Item 1. Report to Shareholders
T. Rowe Price Blue Chip Growth Portfolio
- --------------------------------------------------------------------------------
June 30, 2004
Certified Semiannual Report
This report is certified under the Sarbanes-Oxley Act of 2002, which requires
that public companies, including mutual funds, affirm that the information
provided in their annual and semiannual shareholder reports fully and fairly
represents their financial position.
Financial Highlights
T. Rowe Price Blue Chip Growth Portfolio
Certified Semiannual Report
(Unaudited)
For a share outstanding throughout each period
---------------------------------------------------------
Blue Chip Growth Class
6 Months Year 12/29/00
Ended Ended Through
6/30/04 12/31/03 12/31/02 12/31/01
NET ASSET VALUE
Beginning of period $ 8.41 $ 6.54 $ 8.61 $ 10.00
Investment activities
Net investment
income (loss) 0.01 0.01 0.01 0.01
Net realized and
unrealized gain
(loss) 0.22 1.87 (2.07) (1.39)
Total from
investment
activities 0.23 1.88 (2.06) (1.38)
Distributions
Net investment income -- (0.01) (0.01) (0.01)
NET ASSET VALUE
End of period $ 8.64 $ 8.41 $ 6.54 $ 8.61
------------------------------------------------------------
Ratios/
Supplemental Data
Total return^ 2.73% 28.75% (23.93)% (13.73)%
Ratio of total
expenses to
average net assets 0.85%! 0.85% 0.85% 0.85%
Ratio of net
investment income
(loss) to average
net assets 0.17%! 0.23% 0.14% 0.14%
Portfolio turnover
rate 16.9%! 28.8% 39.9% 42.2%
Net assets,
end of period
(in thousands) $ 45,039 $ 28,664 $ 7,134 $ 6,030
^ Total return reflects the rate that an investor would have earned on an
investment in the fund during each period, assuming reinvestment of all
distributions.
! Annualized
The accompanying notes are an integral part of these financial statements.
Financial Highlights
T. Rowe Price Blue Chip Growth Portfolio
Certified Semiannual Report
(Unaudited)
For a share outstanding throughout each period
------------------------------------------------
Blue Chip Growth-II Class
6 Months Year 4/30/02
Ended Ended Through
6/30/04 12/31/03 12/31/02
NET ASSET VALUE
Beginning
of period $ 8.38 $ 6.53 $ 7.97
Investment activities
Net investment income (loss) 0.02 -- --
Net realized and
unrealized gain (loss) 0.19 1.86 (1.43)
Total from
investment activities 0.21 1.86 (1.43)
Distributions
Net investment income -- (0.01) (0.01)
NET ASSET VALUE
End of period $ 8.59 $ 8.38 $ 6.53
----------------------------------------------
Ratios/Supplemental Data
Total return^ 2.51% 28.49% (17.94)%
Ratio of total expenses to
average net assets 1.10%! 1.10% 1.10%!
Ratio of net investment
income (loss) to average
net assets 0.01%! (0.05)% --
Portfolio turnover rate 16.9%! 28.8% 39.9%!
Net assets, end of period
(in thousands) $ 1,519 $ 105 $ 82
^ Total return reflects the rate that an investor would have earned on an
investment in the fund during each period, assuming reinvestment of all
distributions.
! Annualized
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments (1)
T. Rowe Price Blue Chip Growth Portfolio
Certified Semiannual Report
June 30, 2004 (Unaudited)
Shares Value
- --------------------------------------------------------------------------------
(Cost and value in $ 000s)
COMMON STOCKS 97.6%
CONSUMER DISCRETIONARY 15.5%
Automobiles 1.0%
Harley-Davidson 7,800 483
483
Hotels, Restaurants & Leisure 3.4%
Carnival 10,900 512
International Game Technology 14,700 568
McDonald's 5,400 140
MGM Mirage * 3,100 146
Starbucks * 4,600 200
1,566
Household Durables 0.3%
Fortune Brands 2,100 158
158
Internet & Catalog Retail 1.1%
Amazon.com * 1,400 76
eBay * 4,800 441
517
Media 5.9%
British Sky Broadcast (GBP) 3,500 39
Clear Channel Communications 6,500 240
Comcast, Class A * 11,950 330
Disney 3,800 97
EchoStar Communications
Class A * 10,100 311
McGraw-Hill 200 15
News Corporation ADR 4,700 155
Omnicom 2,390 181
Scripps, Class A 3,600 378
Time Warner * 20,400 359
Viacom, Class B 14,751 527
Washington Post, Class B 102 95
2,727
Multiline Retail 1.5%
Family Dollar Stores 1,300 39
Target 15,370 653
692
Specialty Retail 2.3%
Best Buy 8,750 444
Home Depot 18,200 641
1,085
Total Consumer Discretionary 7,228
CONSUMER STAPLES 4.4%
Beverages 1.6%
Coca-Cola 6,450 326
PepsiCo 7,410 399
725
Food & Staples Retailing 1.9%
CVS 1,100 46
Sysco 4,200 151
Wal-Mart 11,760 620
Walgreen 2,100 76
893
Household Products 0.3%
Procter & Gamble 2,800 153
153
Personal Products 0.2%
Gillette 1,800 76
76
Tobacco 0.4%
Altria Group 3,950 198
198
Total Consumer Staples 2,045
ENERGY 3.7%
Energy Equipment & Services 3.7%
Baker Hughes 12,170 458
BJ Services * 6,040 277
Schlumberger 8,800 559
Smith International * 7,600 424
Total Energy 1,718
FINANCIALS 21.5%
Capital Markets 7.5%
AmeriTrade * 5,300 60
Bank of New York 6,400 189
Charles Schwab 5,030 48
Franklin Resources 5,000 251
Goldman Sachs Group 4,300 405
Legg Mason 3,600 328
Mellon Financial 13,890 407
Merrill Lynch 9,100 491
Morgan Stanley 5,920 312
Northern Trust 7,300 309
State Street 13,800 677
3,477
Commercial Banks 2.4%
Bank of America 5,400 457
U.S. Bancorp 10,100 279
Wells Fargo 6,940 397
1,133
Consumer Finance 1.9%
American Express 10,180 523
SLM Corporation 8,300 336
859
Diversified Financial Services 3.6%
Citigroup 35,430 1,647
J.P. Morgan Chase 1,000 39
1,686
Insurance 4.5%
American International Group 14,310 1,020
Genworth Financial, Class A * 3,000 69
Hartford Financial Services 5,800 398
Marsh & McLennan 5,900 268
St. Paul Companies 8,485 344
2,099
Thrifts & Mortgage Finance 1.6%
Fannie Mae 6,900 492
Freddie Mac 4,170 264
756
Total Financials 10,010
HEALTH CARE 16.2%
Biotechnology 2.6%
Amgen * 10,600 578
Biogen Idec * 2,600 165
Genentech * 2,800 157
Gilead Sciences * 4,400 295
MedImmune * 1,200 28
1,223
Health Care Equipment & Supplies 2.4%
Biomet 500 22
Boston Scientific * 7,000 300
Guidant 2,000 112
Medtronic 8,740 426
St. Jude Medical * 1,100 83
Stryker 2,700 148
1,091
Health Care Providers & Services 4.4%
Anthem * 1,800 161
UnitedHealth Group 19,800 1,233
WellPoint Health Networks * 5,700 638
2,032
Pharmaceuticals 6.8%
Abbott Laboratories 4,000 163
Eli Lilly 2,600 182
Forest Laboratories * 7,900 447
Johnson & Johnson 9,100 507
Pfizer 42,748 1,465
Teva Pharmaceutical ADR 3,000 202
Wyeth 5,600 203
3,169
Total Health Care 7,515
INDUSTRIALS & BUSINESS SERVICES 11.8%
Aerospace & Defense 1.4%
General Dynamics 2,000 199
Honeywell International 3,700 135
Lockheed Martin 5,500 286
Rockwell Collins 200 7
627
Air Freight & Logistics 1.1%
UPS, Class B 7,100 534
534
Commercial Services & Supplies 1.9%
Apollo Group, Class A * 6,100 539
Cendant 8,700 213
ChoicePoint * 2,100 96
Waste Management 800 24
872
Industrial Conglomerates 4.8%
3M 1,900 171
GE 38,770 1,256
Tyco International 24,830 823
2,250
Machinery 2.6%
Danaher 17,700 918
Deere 2,500 175
Illinois Tool Works 1,400 134
1,227
Total Industrials & Business Services 5,510
INFORMATION TECHNOLOGY 21.5%
Communications Equipment 3.9%
Cisco Systems * 38,950 923
Corning * 4,600 60
Juniper Networks * 6,800 167
Nokia ADR 1,470 21
QLogic * 3,600 96
QUALCOMM 2,000 146
Research In Motion * 5,800 397
1,810
Computers & Peripherals 2.4%
Dell * 22,230 796
IBM 500 44
Lexmark International, Class A * 3,000 290
1,130
Internet Software & Services 1.9%
InterActiveCorp * 9,100 274
Yahoo! * 16,900 614
888
IT Services 2.4%
Accenture, Class A * 2,900 80
Affiliated Computer Services
Class A * 5,000 265
Automatic Data Processing 1,000 42
First Data 8,280 368
Fiserv * 6,600 256
SunGard Data Systems * 3,300 86
1,097
Semiconductor & Semiconductor
Equipment 4.8%
Analog Devices 9,900 466
Applied Materials * 6,920 136
Intel 18,600 514
Maxim Integrated Products 11,700 613
Microchip Technology 2,800 88
Texas Instruments 7,000 169
Xilinx 7,640 255
2,241
Software 6.1%
Adobe Systems 8,500 395
Intuit * 8,500 328
Microsoft 51,620 1,475
Oracle * 2,200 26
SAP ADR 7,200 301
Symantec * 2,900 127
VERITAS Software * 6,900 191
2,843
Total Information Technology 10,009
MATERIALS 1.3%
Metals & Mining 1.3%
Alcoa 3,800 126
BHP Billiton (AUD) 10,000 87
Nucor 4,900 376
Total Materials 589
TELECOMMUNICATION SERVICES 1.7%
Wireless Telecommunication Services 1.7%
Nextel Communications
Class A * 20,600 549
Vodafone ADR 11,330 250
Total Telecommunication Services 799
Total Common Stocks (Cost $41,019) 45,423
SHORT-TERM INVESTMENTS 3.3%
Money Market Fund 3.3%
T. Rowe Price Reserve Investment
Fund, 1.16% # 1,558,528 1,559
Total Short-Term Investments
(Cost $1,559) 1,559
Total Investments in Securities
100.9% of Net Assets (Cost $42,578) $46,982
-------
(1) Denominated in U.S. dollars unless otherwise noted
# Seven-day yield
* Non-income producing
ADR American Depository Receipts
AUD Australian dollar
GBP British pound
The accompanying notes are an integral part of these financial statements.
Statement of Assets and Liabilities
T. Rowe Price Blue Chip Growth Portfolio
Certified Semiannual Report
June 30, 2004 (Unaudited)
(In thousands except shares and per share amounts)
Assets
Investments in securities, at value (cost $42,578) $ 46,982
Other assets 383
Total assets 47,365
Liabilities
Total liabilities 807
NET ASSETS $ 46,558
--------------------
Net Assets Consist of:
Undistributed net investment income (loss) $ 32
Undistributed net realized gain (loss) (1,425)
Net unrealized gain (loss) 4,403
Paid-in-capital applicable to 5,389,780 shares of
$0.0001 par value capital stock outstanding;
1,000,000,000 shares of the Corporation authorized 43,548
NET ASSETS $ 46,558
--------------------
NET ASSET VALUE PER SHARE
Blue Chip Growth Class
($45,039,101/5,213,073 shares outstanding) $ 8.64
--------------------
Blue Chip Growth-II Class
($1,518,515/176,707 shares outstanding) $ 8.59
--------------------
The accompanying notes are an integral part of these financial statements.
Statement of Operations
T. Rowe Price Blue Chip Growth Portfolio
Certified Semiannual Report
(Unaudited)
($ 000s)
6 Months
Ended
6/30/04
Investment Income (Loss)
Dividend income $ 187
Expenses
Investment management and administrative 155
Distribution - Blue Chip Growth-II Class 1
Total Expenses 156
Net investment income (loss) 31
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on securities (124)
Change in net unrealized gain (loss)
Securities 1,084
Other assets and liabilities
denominated in foreign currencies (1)
Change in net unrealized gain (loss) 1,083
Net realized and unrealized gain (loss) 959
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 990
--------------------
The accompanying notes are an integral part of these financial statements.
Statement of Changes in Net Assets
T. Rowe Price Blue Chip Growth Portfolio
Certified Semiannual Report
(Unaudited)
($ 000s)
6 Months Year
Ended Ended
6/30/04 12/31/03
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 31 $ 34
Net realized gain (loss) (124) (308)
Change in net unrealized gain (loss) 1,083 4,398
Increase (decrease) in net assets
from operations 990 4,124
Distributions to shareholders
Net investment income
Blue Chip Growth Class -- (33)
Capital share transactions *
Shares sold
Blue Chip Growth Class 16,572 20,756
Blue Chip Growth-II Class 1,497 --
Distributions reinvested
Blue Chip Growth Class -- 33
Shares redeemed
Blue Chip Growth Class (1,158) (3,326)
Blue Chip Growth-II Class (113) --
Increase (decrease) in net assets from
capital share transactions 16,798 17,463
Net Assets
Increase (decrease) during period 17,788 21,554
Beginning of period 28,770 7,216
End of period $ 46,558 $ 28,770
-------------------------------------
(Including undistributed net investment income
of $32 at 6/30/04 and $1 at 12/31/03)
*Share information
Shares sold
Blue Chip Growth Class 1,940 2,777
Blue Chip Growth-II Class 177 --
Distributions reinvested
Blue Chip Growth Class -- 4
Shares redeemed
Blue Chip Growth Class (136) (463)
Blue Chip Growth-II Class (13) --
Increase (decrease) in shares
outstanding 1,968 2,318
The accompanying notes are an integral part of these financial statements.
Notes to Financial Statements
T. Rowe Price Blue Chip Growth Portfolio
Certified Semiannual Report
June 30, 2004 (Unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Equity series, Inc. (the corporation) is registered under the
Investment Company Act of 1940 (the 1940 Act). The Blue Chip Growth Portfolio
(the fund) is a diversified, open-end management investment company and is one
portfolio established by the corporation. The fund seeks to provide long-term
capital growth. Income is a secondary objective. Shares of the fund are
currently offered only through certain insurance companies as an investment
medium for both variable annuity contracts and variable life insurance policies.
The fund has two classes of shares: the Blue Chip Growth original share class
(Blue Chip Growth Class), offered since December 29, 2000, and Blue Chip
Growth-II (Blue Chip Growth-II Class), offered since April 30, 2002). Blue Chip
Growth-II shares are sold through financial intermediaries, which it compensates
for distribution, shareholder servicing, and/or certain administrative services
under a Board-approved Rule 12b-1 plan. Each class has exclusive voting rights
on matters related solely to that class, separate voting rights on matters that
relate to both classes, and, in all other respects, the same rights and
obligations as the other class.
The accompanying financial statements were prepared in accordance with
accounting principles generally accepted in the United States of America, which
require the use of estimates made by fund management.
Valuation
The fund values its investments and computes its net asset value per share at
the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each day
that the NYSE is open for business. Equity securities listed or regularly traded
on a securities exchange or in the over-the-counter market are valued at the
last quoted sale price or, for certain markets, the official closing price at
the time the valuations are made, except for OTC Bulletin Board securities,
which are valued at the mean of the latest bid and asked prices. A security that
is listed or traded on more than one exchange is valued at the quotation on the
exchange determined to be the primary market for such security. Listed
securities not traded on a particular day are valued at the mean of the latest
bid and asked prices for domestic securities and the last quoted sale price for
international securities.
Investments in mutual funds are valued at the mutual fund's closing net asset
value per share on the day of valuation.
Other investments and those for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair value
as determined in good faith by the T. Rowe Price Valuation Committee,
established by the fund's Board of Directors.
Most foreign markets close before the close of trading on the NYSE. If the fund
determines that developments between the close of a foreign market and the close
of the NYSE will, in its judgment, materially affect the value of some or all of
its portfolio securities, which in turn will affect the fund's share price, the
fund will adjust the previous closing prices to reflect the fair value of the
securities as of the close of the NYSE, as determined in good faith by the T.
Rowe Price Valuation Committee, established by the fund's Board of Directors. A
fund may also fair value securities in other situations, such as when a
particular foreign market is closed but the fund is open. In deciding whether to
make fair value adjustments, the fund reviews a variety of factors, including
developments in foreign markets, the performance of U.S. securities markets, and
the performance of instruments trading in U.S. markets that represent foreign
securities and baskets of foreign securities. The fund uses outside pricing
services to provide it with closing market prices and information used for
adjusting those prices. The fund cannot predict how often it will use closing
prices and how often it will adjust those prices. As a means of evaluating its
fair value process, the fund routinely compares closing market prices, the next
day's opening prices in the same markets, and adjusted prices.
Currency Translation
Assets, including investments, and liabilities denominated in foreign currencies
are translated into U.S. dollar values each day at the prevailing exchange rate,
using the mean of the bid and asked prices of such currencies against U.S.
dollars as quoted by a major bank. Purchases and sales of securities, income,
and expenses are translated into U.S. dollars at the prevailing exchange rate on
the date of the transaction. The effect of changes in foreign currency exchange
rates on realized and unrealized security gains and losses is reflected as a
component of security gains and losses.
Class Accounting
Blue Chip Growth-II Class pays distribution, shareholder servicing, and/or
certain administrative expenses in the form of Rule 12b-1 fees, in an amount not
exceeding 0.25% of the class's average daily net assets. Management and
administrative fee expenses, investment income, and realized and unrealized
gains and losses are allocated to the classes based upon the relative daily net
assets of each class.
Investment Transactions, Investment Income, and Distributions
Income and expenses are recorded on the accrual basis. Dividends received from
mutual fund investments are reflected as dividend income; capital gain
distributions are reflected as realized gain/loss. Dividend income and capital
gain distributions are recorded on the ex-dividend date. Investment transactions
are accounted for on the trade date. Realized gains and losses are reported on
the identified cost basis. Distributions to shareholders are recorded on the
ex-dividend date. Income distributions are declared and paid by each class on an
annual basis. Capital gain distributions, if any, are declared and paid by the
fund, typically on an annual basis.
Other
In the normal course of business, the fund enters into contracts that provide
general indemnifications. The fund's maximum exposure under these arrangements
is dependent on claims that may be made against the fund in the future and,
therefore, cannot be estimated; however, based on experience, the risk of
material loss from such claims is considered remote.
NOTE 2 - INVESTMENT TRANSACTIONS
Purchases and sales of portfolio securities, other than short-term securities,
aggregated $19,194,000 and $3,070,000, respectively, for the six months ended
June 30, 2004.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company under Subchapter M of the
Internal Revenue Code and distribute to shareholders all of its taxable income
and gains. Federal income tax regulations differ from generally accepted
accounting principles; therefore, distributions determined in accordance with
tax regulations may differ in amount or character from net investment income and
realized gains for financial reporting purposes. Financial reporting records are
adjusted for permanent book/tax differences to reflect tax character. Financial
records are not adjusted for temporary differences. The amount and character of
tax-basis distributions and composition of net assets are finalized at fiscal
year-end; accordingly, tax-basis balances have not been determined as of June
30, 2004.
The fund intends to retain realized gains to the extent of available capital
loss carryforwards. As of December 31, 2003, the fund had $1,278,000 of unused
capital loss carryforwards, of which $452,000 expire in 2009, $491,000 expire in
2010, and $335,000 expire in 2011.
At June 30, 2004, the cost of investments for federal income tax purposes was
$42,578,000. Net unrealized gain aggregated $4,403,000 at period-end, of which
$4,947,000 related to appreciated investments and $544,000 related to
depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The fund is managed by T. Rowe Price Associates, Inc. (the manager or Price
Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. The
investment management and administrative agreement between the fund and the
manager provides for an all-inclusive annual fee equal to 0.85% of the fund's
average daily net assets. The fee is computed daily and paid monthly. The
agreement provides that investment management, shareholder servicing, transfer
agency, accounting, and custody services are provided to the fund, and interest,
taxes, brokerage commissions, directors' fees and expenses, and extraordinary
expenses are paid directly by the fund. At June 30, 2004, $36,000 was payable
under the agreement.
The fund may invest in the T. Rowe Price Reserve Investment Fund and the T. Rowe
Price Government Reserve Investment Fund (collectively, the Reserve Funds),
open-end management investment companies managed by Price Associates. The
Reserve Funds are offered as cash management options to mutual funds, trusts,
and other accounts managed by Price Associates and/or its affiliates, and are
not available for direct purchase by members of the public. The Reserve Funds
pay no investment management fees. During the six months ended June 30, 2004,
dividend income from the Reserve Funds totaled $4,000.
T. Rowe Price Blue Chip Growth Portfolio
Certified Semiannual Report
Information on Proxy Voting
- --------------------------------------------------------------------------------
A description of the policies and procedures that the T. Rowe Price Blue Chip
Growth Portfolio uses to determine how to vote proxies relating to portfolio
securities is available, without charge, upon request by calling 1-800-225-5132.
It also appears in the fund's Statement of Additional Information (Form 485B),
which can be found on the SEC's Web site, www.sec.gov.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions is filed as an
exhibit to the registrant's annual Form N-CSR. No substantive amendments were
approved or waivers were granted to this code of ethics during the registrant's
most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
Not applicable. The complete schedule of investments is included in Item 1 of
this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 10. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer
have evaluated the registrant's disclosure controls and procedures within 90
days of this filing and have concluded that the registrant's disclosure controls
and procedures were effective, as of that date, in ensuring that information
required to be disclosed by the registrant in this Form N-CSR was recorded,
processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer
are aware of no changes in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal half-year
that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
Item 11. Exhibits.
(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed
with the registrant's annual Form N-CSR.
(2) Separate certifications by the registrant's principal executive officer
and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of
1940, are attached.
(3) Written solicitation to repurchase securities issued by closed-end
companies: not applicable.
(b) A certification by the registrant's principal executive officer and
principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940,
is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price Equity Series, Inc.
By: /s/ James S. Riepe
James S. Riepe
Principal Executive Officer
Date: August 16, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ James S. Riepe
James S. Riepe
Principal Executive Officer
Date: August 16, 2004
By: /s/ Joseph A. Carrier
Joseph A. Carrier
Principal Financial Officer
Date: August 16, 2004