rowe Price 45
Associates, 100 E. Pratt St.,
Baltimore MD 21202
- -----------------------------------------------------------------------------------------------
New America Growth Wilmington Trust Co Tr., FBO 8
Continental Airlines Inc. DCP Plan
A/C 49277-0
- -----------------------------------------------------------------------------------------------
Security Benefit Life Ins. Co. FBO 38
T. Rowe Price No Load VA, Attn.
Mark Young, 700 SW Harrison St.,
Topeka, KS 66636-0002
---------------------------------------------------
United Of Omaha-Series V, Attn. 3
Product Accounting & Reporting 11th 3
New America Growth Portfolio FLoor, Mutual Of Omaha Plaza,
Omaha, NE 68175-0001
---------------------------------------------------
Peoples Benefit Life Insurance 8
Company, Attn. FMD Accounting 4410,
4333 Edgewood Rd. NE, Cedar Rapids,
IA 52499-0001
---------------------------------------------------
Farm Bureau Life Ins. Co., Attn. 5
- -------------------------------------------- Mutual Fund Accounting, 5400
University Avenue, West Des Moines,
IA 50266-5950
---------------------------------------------------
New Asia Charles Schwab & Co. Inc. Reinvest 8
Account, Attn. Mutual Fund Dept.,
101 Montgomery St., San Francisco,
CA 94104-4122
- -----------------------------------------------------------------------------------------------
New Income Yachtcrew & Co., T. Rowe Price 3
Associates, Attn. Fund Accounting 4
Dept., 100 E. Pratt St., Baltimore,
MD 21202
- -----------------------------------------------------------------------------------------------
New York Tax-Free Money Coleman M Brandt Grace L Brandt Jt. 10
Ten., 330 West 72nd St., Apt 10A,
New York, NY 10023-2649
- -----------------------------------------------------------------------------------------------
United Of Omaha-Series V, Attn. 42
Product Accounting & Reporting 11th
Floor, Mutual Of Omaha Plaza,
Omaha, N 68175-0001
---------------------------------------------------
Security Benefit Life Ins. Co. FBO 2
Personal Strategy Balanced Portfolio T. Rowe Price No Load VA, Attn. 2
Mark Young, 700 SW Harrison St.,
Topeka, KS 66636-0002
---------------------------------------------------
Sentry Life Insurance Co., Attn. 1
Laurie Schulz, 1800 N. Point Drive, 5
Stevens Point, WI 54481-1283
---------------------------------------------------
Farm Bureau Life Ins. Co., Attn. 9
- -------------------------------------------- Mutual Fund Accounting, 5400
University Avenue, West Des Moines,
IA 50266-5950
---------------------------------------------------
Prime Reserve-PLUS Class Pershing Div. Of DLJ Secs. Corp For 100
Exclusive Benefit Of TRP Money Fund
Customer Accounts, 1 Pershing Plz.,
Jersey City, NJ 07399
- -----------------------------------------------------------------------------------------------
Security Benefit Life Ins. Co. FBO 76
T. Rowe Price No Load VA, Attn.
Prime Reserve Portfolio Mark Young, 700 SW Harrison St.,
Topeka, KS 66636-0002
---------------------------------------------------
Sentry Life Insurance Co., Attn. 14
Laurie Schulz, 1800 N. Point Drive,
- -------------------------------------------- Stevens Point, WI 54481-1283
---------------------------------------------------
Real Estate TRP Finance, Inc., 802 West Street 9
Suite 301, Wilmington, DE 19801
- -----------------------------------------------------------------------------------------------
Taskforce & Co., c/o T. Rowe Price 14
Associates, Attn. Equity Income
Fund, 100 E. Pratt St., Baltimore,
MD 21202
---------------------------------------------------
Eye & Co., c/o T. Rowe Price 8
Associates, Attn. Growth Stock
Reserve Investment Fund, 100 E. Pratt St., Baltimore,
MD 21202
---------------------------------------------------
Overlap & Co., c/o T. Rowe Price 7
Associates, Attn. Small-Cap Stock
Fund, 100 E. Pratt St., Baltimore,
MD 21202
---------------------------------------------------
Seamile & Co., c/o T. Rowe Price
- -------------------------------------------- Associates, Attn. Capital
Appreciation Fund, 100 E. Pratt
St., Baltimore, MD 21202
---------------------------------------------------
Science & Technology Charles Schwab & Co. Inc. Reinvest 5
Account, Attn. Mutual Fund Dept.,
101 Montgomery St., San Francisco,
CA 94104-4122
- -----------------------------------------------------------------------------------------------
Small-Cap Value Charles Schwab & Co. Inc. Reinvest 5
Account, Attn. Mutual Fund Dept.,
101 Montgomery St., San Francisco,
CA 94104-4122
- -----------------------------------------------------------------------------------------------
Small-Cap Stock Norwest Bank Co. NA Tr. FBO State 9
Of Minn. Def. Comp. Plan Trust, c/o
Great West Life Recordkeeper, 8515
E. Orchard Rd. Attn. 2T2,
Englewood, CO 80111-5037
- -----------------------------------------------------------------------------------------------
Spectrum Income Manulife Financial USA, Attn. Laura 1
Ross SRS Acctg., 250 Bloor St. East 7
7E Floor, Toronto, Ontario Canada
M4W1E5
- -----------------------------------------------------------------------------------------------
Spectrum International Stephen W. Boesel, Brian C. Rogers 9
Trs., T. Rowe Price Associates
Foundation Inc., 100 E. Pratt St.,
Baltimore, MD 21202-1009
- -----------------------------------------------------------------------------------------------
Summit Cash Reserves Pershing Div. Of DLJ Secs. Corp For 5
Exclusive Benefit Of TRP Money Fund
Customer Accounts, 1 Pershing Plz.,
Jersey City, NJ 07399
- -----------------------------------------------------------------------------------------------
Tax-Efficient Balanced TRP Finance, Inc., 802 West Street 11
Suite 301, Wilmington, DE 19801
- -----------------------------------------------------------------------------------------------
Tax-Exempt Money-PLUS Class Pershing Div. Of DLJ Secs. Corp For 100
Exclusive Benefit Of TRP Money Fund
Customer Accounts, 1 Pershing Plz.,
Jersey City, NJ 07399
- -----------------------------------------------------------------------------------------------
U.S. Bond Index TRP Finance, Inc., 802 West Street 21
Suite 301, Wilmington, DE 19801
- -----------------------------------------------------------------------------------------------
U.S. Treasury Long-Term Yachtcrew & Co., T. Rowe Price 54
Associates, Attn. Fund Accounting
Dept., 100 E. Pratt St., Baltimore,
MD 21202
- -----------------------------------------------------------------------------------------------
Value Charles Schwab & Co. Inc. Reinvest 5
Account, Attn. Mutual Fund Dept.,
101 Montgomery St., San Francisco,
CA 94104-4122
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Virginia Tax-Free Bond National Financial Services For The 5
Exclusive Benefit Of Our Customers,
200 Liberty, One Financial Center
4th Fl., New York, NY 10281-1003
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INFORMATION ABOUT INDEPENDENT PUBLIC ACCOUNTANTS
The Audit Committee has selected PricewaterhouseCoopers, LLP, as the independent
accountants for the 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 7 Audit Fees
Fund Amount
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Balanced $11,057
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Blue Chip Growth 15,670
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California Tax-Free Bond 5,995
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California Tax-Free Money 5,996
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Capital Appreciation 10,318
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Capital Opportunity 9,827
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Corporate Income 12,136
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Developing Technologies* 7,000
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Diversified Small-Cap Growth 9,811
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Dividend Growth 10,442
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Emerging Europe & Mediterranean* 9,000
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Emerging Markets Bond 13,857
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Emerging Markets Stock 16,388
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Equity Income 19,135
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Equity Income Portfolio 10,117
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Equity Index 500 12,848
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European Stock 15,888
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Extended Equity Market Index 9,796
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Financial Services $ 9,880
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Florida Intermediate Tax-Free 5,995
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Foreign Equity 20,386
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Georgia Tax-Free Bond 5,995
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Global Stock 16,081
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Global Technology* 7,000
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GNMA 12,273
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Government Reserve Investment 12,245
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Growth & Income 12,012
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Health Sciences 10,047
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High Yield 14,975
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Institutional Large-Cap Value* 7,000
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Institutional Mid-Cap Equity Growth 10,000
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Institutional Small-Cap Stock* 7,000
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International Bond 16,336
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International Discovery 16,910
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International Growth & Income 7,006
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International Stock 31,954
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International Stock Portfolio 16,397
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Japan 14,412
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Latin America 14,302
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Limited-Term Bond Portfolio 11,994
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Maryland Short-Term Tax-Free Bond 5,996
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Maryland Tax-Free Bond 5,995
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Media & Telecommunications 10,338
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Mid-Cap Growth 14,753
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Mid-Cap Growth Portfolio 9,833
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Mid-Cap Value 9,891
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New America Growth 11,105
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New America Growth Portfolio 9,835
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New Asia 17,934
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New Income 12,362
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New Jersey Tax-Free Bond 5,996
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New York Tax-Free Bond 5,995
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New York Tax-Free Money 5,996
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Personal Strategy Balanced 10,452
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Personal Strategy Balanced Portfolio $ 9,815
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Personal Strategy Growth 10,208
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Personal Strategy Income 10,156
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Prime Reserve 12,904
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Prime Reserve Portfolio 9,815
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Real Estate 9,770
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Reserve Investment 12,604
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Science & Technology 18,923
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Short-Term Bond 12,169
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Small-Cap Stock 12,476
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Small-Cap Value 12,261
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Spectrum Growth** 2,171
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Spectrum Income** 1,637
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Spectrum International** 67
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Summit Cash Reserves 11,949
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Summit GNMA 12,000
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Summit Municipal Income 7,999
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Summit Municipal Intermediate 7,999
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Summit Municipal Money 7,997
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Tax-Efficient Balanced 5,996
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Tax-Efficient Growth 12,995
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Tax-Exempt Money 5,995
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Tax-Free High Yield 5,997
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Tax-Free Income 5,996
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Tax-Free Intermediate 5,995
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Tax-Free Short-Intermediate 5,995
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Total Equity Market Index 9,868
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U.S. Treasury Intermediate 8,118
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U.S. Treasury Long-Term 8,128
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U.S. Treasury Money 8,220
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Value 11,935
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Virginia Tax-Free Bond 5,995
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Financial Information Systems Design and Implementation Fees --
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Other Fees 79,114
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* Reflects fees paid after the end of the funds' fiscal year for accounting
services performed during the fiscal year.
** Fees are allocated among the Spectrum Funds based upon each fund's assets.
The Audit Committee has considered whether the provisions of the services
covered under "Other Fees" is compatible with maintaining the independence of
PricewaterhouseCoopers.
The fees charged by PricewaterhouseCoopers for the calendar year audit and the
reviews of Forms 10-Q for T. Rowe Price Group were $137,000. All other fees
billed to T. Rowe Price Group through December 31, 2000 totaled $780,853, which
represented fees for tax planning and compliance services, attestation reports,
agreed-upon procedures, SAS 70 engagements, and assistance in connection with
filings under the Securities Act of 1933.