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

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               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