-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OxYpBaMmrAQ8J1QYgZA3RHBrECRyRvxUejylqAFFXpVY64OZ4sV6vaTaqd4lyOo2 PkYBoZqn+XkPIouIM1ljtQ== 0000902259-01-500055.txt : 20010910 0000902259-01-500055.hdr.sgml : 20010910 ACCESSION NUMBER: 0000902259-01-500055 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20011023 FILED AS OF DATE: 20010907 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE FIXED INCOME SERIES INC CENTRAL INDEX KEY: 0000920467 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07153 FILM NUMBER: 1733138 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T ROWE PRICE US BOND INDEX FUND INC CENTRAL INDEX KEY: 0001120924 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10093 FILM NUMBER: 1733123 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST. CITY: BALTIMORE STATE: MD ZIP: 21202 MAIL ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE BLUE CHIP GROWTH FUND INC CENTRAL INDEX KEY: 0000902259 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07059 FILM NUMBER: 1733119 BUSINESS ADDRESS: STREET 1: C/O T ROWE PRICE ASSOCIATES INC STREET 2: 100 EAST E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T ROWE PRICE SUMMIT FUNDS INC CENTRAL INDEX KEY: 0000912028 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07093 FILM NUMBER: 1733120 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE MEDIA & TELECOMMUNICATIONS FUND INC CENTRAL INDEX KEY: 0000910671 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521840883 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07075 FILM NUMBER: 1733150 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FORMER COMPANY: FORMER CONFORMED NAME: NEW AGE MEDIA FUND INC DATE OF NAME CHANGE: 19930827 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE NEW AGE MEDIA FUND INC DATE OF NAME CHANGE: 19930817 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INSTITUTIONAL DOMESTIC EQUITY FUNDS INC CENTRAL INDEX KEY: 0001012968 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07639 FILM NUMBER: 1733155 BUSINESS ADDRESS: STREET 1: T ROWE PRICE ASSOCIATES INC STREET 2: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4102344820 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE CAPITAL OPPORTUNITY FUND INC CENTRAL INDEX KEY: 0000931151 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07225 FILM NUMBER: 1733167 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21201 BUSINESS PHONE: 4106256877 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE BALANCED FUND INC CENTRAL INDEX KEY: 0000871839 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521725684 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06275 FILM NUMBER: 1733169 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4103454598 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE GNMA FUND CENTRAL INDEX KEY: 0000779785 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04441 FILM NUMBER: 1733121 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE U S TREASURY FUNDS INC CENTRAL INDEX KEY: 0000853437 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05860 FILM NUMBER: 1733122 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST STREET 2: 8TH FLOOR, LEGAL DEPT. CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE TAX FREE SHORT INTERMEDIATE FUND INC CENTRAL INDEX KEY: 0000730200 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521316470 FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03872 FILM NUMBER: 1733124 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE TAX FREE INCOME FUND INC CENTRAL INDEX KEY: 0000202927 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521067817 FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02684 FILM NUMBER: 1733126 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE TAX FREE HIGH YIELD FUND INC CENTRAL INDEX KEY: 0000758003 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04163 FILM NUMBER: 1733127 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE TAX EXEMPT MONEY FUND INC CENTRAL INDEX KEY: 0000315748 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521182186 FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03055 FILM NUMBER: 1733128 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FORMER COMPANY: FORMER CONFORMED NAME: ROWE PRICE PRIME RESERVE FUND II INC DATE OF NAME CHANGE: 19810129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE STATE TAX FREE INCOME TRUST CENTRAL INDEX KEY: 0000795384 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04521 FILM NUMBER: 1733131 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE NEW YORK TAX FREE INCOME FUND DATE OF NAME CHANGE: 19860821 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE NEW YORK TAX FREE INCOME TRUST DATE OF NAME CHANGE: 19870416 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE SHORT TERM BOND FUND INC CENTRAL INDEX KEY: 0000731890 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521332477 FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03894 FILM NUMBER: 1733132 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE PRIME RESERVE FUND INC CENTRAL INDEX KEY: 0000316968 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521040467 FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02603 FILM NUMBER: 1733134 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE NEW INCOME FUND INC CENTRAL INDEX KEY: 0000080249 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 520980581 FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02396 FILM NUMBER: 1733136 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE HIGH YIELD FUND INC CENTRAL INDEX KEY: 0000754915 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04119 FILM NUMBER: 1733137 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE CALIFORNIA TAX FREE INCOME TRUST CENTRAL INDEX KEY: 0000798086 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04525 FILM NUMBER: 1733140 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE SPECTRUM FUND INC CENTRAL INDEX KEY: 0000808303 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04998 FILM NUMBER: 1733142 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE OMNI TRUST DATE OF NAME CHANGE: 19870726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE SMALL CAP VALUE FUND INC CENTRAL INDEX KEY: 0000834798 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02215-99 FILM NUMBER: 1733143 BUSINESS ADDRESS: STREET 1: 345 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 2128725671 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE SCIENCE & TECHNOLOGY FUND INC CENTRAL INDEX KEY: 0000819930 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05299 FILM NUMBER: 1733145 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE NEW AMERICA GROWTH FUND CENTRAL INDEX KEY: 0000773485 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04358 FILM NUMBER: 1733147 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE COMMON STOCK FUND DATE OF NAME CHANGE: 19851003 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE INTERNATIONAL FUNDS INC CENTRAL INDEX KEY: 0000313212 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521175211 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02958 FILM NUMBER: 1733153 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INTERNATIONAL FUND INC DATE OF NAME CHANGE: 19890914 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INTERNATIONAL TRUST DATE OF NAME CHANGE: 19900301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE INDEX TRUST INC CENTRAL INDEX KEY: 0000858581 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05986 FILM NUMBER: 1733156 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INSTITUTIONAL EQUITY FUNDS INC DATE OF NAME CHANGE: 19900227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE GROWTH & INCOME FUND INC CENTRAL INDEX KEY: 0000706211 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521268241 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03566 FILM NUMBER: 1733159 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE EQUITY INCOME FUND CENTRAL INDEX KEY: 0000775688 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04400 FILM NUMBER: 1733163 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE CAPITAL APPRECIATION FUND CENTRAL INDEX KEY: 0000793347 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04519 FILM NUMBER: 1733168 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE CAPITAL ADVANTAGE FUND DATE OF NAME CHANGE: 19860629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE TAX FREE INTERMEDIATE BOND FUND INC CENTRAL INDEX KEY: 0000892899 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07051 FILM NUMBER: 1733125 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2230 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE TAX FREE INSURED INTERMEDIATE BOND FUND INC DATE OF NAME CHANGE: 19921013 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE TAX EFFICIENT FUNDS INC CENTRAL INDEX KEY: 0001038490 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-08207 FILM NUMBER: 1733129 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 MAIL ADDRESS: STREET 1: 100 E PRATT ST STREET 2: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE TAX EFFICIENT BALANCED FUND INC DATE OF NAME CHANGE: 19970430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T ROWE PRICE SUMMIT MUNICIPAL FUNDS INC CENTRAL INDEX KEY: 0000912029 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07095 FILM NUMBER: 1733130 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RESERVE INVESTMENT FUNDS INC CENTRAL INDEX KEY: 0001034386 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-08279 FILM NUMBER: 1733133 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE PERSONAL STRATEGY FUNDS INC CENTRAL INDEX KEY: 0000923084 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07173 FILM NUMBER: 1733135 BUSINESS ADDRESS: STREET 1: C/O T ROWE PRICE ASSOCIATES INC STREET 2: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 MAIL ADDRESS: STREET 1: C/O T ROWE PRICE ASSOCIATES INC STREET 2: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE CORPORATE INCOME FUND INC CENTRAL INDEX KEY: 0000949820 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07353 FILM NUMBER: 1733139 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 3015472000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE DIVIDEND GROWTH FUND INC CENTRAL INDEX KEY: 0000894024 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07055 FILM NUMBER: 1733164 BUSINESS ADDRESS: STREET 1: T. ROWE PRICE ASSOCIATES, INC. STREET 2: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-547-20 MAIL ADDRESS: STREET 1: T. ROWE PRICE ASSOC STREET 2: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE DIVERSIFIED SMALL CAP GROWTH FUND INC CENTRAL INDEX KEY: 0001038469 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-08203 FILM NUMBER: 1733165 BUSINESS ADDRESS: STREET 1: T ROWE PRICE ASSOCIATES INC STREET 2: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4103454820 MAIL ADDRESS: STREET 1: C/O T ROWE PRICE ASSOCIATES INC STREET 2: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE VALUE FUND INC CENTRAL INDEX KEY: 0000927845 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07209 FILM NUMBER: 1733141 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-547-20 MAIL ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE SMALL CAP STOCK FUND INC CENTRAL INDEX KEY: 0000075170 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 231622210 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00696 FILM NUMBER: 1733144 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST STREET 2: C/O T ROWE PRICE ASSOCIATES INC CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 2156432510 MAIL ADDRESS: STREET 1: 100 EAST PRATT STRE STREET 2: NULL CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: OVER THE COUNTER SECURITIES FUND INC DATE OF NAME CHANGE: 19890108 FORMER COMPANY: FORMER CONFORMED NAME: OVER THE COUNTER SECURITIES GROUP INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE OTC FUND INC DATE OF NAME CHANGE: 19930210 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE REAL ESTATE FUND INC CENTRAL INDEX KEY: 0001046404 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1030 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-08371 FILM NUMBER: 1733146 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4103452000 MAIL ADDRESS: STREET 1: C/O T ROWE PRICE ASSOCIATES INC STREET 2: 100 E PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE MID CAP VALUE FUND INC CENTRAL INDEX KEY: 0001012678 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07605 FILM NUMBER: 1733148 BUSINESS ADDRESS: STREET 1: T ROWE PRICE ASSOCIATES INC STREET 2: 100 EAST PRATT ST 8TH FLOOR CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4106256877 MAIL ADDRESS: STREET 1: 100 EAST PRATT ST 8TH FLOOR CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE MID CAP GROWTH FUND INC CENTRAL INDEX KEY: 0000887147 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06665 FILM NUMBER: 1733149 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 MAIL ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE INTERNATIONAL SERIES INC CENTRAL INDEX KEY: 0000918292 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07145 FILM NUMBER: 1733151 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 212012 BUSINESS PHONE: 4106256723 MAIL ADDRESS: STREET 1: PATRICIA S BUTCHER STREET 2: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T ROWE PRICE INTERNATIONAL INDEX FUND INC CENTRAL INDEX KEY: 0001120925 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10063 FILM NUMBER: 1733152 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT ST. CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4103454598 MAIL ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INSTITUTIONAL INTERNATIONAL FUNDS INC CENTRAL INDEX KEY: 0000852254 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05833 FILM NUMBER: 1733154 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET STREET 2: LEGAL DEPARTMENT 7TH FLOOR CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4105472000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE HEALTH SCIENCES FUND INC CENTRAL INDEX KEY: 0001002624 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 521952906 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07381 FILM NUMBER: 1733158 BUSINESS ADDRESS: STREET 1: 100 E PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4106256877 MAIL ADDRESS: STREET 1: 100 EAST PRATT ST CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE HEALTH & LIFE SCIENCES FUND INC DATE OF NAME CHANGE: 19951023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T ROWE PRICE GLOBAL TECHNOLOGY FUND INC CENTRAL INDEX KEY: 0001116626 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-09995 FILM NUMBER: 1733160 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4103454981 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE FINANCIAL SERVICES FUND INC CENTRAL INDEX KEY: 0001019286 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07749 FILM NUMBER: 1733161 BUSINESS ADDRESS: STREET 1: 100 E PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4102344820 MAIL ADDRESS: STREET 1: 100 E PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRICE T ROWE EQUITY SERIES INC CENTRAL INDEX KEY: 0000918294 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07143 FILM NUMBER: 1733162 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4106256723 MAIL ADDRESS: STREET 1: PATRICIA S BUTCHER STREET 2: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T ROWE PRICE DEVELOPING TECHNOLOGIES FUND INC CENTRAL INDEX KEY: 0001116627 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-10003 FILM NUMBER: 1733166 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 4103454598 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 DEF 14A 1 def14a01proxy.txt DEF14A REGISTRATION STATEMENT PAGE 1 SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __) Filed by the Registrant [X] Filed by a party other than the Registrant [ ] Check the appropriate box: [ ] Preliminary Proxy Statement [X] Definitive Proxy Statement [ ] Definitive Additional Materials [ ] Soliciting Material pursuant to Rule 14a-11(c) or Section Rule 14a-12 [ ] Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) T. Rowe Price Blue Chip Growth Fund 033-49581/811-7059 T. Rowe Price Balanced Fund 033-38791/811-6275 T. Rowe Price Capital Appreciation Fund 033-05646/811-4519 T. Rowe Price Capital Opportunity Fund 033-56015/811-07225 T. Rowe Price Developing Technologies Fund 333-40558/811-10003 T. Rowe Price Diversified Small-Cap Growth Fund 333-26323/811-08203 T. Rowe Price Dividend Growth Fund 033-49187/811-7055 T. Rowe Price Equity Income Fund 033-00070/811-4400 T. Rowe Price Equity Series 033-52161/811-07143 T. Rowe Price Financial Services Fund 333-09551/811-07749 T. Rowe Price Global Technology Fund 333-40086/811-09995 T. Rowe Price Growth & Income Fund 002-79190/811-3566 T. Rowe Price Health Sciences Fund 033-63759/811-07381 T. Rowe Price Index Trust 033-32859/811-5986 Institutional Equity Funds 333-04753/811-07639 Institutional International Funds 033-29697/811-5833 T. Rowe Price International Funds 002-65539/811-2958 T.Rowe Price International Index Fund 333-44964/811-10063 T. Rowe Price International Series 033-52171/811-07145 T. Rowe Price Media & Telecommunications 033-27963/811-07075 T. Rowe Price Mid-Cap Growth Fund 033-47806/811-6665 T. Rowe Price Mid-Cap Value Fund 333-02993/811-07605 T. Rowe Price New America Growth Fund 002-99122/811-4358 T. Rowe Price Real Estate Fund 333-36137/811-08371 T. Rowe Price Science & Technology Fund 033-16567/811-5299 T. Rowe Price Small-Cap Stock Fund 002-12171/811-696 T. Rowe Price Small-Cap Value Fund 002-43237/811-2215 T. Rowe Price Spectrum Fund 033-10992/811-4998 T. Rowe Price Value Fund 033-54963/811-07209 T. Rowe Price California Tax-Free Income Trust 033-08093/811-4525 T. Rowe Price Corporate Income Fund 033-62275/811-07353 T. Rowe Price Fixed Income Series 033-52749/811-07153 T. Rowe Price GNMA Fund 033-01041/811-4441 T. Rowe Price High Yield Fund 002-93707/811-4119 T. Rowe Price New Income Fund 002-48848/811-2396 T. Rowe Price Personal Strategy Funds 033-53675/811-07173 T. Rowe Price Prime Reserve Fund 002-54926/811-2603 T. Rowe Price Reserve Investment Funds 811-08279 T. Rowe Price Short-Term Bond Fund 022-87568/811-3894 T. Rowe Price State Tax-Free Income Trust 033-06533/811-4521 T. Rowe Price Summit Funds 033-50319/811-7093 T. Rowe Price Summit Municipal Funds 033-50321/811-7095 T. Rowe Price Tax-Efficient Funds 333-26441/811-08207 T. Rowe Price Tax-Exempt Money Fund 002-67029/811-3055 T. Rowe Price Tax-Free High Yield Fund 002-94641/811-4163 T. Rowe Price Tax-Free Income Fund 002-57265/811-2684 T. Rowe Price Tax-Free Intermediate Bond Fund 033-49117/811-7051 T. Rowe Price Tax-Free Short-Intermediate Fund 002-87059/811-3872 T. Rowe Price U. S. Bond Index Fund 333-45018/811-10093 T. Rowe Price U. S. Treasury Funds 033-30531/811-5860 _________________________________________________________________ (Name of Registrant as Specified in its Charter) T. Rowe Price Blue Chip Growth Fund 033-49581/811-7059 T. Rowe Price Balanced Fund 033-38791/811-6275 T. Rowe Price Capital Appreciation Fund 033-05646/811-4519 T. Rowe Price Capital Opportunity Fund 033-56015/811-07225 T. Rowe Price Developing Technologies Fund 333-40558/811-10003 T. Rowe Price Diversified Small-Cap Growth Fund 333-26323/811-08203 T. Rowe Price Dividend Growth Fund 033-49187/811-7055 T. Rowe Price Equity Income Fund 033-00070/811-4400 T. Rowe Price Equity Series 033-52161/811-07143 T. Rowe Price Financial Services Fund 333-09551/811-07749 T. Rowe Price Global Technology Fund 333-40086/811-09995 T. Rowe Price Growth & Income Fund 002-79190/811-3566 T. Rowe Price Health Sciences Fund 033-63759/811-07381 T. Rowe Price Index Trust 033-32859/811-5986 Institutional Equity Funds 333-04753/811-07639 Institutional International Funds 033-29697/811-5833 T. Rowe Price International Funds 002-65539/811-2958 T.Rowe Price International Index Fund 333-44964/811-10063 T. Rowe Price International Series 033-52171/811-07145 T. Rowe Price Media & Telecommunications 033-27963/811-07075 T. Rowe Price Mid-Cap Growth Fund 033-47806/811-6665 T. Rowe Price Mid-Cap Value Fund 333-02993/811-07605 T. Rowe Price New America Growth Fund 002-99122/811-4358 T. Rowe Price Real Estate Fund 333-36137/811-08371 T. Rowe Price Science & Technology Fund 033-16567/811-5299 T. Rowe Price Small-Cap Stock Fund 002-12171/811-696 T. Rowe Price Small-Cap Value Fund 002-43237/811-2215 T. Rowe Price Spectrum Fund 033-10992/811-4998 T. Rowe Price Value Fund 033-54963/811-07209 T. Rowe Price California Tax-Free Income Trust 033-08093/811-4525 T. Rowe Price Corporate Income Fund 033-62275/811-07353 T. Rowe Price Fixed Income Series 033-52749/811-07153 T. Rowe Price GNMA Fund 033-01041/811-4441 T. Rowe Price High Yield Fund 002-93707/811-4119 T. Rowe Price New Income Fund 002-48848/811-2396 T. Rowe Price Personal Strategy Funds 033-53675/811-07173 T. Rowe Price Prime Reserve Fund 002-54926/811-2603 T. Rowe Price Reserve Investment Funds 811-08279 T. Rowe Price Short-Term Bond Fund 022-87568/811-3894 T. Rowe Price State Tax-Free Income Trust 033-06533/811-4521 T. Rowe Price Summit Funds 033-50319/811-7093 T. Rowe Price Summit Municipal Funds 033-50321/811-7095 T. Rowe Price Tax-Efficient Funds 333-26441/811-08207 T. Rowe Price Tax-Exempt Money Fund 002-67029/811-3055 T. Rowe Price Tax-Free High Yield Fund 002-94641/811-4163 T. Rowe Price Tax-Free Income Fund 002-57265/811-2684 T. Rowe Price Tax-Free Intermediate Bond Fund 033-49117/811-7051 T. Rowe Price Tax-Free Short-Intermediate Fund 002-87059/811-3872 T. Rowe Price U. S. Bond Index Fund 333-45018/811-10093 T. Rowe Price U. S. Treasury Funds 033-30531/811-5860 _______________________________________________________________ (Name of Person(s) Filing Proxy Statement) Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i) and 0-11. 1) Title of each class of securities to which transaction applies: _______________________________________________________ 2) Aggregate number of securities to which transaction applies: ________________________________________________________ 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): (1) ________________________________________________________ 4) Proposed maximum aggregate value of transaction: ________________________________________________________ 5) Total fee paid: ________________________________________________________ [ ] Fee paid previously with preliminary materials. PAGE 2 ________________________________________________________ [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. 1) Amount previously paid: _______________________________________________________ 2) Form, schedule, or Registration Statement no.: ________________________________________________________ 3) Filing party: ________________________________________________________ 4) Date filed: ________________________________________________________ EX-99.B1 NOTIC/SHLDR 3 allfdspxycover.txt COVER FOR PROXY EXCEPT FOR VAR ANN FDS Proxy Information This proxy material concerns the: T. Rowe Price Family of Funds Dear Shareholder: We cordially invite you to attend an annual shareholder meeting of the T. Rowe Price funds on Tuesday, October 23, 2001. There is only one item on the agenda, but it is an important one - the election of fund directors. We ask you to read the enclosed information carefully and to submit your vote. Recognizing the important role independent directors play in governing our funds, the current fund directors are asking shareholders to elect an expanded slate of directors that will increase the number of independent directors serving each fund. If the entire slate is approved, each fund Board will be composed of at least two-thirds independent directors. All of the directors standing for election currently serve on the Boards of multiple T. Rowe Price funds. Since the director proposal is common to each of these funds, we have combined our discussion into this single proxy statement - which will reduce fund expenses. If you own the Growth Sock, New Era or New Horizons Funds, you will also receive a combined proxy for those funds. Please note that we are required to provide you one proxy card for each account that you own. We realize that most of our shareholders will not be able to attend the meeting and vote their shares in person. However, we do need your vote. You can vote by mail, telephone, or through the Internet, as explained in the enclosed material. If you later decide to attend the meeting, you may revoke your proxy and vote your shares in person if you wish. By voting promptly, you can help your fund ------------------------------------------ avoid the expense of additional mailings. - ---------------------------------------- If you would like additional information concerning the election of directors, please call one of our service representatives at 1-800-541-5910. Your participation in this vote is extremely important. Sincerely, James S. Riepe Chairman of the Board T. Rowe Price Investment Services, Inc. ALL EX-99.B1 NOTIC/SHLDR 4 varannfdpxyltr.txt VAR ANN FDS COVER FOR PROXY Proxy Information This proxy material concerns the following T. Rowe Price funds: Blue Chip Growth Portfolio Equity Income Portfolio Equity Index 500 Portfolio Health Sciences Portfolio International Stock Portfolio Limited-Term Bond Portfolio Mid-Cap Growth Portfolio New America Growth Portfolio Personal Strategy Balanced Portfolio Prime Reserve Portfolio Dear Contract Holder: We cordially invite you to attend an annual shareholder meeting of your portfolio on Tuesday, October 23, 2001. There is only one item on the agenda, but it is an important one - the election of fund directors. We ask you to read the enclosed information carefully and to submit your vote. Recognizing the important role independent directors play in governing our funds, the current fund directors are asking shareholders to elect an expanded slate of directors that will increase the number of independent directors serving each fund. If the entire slate is approved, each fund Board will be composed of at least two-thirds independent directors. All of the directors standing for election currently serve on the Boards of multiple T. Rowe Price funds. Since the director proposal is common to each of these funds, we have combined our discussion into this single proxy statement - which will reduce fund expenses. We realize it may be difficult for you to attend the meeting to vote your shares, so we are enclosing a proxy card. Just indicate your vote, sign, date, and return the card in the envelope provided. If you would like additional information concerning the election of directors, please call one of our service representatives at 1-800-541-5910. Your participation in this vote is extremely important. Sincerely, James S. Riepe Chairman of the Board T. Rowe Price Investment Services, Inc. VAR EX-99.B1 NOTIC/SHLDR 5 proxy01.txt PROXY 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 - ----------------------------------------------------------------------------- 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. - -----------------------------------------------------------------------------
* 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 - -------------------------------------------------------------- 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 - -------------------------------------------------------------------------------------- *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 - -------------------------------------------------------------------------------------- *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 - -------------------------------------------------------------------------------------- *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 - -------------------------------------------------------------------------------------- *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 - -------------------------------------------------------------------------------------- *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 - -------------------------------------------------------------------------------------- *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. - -------------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------------- 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 - -------------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------------- 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. - --------------------------------------------------------------------------------------
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 - ----------------------------------------------------------------------------------------------- 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 - -----------------------------------------------------------------------------------------------
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 - ---------------------------------------------------------------------------- Balanced $11,057 - ---------------------------------------------------------------------------- Blue Chip Growth 15,670 - ---------------------------------------------------------------------------- California Tax-Free Bond 5,995 - ---------------------------------------------------------------------------- California Tax-Free Money 5,996 - ---------------------------------------------------------------------------- Capital Appreciation 10,318 - ---------------------------------------------------------------------------- Capital Opportunity 9,827 - ---------------------------------------------------------------------------- Corporate Income 12,136 - ---------------------------------------------------------------------------- Developing Technologies* 7,000 - ---------------------------------------------------------------------------- Diversified Small-Cap Growth 9,811 - ---------------------------------------------------------------------------- Dividend Growth 10,442 - ---------------------------------------------------------------------------- Emerging Europe & Mediterranean* 9,000 - ---------------------------------------------------------------------------- Emerging Markets Bond 13,857 - ---------------------------------------------------------------------------- Emerging Markets Stock 16,388 - ---------------------------------------------------------------------------- Equity Income 19,135 - ---------------------------------------------------------------------------- Equity Income Portfolio 10,117 - ---------------------------------------------------------------------------- Equity Index 500 12,848 - ---------------------------------------------------------------------------- European Stock 15,888 - ---------------------------------------------------------------------------- Extended Equity Market Index 9,796 - ---------------------------------------------------------------------------- Financial Services $ 9,880 - ---------------------------------------------------------------------------- Florida Intermediate Tax-Free 5,995 - ---------------------------------------------------------------------------- Foreign Equity 20,386 - ---------------------------------------------------------------------------- Georgia Tax-Free Bond 5,995 - ---------------------------------------------------------------------------- Global Stock 16,081 - ---------------------------------------------------------------------------- Global Technology* 7,000 - ---------------------------------------------------------------------------- GNMA 12,273 - ---------------------------------------------------------------------------- Government Reserve Investment 12,245 - ---------------------------------------------------------------------------- Growth & Income 12,012 - ---------------------------------------------------------------------------- Health Sciences 10,047 - ---------------------------------------------------------------------------- High Yield 14,975 - ---------------------------------------------------------------------------- Institutional Large-Cap Value* 7,000 - ---------------------------------------------------------------------------- Institutional Mid-Cap Equity Growth 10,000 - ---------------------------------------------------------------------------- Institutional Small-Cap Stock* 7,000 - ---------------------------------------------------------------------------- International Bond 16,336 - ---------------------------------------------------------------------------- International Discovery 16,910 - ---------------------------------------------------------------------------- International Growth & Income 7,006 - ---------------------------------------------------------------------------- International Stock 31,954 - ---------------------------------------------------------------------------- International Stock Portfolio 16,397 - ---------------------------------------------------------------------------- Japan 14,412 - ---------------------------------------------------------------------------- Latin America 14,302 - ---------------------------------------------------------------------------- Limited-Term Bond Portfolio 11,994 - ---------------------------------------------------------------------------- Maryland Short-Term Tax-Free Bond 5,996 - ---------------------------------------------------------------------------- Maryland Tax-Free Bond 5,995 - ---------------------------------------------------------------------------- Media & Telecommunications 10,338 - ---------------------------------------------------------------------------- Mid-Cap Growth 14,753 - ---------------------------------------------------------------------------- Mid-Cap Growth Portfolio 9,833 - ---------------------------------------------------------------------------- Mid-Cap Value 9,891 - ---------------------------------------------------------------------------- New America Growth 11,105 - ---------------------------------------------------------------------------- New America Growth Portfolio 9,835 - ---------------------------------------------------------------------------- New Asia 17,934 - ---------------------------------------------------------------------------- New Income 12,362 - ---------------------------------------------------------------------------- New Jersey Tax-Free Bond 5,996 - ---------------------------------------------------------------------------- New York Tax-Free Bond 5,995 - ---------------------------------------------------------------------------- New York Tax-Free Money 5,996 - ---------------------------------------------------------------------------- Personal Strategy Balanced 10,452 - ---------------------------------------------------------------------------- Personal Strategy Balanced Portfolio $ 9,815 - ---------------------------------------------------------------------------- Personal Strategy Growth 10,208 - ---------------------------------------------------------------------------- Personal Strategy Income 10,156 - ---------------------------------------------------------------------------- Prime Reserve 12,904 - ---------------------------------------------------------------------------- Prime Reserve Portfolio 9,815 - ---------------------------------------------------------------------------- Real Estate 9,770 - ---------------------------------------------------------------------------- Reserve Investment 12,604 - ---------------------------------------------------------------------------- Science & Technology 18,923 - ---------------------------------------------------------------------------- Short-Term Bond 12,169 - ---------------------------------------------------------------------------- Small-Cap Stock 12,476 - ---------------------------------------------------------------------------- Small-Cap Value 12,261 - ---------------------------------------------------------------------------- Spectrum Growth** 2,171 - ---------------------------------------------------------------------------- Spectrum Income** 1,637 - ---------------------------------------------------------------------------- Spectrum International** 67 - ---------------------------------------------------------------------------- Summit Cash Reserves 11,949 - ---------------------------------------------------------------------------- Summit GNMA 12,000 - ---------------------------------------------------------------------------- Summit Municipal Income 7,999 - ---------------------------------------------------------------------------- Summit Municipal Intermediate 7,999 - ---------------------------------------------------------------------------- Summit Municipal Money 7,997 - ---------------------------------------------------------------------------- Tax-Efficient Balanced 5,996 - ---------------------------------------------------------------------------- Tax-Efficient Growth 12,995 - ---------------------------------------------------------------------------- Tax-Exempt Money 5,995 - ---------------------------------------------------------------------------- Tax-Free High Yield 5,997 - ---------------------------------------------------------------------------- Tax-Free Income 5,996 - ---------------------------------------------------------------------------- Tax-Free Intermediate 5,995 - ---------------------------------------------------------------------------- Tax-Free Short-Intermediate 5,995 - ---------------------------------------------------------------------------- Total Equity Market Index 9,868 - ---------------------------------------------------------------------------- U.S. Treasury Intermediate 8,118 - ---------------------------------------------------------------------------- U.S. Treasury Long-Term 8,128 - ---------------------------------------------------------------------------- U.S. Treasury Money 8,220 - ---------------------------------------------------------------------------- Value 11,935 - ---------------------------------------------------------------------------- Virginia Tax-Free Bond 5,995 - ---------------------------------------------------------------------------- Financial Information Systems Design and Implementation Fees -- - ---------------------------------------------------------------------------- Other Fees 79,114 - ----------------------------------------------------------------------------
* 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. EX-99.77C VOTES 6 pxycdscover01.txt COVER FOR PROXY CARDS PLEASE FOLLOW THESE INSTRUCTIONS TO VOTE BY PHONE OR INTERNET. (PHONE) By touch-tone telephone:(MOUSE) By computer via the internet: o have the proxy card handy o have the proxy card handy o call 1-888-221-0697 toll free o go to the Web site www.proxyweb.com o enter the control number found in the o enter the control number found in the upper left corner of your proxy card upper left corner of your proxy card o follow the simple recorded instructions o follow the instructions on the screen If you vote by computer or telephone, you do not need to mail the proxy card. Thank you. PLEASE SIGN ON REVERSE SIDE 2001 EX-99.77C VOTES 7 kennedycard01.txt KENNEDY PROXY CARD Invest With Confidence MEETING TIME: 3:00 P.M. EASTERN TIME T. Rowe Price THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES Ram Logo Please refer to the Proxy Statement discussion of the proposal. By my signature below, I appoint the proxies indicated below to vote all Fund shares that I am entitled to vote at the Annual Meeting of Shareholders to be held on October 23, 2001, at 3:00 p.m., ET in the offices of the Fund at 100 East Pratt Street, Baltimore, Maryland, 21202, and at any adjournments of the meeting. Either of the proxies may vote my shares, and they may appoint substitutes to vote my shares on their behalf. I instruct the proxies to vote this proxy as TO VOTE BY PHONE OR INTERNET specified below, and I revoke any previous proxies that I have executed. The USE THE CONTROL NUMBER BELOW proxies will vote any other matters that arise at the meeting in accordance with (SEE INSTRUCTIONS ON RESERVE SIDE) their best judgement. I acknowledge receipt of the Fund's Notice of Annual Meeting of Shareholders and proxy statement. **CONTROL NUMBER: 999 999 999 999 99** THE PROXY WILL BE VOTED FOR ALL NOMINEES IF YOU DO NOT SPECIFY OTHERWISE. THE BOARD OF DIRECTORS/TRUSTEES RECOMMENDS A VOTE FOR ALL NOMINEES. FUND NAME ("FUND") PROXIES AT THE MEETING: JAMES S. RIEPE AND M. DAVID TESTA ("PROXIES")
1. To elect the directors/trustees listed below. (01) Calvin W. Burnett, (02) Anthony W. Deering, (03) Donald W. (04) David K. Fagin, (05) F. Pierce Linaweaver, (06) Hanne M. M (07) John G. Schreiber, (08) Hubert D. Vos, (09) Paul M. Wythes (10) James A.C. Kennedy, (11) James S. Riepe and (12) M. David INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, WRITE NOMINEE'S NAME ON THE SPACE PROVIDED BELOW. _______________________________________________________________
PLEASE SIGN, DATE, AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE IF YOU ARE NOT VOTING BY PHONE OR INTERNET. NOTE: Please sign exactly as name appears on this proxy. Joint owners should each sign personally. Directors and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. _______________________________________ Signature(s) (and Title(s), if applicable) Date_____________________ 2001 EX-99.77C VOTES 8 laportecard.txt LAPORTE PROXY CARD Invest With Confidence MEETING TIME: 3:00 P.M. EASTERN TIME T. Rowe Price THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES Ram Logo Please refer to the Proxy Statement discussion of the proposal. By my signature below, I appoint the proxies indicated below to vote all Fund shares that I am entitled to vote at the Annual Meeting of Shareholders to be held on October 23, 2001, at 3:00 p.m., ET in the offices of the Fund at 100 East Pratt Street, Baltimore, Maryland, 21202, and at any adjournments of the meeting. Either of the proxies may vote my shares, and they may appoint substitutes to vote my shares on their behalf. I instruct the proxies to vote this proxy as TO VOTE BY PHONE OR INTERNET specified below, and I revoke any previous proxies that I have executed. The USE THE CONTROL NUMBER BELOW proxies will vote any other matters that arise at the meeting in accordance with (SEE INSTRUCTIONS ON RESERVE SIDE) their best judgement. I acknowledge receipt of the Fund's Notice of Annual Meeting of Shareholders and proxy statement. **CONTROL NUMBER: 999 999 999 999 99** THE PROXY WILL BE VOTED FOR ALL NOMINEES IF YOU DO NOT SPECIFY OTHERWISE. THE BOARD OF DIRECTORS/TRUSTEES RECOMMENDS A VOTE FOR ALL NOMINEES. FUND NAME ("FUND") PROXIES AT THE MEETING: JAMES S. RIEPE AND M. DAVID TESTA ("PROXIES")
1. To elect the directors/trustees listed below. (01) Calvin W. Burnett, (02) Anthony W. Deering, (03) Donald W. (04) David K. Fagin, (05) F. Pierce Linaweaver, (06) Hanne M. M (07) John G. Schreiber, (08) Hubert D. Vos, (09) Paul M. Wythes (10) John H. Laporte, (11) James S. Riepe and (12) M. David Tes INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, WRITE NOMINEE'S NAME ON THE SPACE PROVIDED BELOW. _______________________________________________________________
PLEASE SIGN, DATE, AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE IF YOU ARE NOT VOTING BY PHONE OR INTERNET. NOTE: Please sign exactly as name appears on this proxy. Joint owners should each sign personally. Directors and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. _______________________________________ Signature(s) (and Title(s), if applicable) Date_____________________ 2001 EX-99.77C VOTES 9 reynoldscard.txt REYNOLDS PROXY CARD Invest With Confidence MEETING TIME: 3:00 P.M. EASTERN TIME T. Rowe Price THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES Ram Logo Please refer to the Proxy Statement discussion of the proposal. By my signature below, I appoint the proxies indicated below to vote all Fund shares that I am entitled to vote at the Annual Meeting of Shareholders to be held on October 23, 2001, at 3:00 p.m., ET in the offices of the Fund at 100 East Pratt Street, Baltimore, Maryland, 21202, and at any adjournments of the meeting. Either of the proxies may vote my shares, and they may appoint substitutes to vote my shares on their behalf. I instruct the proxies to vote this proxy as TO VOTE BY PHONE OR INTERNET specified below, and I revoke any previous proxies that I have executed. The USE THE CONTROL NUMBER BELOW proxies will vote any other matters that arise at the meeting in accordance with (SEE INSTRUCTIONS ON RESERVE SIDE) their best judgement. I acknowledge receipt of the Fund's Notice of Annual Meeting of Shareholders and proxy statement. **CONTROL NUMBER: 999 999 999 999 99** THE PROXY WILL BE VOTED FOR ALL NOMINEES IF YOU DO NOT SPECIFY OTHERWISE. THE BOARD OF DIRECTORS/TRUSTEES RECOMMENDS A VOTE FOR ALL NOMINEES. FUND NAME ("FUND) PROXIES AT THE MEETING: WILLIAM T. REYNOLDS AND JAMES S. RIEPE ("PROXIES")
1. To elect the directors/trustees listed below. (01) Calvin W. Burnett, (02) Anthony W. Deering, (03) Dona (04) David K. Fagin, (05) F. Pierce Linaweaver, (06) Hanne (07) John G. Schreiber, (08) Hubert D. Vos, (09) Paul M. W (10) William T. Reynolds, (11) James S. Riepe and (12) M. INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, NOMINEE'S NAME ON THE SPACE PROVIDED BELOW. __________________________________________________________
PLEASE SIGN, DATE, AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE IF YOU ARE NOT VOTING BY PHONE OR INTERNET. NOTE: Please sign exactly as name appears on this proxy. Joint owners should each sign personally. Directors and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. _______________________________________ Signature(s) (and Title(s), if applicable) Date_____________________ 2001 EX-99.77C VOTES 10 intlproxycard.txt INTERNATIONAL PROXY CARD Invest With Confidence MEETING TIME: 3:00 P.M. EASTERN TIME T. Rowe Price THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS Ram Logo Please refer to the Proxy Statement discussion of the proposal. By my signature below, I appoint the proxies indicated below to vote all Fund shares that I am entitled to vote at the Annual Meeting of Shareholders to be held on October 23, 2001, at 3:00 p.m., ET in the offices of the Fund at 100 East Pratt Street, Baltimore, Maryland, 21202, and at any adjournments of the meeting. Either of the proxies may vote my shares, and they may appoint substitutes to vote my shares on their behalf. I instruct the proxies to vote this proxy as TO VOTE BY PHONE OR INTERNET specified below, and I revoke any previous proxies that I have executed. The USE THE CONTROL NUMBER BELOW proxies will vote any other matters that arise at the meeting in accordance with (SEE INSTRUCTIONS ON RESERVE SIDE) their best judgement. I acknowledge receipt of the Fund's Notice of Annual Meeting of Shareholders and proxy statement. **CONTROL NUMBER: 999 999 999 999 99** THE PROXY WILL BE VOTED FOR ALL NOMINEES IF YOU DO NOT SPECIFY OTHERWISE. THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR ALL NOMINEES. FUND NAME ("FUND") PROXIES AT THE MEETING: M. DAVID TESTA AND MARTIN G. WADE ("PROXIES")
1. To elect the directors listed below. (01) Calvin W. Burnett, (02) Anthony W. Deering, (03) Donald W. (04) David K. Fagin, (05) F. Pierce Linaweaver, (06) Hanne M. M (07) John G. Schreiber, (08) Hubert D. Vos, (09) Paul M. Wythes (10) M. David Testa and (11) Martin G. Wade INSTRUCTION: TO WITHHOLD AUTHORITY TO VOTE FOR ANY INDIVIDUAL NOMINEE, WRITE NOMINEE'S NAME ON THE SPACE PROVIDED BELOW. _______________________________________________________________
PLEASE SIGN, DATE, AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE IF YOU ARE NOT VOTING BY PHONE OR INTERNET. NOTE: Please sign exactly as name appears on this proxy. Joint owners should each sign personally. Directors and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. _______________________________________ Signature(s) (and Title(s), if applicable) Date_____________________ 2001 EX-99.B1 NOTIC/SHLDR 11 scriptboardonly.txt PHONE SCRIPT MANAGEMENT INFORMATION SERVICES 8/15/01 MANAGEMENT INFORMATION SERVICES PROPOSED SCRIPT FOR TELEPHONE VOTING T. ROWE PRICE FUNDS WHICH ARE VOTING FOR DIRECTORS ONLY MEETING DATE: OCTOBER 23, 2001 OPENING: When connected to the toll-free number, shareholder will hear: "Welcome. Please enter the control number located on the upper portion of your proxy card." When shareholder enters the control number, he/she will hear: "To vote as the T. Rowe Price Board recommends, press 1 now. To vote otherwise, press 0 now." OPTION 1: VOTING AS MANAGEMENT RECOMMENDS If shareholder elects to vote as management recommends on all proposals, he/she will hear: "You have voted as the Board recommended. If this is correct, press 1. If incorrect, press 0." If shareholder presses 1, he/she will hear: "If you have received more than one proxy card, you must vote each card separately. If you would like to vote another proxy, press 1 now. To end this call, press 0 now." If shareholder presses 0 to indicate an incorrect vote, he/she will hear: "Your vote has been cancelled. If you have received more than one proxy card, you must vote each card separately. If you would like to vote another proxy, press 1 now. To end this call, press 0 now." If shareholder elects to revote the cancelled vote or vote another proxy, he/she is returned to the "Please enter the control number" speech (above). If shareholder elects to end the call, he/she will hear: "Thank you for voting." Call is terminated. OPTION 2: VOTING OTHERWISE If shareholder elects to vote the proposal separately, he/she will hear: "Proposal 1: To vote FOR all nominees, press 1. To WITHHOLD from all nominees, press 9. To WITHHOLD from an individual nominee, press 0. Make your selection now." If the shareholder votes FOR all nominees or WITHHOLDS from all nominees, the script moves to the "Your vote has been cast as follows" speech. If the shareholder elects to withhold from a specific nominee, he/she will hear: "Enter the two-digit number that appears in front of the nominee's name you DO NOT wish to vote for." And then, "Press 1 to withhold from another nominee or Press 0 if you have completed voting for nominees." When the shareholder has finished voting on Proposal 1, he/she will hear: "Your vote has been cast as follows (vote is given). If this is correct, press 1 now. If incorrect, press 0." If the shareholder presses 1, he/she will hear: "If you have received more than one proxy card, you must vote each card separately. If you would like to vote another proxy, press 1 now. To end this call, press 0 now." If shareholder presses 0 to indicate an incorrect vote, he/she will hear: "Your vote has been canceled. If you have received more than one proxy card, you must vote each card separately. If you would like to vote another proxy, press 1 now. To end this call, press 0 now." If shareholder elects to revote the cancelled vote or vote another proxy, he/she is returned to the "Please enter the control number" speech (above). If shareholder elects to end the call, he/she will hear: "Thank you for voting." Call is terminated. -----END PRIVACY-ENHANCED MESSAGE-----