40-17G 1 memoagreement.htm -- Converted by SECPublisher 3.1.0.1, created by BCL Technologies Inc., for SEC Filing
MEMORANDUM OF AGREEMENT 
 
                     T. Rowe Price Institutional Equity Funds, Inc., on behalf of 
the T. Rowe Price Institutional 
 Mid-Cap Equity Growth Fund, T. Rowe Price Institutional Small-Cap Stock Fund, T. Rowc Price 
Institutional Large-Cap Value Fund, T. Rowe Price Institutional Concentrated large-Cap Value Fund, 
T. Rowe Price Institutional Large-Cap Growth Fund and T. Rowe Price Institutional Large-Cap Core 
Growth Fund, T. Rowe Price Institutional Income Funds, Inc., on behalf of T. Rowe Price 
Institutional High Yield Fund and T. Rowe Price Institutional Core Plus Fund and T. Rowe Price 
Institutional International Funds, Inc., on behalf of T. Rowe Price Institutional Foreign Equity Fund, 
T. Rowe Price Institutional Emerging Markets Bond Fund, T. Rowe Price Institutional Emerging 
Markets Equity Fund, T. Rowe Price Institutional Global Equity Fund and T. Rowe Price 
Institutional International Bond Fund, Reserve Investment Funds, Inc., on behalf of Government 
Reserve Investment Fund and Reserve Investment Fund, T. Rowe Price Balanced Fund, Inc., T. 
Rowe Price Blue Chip Growth Fund, Inc., T. Rowe Price California Tax-Free Income Trust, on 
behalf of the California Tax-Free Bond Fund and California Tax-Free Money Fund, T. Rowe Price 
Capital Appreciation Fund, T. Rowe Price Capital Opportunity Fund, Inc., T. Rowe Price Corporate 
Income Fund, Inc., T. Rowe Price Developing Technologies Fund, Inc., T. Rowe Price Diversified 
Mid-Cap Growth Fund, T. Rowe Price Diversified Small-Cap Growth Fund, Inc., T. Rowe Price 
Dividend Growth Fund, Inc., T. Rowe Price Equity Income Fund, T. Rowe Price Equity Series, Inc., 
on behalf of T. Rowe Price Blue Chip Growth Portfolio, T. Rowe Price Equity Index 500 Portfolio, 
T. Rowe Price Health Sciences Portfolio, T. Rowe Price Equity Income Portfolio, T. Rowe Price 
Personal Strategy Balanced Portfolio, T. Rowe Price Mid-Cap Growth Portfolio and T. Rowe Price 
New America Growth Portfolio, T. Rowe Price Financial Services Fund, Inc., T. Rowe Price Fixed 
Income Series, Inc., on behalf of T. Rowe Price Limited-Term Bond Portfolio and T. Rowe Price 
Prime Reserve Portfolio, T. Rowe Price Global Technology Fund, Inc., T. Rowe Price GNMA Fund, 
T. Rowe Price Growth & Income Fund, Inc., T. Rowe Price Growth Stock Fund, Inc., T. Rowe Price 
Health Sciences Fund, Inc., T. Rowe Price High Yield Fund, Inc., T. Rowe Price Index Trust, Inc., 
on bchalf ofT. Rowe Price Equity Index 500 Fund, T. Rowe Price Total Equity Market Index Fund 
and T. Rowe Price Extended Equity Market Index Fund, T. Rowe Price Inflation-Protected Bond 
Fund, Inc., T. Rowe Price International Funds, Inc., on behalf of the T. Rowe Price Africa & Middle
East Fund, T. Rowe Price Emerging Markets Bond Fund, T. Rowe Price Emerging Markets Stock 
Fund, T. Rowe Price European Stock Fund, T. RowE Price Global Stock Fund, T. Rowe Price 
International Bond Fund, T. Rowe Price International Discovery Fund, T. Rowe Price International 
Growth & Income Fund, T. Rowe Price International Stock Fund, T. Rowe Price Japan Fund, T. 
Rowe Price Latin America Fund, T. Rowe Price New Asia Fund and T. Rowe Price Emerging 
Europe & Mediterranean Fund, T. Rowe Price International Index Fund, Inc., on behalf ofT. Rowe 
Price International Equity Index Fund, T. Rowe Price International Series, Inc., on behalf of T. 
Rowe Price International Stock Portfolio, T. Rowe Price Media and Telecommunications Fund, Inc., 
T. Rowe Price Mid-Cap Growth Fund, Inc., T. Rowe Price Mid-Cap Value Fund, Inc., T. Rowe Price 
New America Growth Fund, T. Rowe Price New Era Fund, Inc., T. Rowe Price New Horizons Fund, 
Inc., T. Rowe Price New Income Fund, Inc., T. Rowe Price Overseas Stock Fund, T. Rowe Price 
Personal Strategy Funds, Inc., on behalf of T. Rowe Price Personal Strategy Balanced Fund, T. Rowe
Price Personal Strategy Growth Fund and T. Rowe Price Personal Strategy Income Fund, T. Rowe 
Price Prime Reserve Fund, Inc., T. Rowe Price Real Estate Fund, Inc., T. Rowe Price Retirement 
Funds, Inc., on behalf of T. Rowe Price Retirement Income Fund, T. Rowe Price Retirement 2005 
Fund, T. Rowe Price Retirement 2010 Fund, T. Rowe Price Retirement 2015 Fund, T. Rowe Price 
Retirement 2020 Fund, T. Rowe Price Retirement 2025 Fund, T. Rowe Price Retirement 2030 Fund, 
T. Rowe Price 2035 Fund, T. Rowe Price Retirement 2040 Fund and T. Rowe Price Retirement 2045 
Fund, T. Rowe Price Retirement 2050 Fund, T. Rowe Price Retirement 2055 Fund, T. Rowe Price 
Science & Technology Fund, Inc., T. Rowe Price Short-Term Bond Fund, Inc., T. Rowe Price Short- 
Term Income Fund, T. Rowe Price Small-Cap Stock Fund, Inc., T. Rowe Price Small-Cap Value 
Fund, Inc., T. Rowe Price Spectrum Fund, Inc., on behalf of Spectrum Growth Fund, Spectrum 
Income Fund and Spectrum International Fund, T. Rowe Price State Tax-Free Income Trust, on 
behalf of 
the Georgia Tax-Free Bond Fund, Marland Tax-Free Bond Fund, Maryland Short-Term 
Tax-Free Bond Fund, Maryland Tax-Free Money Fund, New Jersey Tax-Free Bond Fund, New York 
Tax-Free Bond Fund, New York Tax-Free Money Fund, and Virginia Tax-Free Bond Fund, T. Rowe 
Price Summit Funds, Inc., on behalf ofT. Rowe Price Summit Cash Reserves Fund and T. Rowe 
Price Summit GNMA Fund, T. Rowe Price Summit Municipal Funds, Inc., on behalf of T. Rowe 
Price Summit Municipal Money Market Fund, T. Rowe Price Summit Municipal Intermediate Fund 
and T. Rowe Price Summit Municipal Income Fund, T. Rowe Price Tax-Effcient Funds, Inc., on 
behalf of T. Rowe Price Tax-Effcient Balanced Fund, T. Rowe Price Tax-Efficient Growth Fund 
and T. Rowe Price Tax-Effcient Multi-Cap Growth Fund, T. Rowe Price Tax-Exempt Money Fund, 
Inc., T. Rowe Price Tax-Free High Yield Fund, Inc., T. Rowe Price Tax-Free Income Fund, Inc., T. 
Rowe Price Tax-Free Short-Intermediate Fund, Inc., T. Rowe Price U.S. Bond Index Fund, Inc., T. 
Rowe Price U.S. Treasury Funds, Inc., on behalf of the U.S. Treasury Intermediate Fund, U.S. 
Treasury Long-Term Fund and U.S. Treasury Money Fund, T. Rowe Price Value Fund, Inc. (all of 
which are hereinafter collectively called the "Funds" and each of which is hereinafter sometimes 
called a "Fund"), which are registered as diversified open-end management investment companies 
under the Federal Investment Company Act of 1940 (the "Act"). T. Rowe Price Associates, Inc. 
("Adviser") is investment adviser to all the Funds except Institutional International Funds, Inc., 
T. Rowe Price International Funds, Inc. and T. Rowe Price International Series, Inc.; T. Rowe Price 
International, Inc. ("TRPI") is investment adviser to each of these investment companies. T. Rowe
Price Investment Services, Inc. ("Distributor"), T. Rowe Price Services, Inc. ("Services"), and T. 
Rowe Price Retirement Plan Services, Inc. ("RPS") are Maryland corporations and wholly-owned 
subsidiaries of the Adviser. In accordance with the rules of the Securities and Exchange 
Commission under the Act, the Funds, the Adviser, TRPI, the Distributor, Services, and RPS, as well 
as other affliated companies of the Adviser, T. Rowe Price Group, Inc., (all of which are hereinafter
sometimes collectively called the "Insureds" and each of  which is hereinafter sometimes individually 
called the "Insured"), have jointly agreed to maintain a Brokers' Blanet Bond and Policy, designated 
as Bond No. 87163207B (the "Bond") from the ICI Mutual Insurance Company, as attached hereto. 
The Bond became effective on August 31, 2007, and is to run through August 31, 2008 unless 
canceled. The coverage of the Bond is in the principal amount of $95,000,000. 
           The Bond coverage shall be allocated among the Insureds for the period August 31, 2007 
through August 31,2008, in the following proportions in accordance with the appropriations outlined 
in the Price Funds Quarterly Compliance Report for the Joint Brokers Blaaiket Bond, attached hereto 
as "Exhibit A". 

                     (b) Due to the large number of T. Rowe Price entities listed on the Bond, the Boards 
 have allocated the premium based on a ratio of 70% to the Price Funds and 30% to the T. Rowe Price 
 entities.   
                      Each investment company is allocated a percentage of  the total bond coverage that is 
allotted to all of the Price Funds (94.5% of coverage) based on the required bond amount for that 
investment company as specified under the Act. The minimum amount of coverage is calculated 
based on the total assets of each investment company rather than each underlying series. The 
premium for each Price Fund is calculated using each Price Fund's (including each underlying series) 
perccntage of total gross assets of all of the Price Funds. This percentage is multiplied by the total 
premium allocated to all of the Price Funds (70% of premium).
                  2. Except as otherwise provided in this Agreement, each Insured shall be entitled to the full 
amount of any recovery under the Bond in connection with any loss sustained by it, and shall bear all 
of the expenses attendant upon the realization of such recovery. 
                   3. (a) In the event that all of the Insureds shall together sustain, as the result of any single 
occurrence, a loss equal to or greater than the principal amount ofthe Bond, or in the event that all of 
the Insureds shall together sustain losses under any other circumstances in which the aggregate 
amount ofthe recovery under the Bond shall be less than the aggregate amount of such losses, then 
in either such event the amount of such recovery shall be proportioned among all Insureds as 
allocated in Section i (a). Each underlying series would receive a portion of its investment 
company's allocation based on the percentage of  assets of  the underlying series ofthe total assets of
the series' investment company.

           In the event that any two or more ofthe Insured entities shall together sustain a loss or losses, 
then any recovery under the Bond shall be allocated between them in such proportions as shall be 
determined in the case of each Insured by the application of the following fraction: 
                   (i)           the numerator of which shall be the numerator of the fraction applicable to such 
           Insured as set forth in Section 1(a) (each series would receive a proportional amount 
           of the coverage calculated for the investment company based on the number of 
           underlying series suffering losses), and 
                   (ii)           the denominator of which shall be the sum of the numerators applicable to such 
           Insured as set forth in Section 1(a). 
 
   (b) Anything in Paragraph 3(a) to the contrary notwithstanding, in the event that the 
           result of the operation of that paragraph would be to allocate to anyone or more of 
           the Insureds sustaining losses as a result of any single occurrence an amount in 
           excess of the loss actually sustained by it or them, each such Insured shall be entitled 
           only to an amount equal to the loss it has sustained, and the excess shall be allocated 
           as between the other Insured or Insureds participating in such loss by a computation 
           made in the manner prescribed in the second sentence of Paragraph 3(a); provided,
           however, in the event that the result of such computation shall be the allocation to 
           one or more of such other Insureds of an amount or amounts which, when added to 
           the amount or amounts allocated to such Insured or Insureds pursuant to Paragraph 
           3(a), shall exceed the loss or losses actually sustained by it or them, the procedure 
           specified in the foregoing sentence shall be repeated successively until none of the 
                                  Insureds sustaining a loss by virtue of such occurrence shall have been allocated an 
                                  amount in excess of such loss.
          4. Any cost involved in the interpretation and enforcement ofthe Bond shall be borne by all 
of the Insureds in the same proportions as used to calculate the premium of the Bond; provided, 
however, that ifthe interpretation of  the Bond arises out of or in connection with a loss or losses in 
which any two or more ofthe Insureds are involved, such costs shall be allocated among them in the 
manner specified in Paragraph 3; and provided further, that if only one Insured is involved in any 
such loss, then all of such costs shall be borne by Insured. 
            5. Each of the Insureds shall notify each of the other Insureds within ten days of:
                (a) the filing of any claim under the Bond, and 
                (b) the settlement of any claim under the Bond. 
 
          6. The Insureds agree to consult and cooperate among themselves in order to procure the 
benefits of the Bond and of  this Agreement for all of  them.
 
          7. This Agreement has been executed and delivered in order to comply with the terms and 
conditions set forth in Rule 17g-1 under the Investment Company Act of 1940. 

IN WITNESS WHEREOF, each ofthe Insureds has caused this Agrcement to be executed in 
its name and its corporatc seal to be affxed hereunto and attested, in each case by its corporate 
offcers thereunto duly authorized, all as ofthe 31 st  day of  August  ,2007. 

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INe., on behalf of 
         T. ROWE PRICE INSTITUTIONAL CONCENTRA TED LARGE-CAP VALUE 
         FUND   
         T. ROWE PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND 
         T. ROWE PRICE INSTITUTIONAL SMALL-CAP STOCK FUND, 
         T. ROWE PRICE INSTITUTIONAL LARGE-CAP VALUE FUND 

           T. ROWE PRICE INSTITUTIONAL LARGE-CAP GROWTH FUND 
           T. ROWE PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND 
T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC., on behalf of 
           T. ROWE PRICE INSTITUTIONAL HIGH YIELD FUND 
           T. ROWE PRICE INSTITUTIONAL CORE PLUS FUND 
T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC., on behalf of 
           T. ROWE PRICE INSTITUTIONAL FOREIGN EQUITY FUND 
           T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS BOND FUND 
           T. ROWE PRICE INSTITUTIONAL EMERGING MARKETS EQUITY FUND 
           T. ROWE PRICE INSTITUTIONAL GLOBAL EQUITY FUND 
           T. ROWE PRICE INSTITUTIONAL INTERNATIONAL BOND FUND 
T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC., on behalf of 
           T. ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND, 
           T. ROWE PRICE RESERVE INVESTMENT FUND 
T. ROWE PRICE BALANCED FUND, INC. 
T. ROWE PRICE BLUE CHIP GROWTH FUND, INC. 
T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST, on behalf of 
           CALIFORNIA TAX-FREE BOND FUND, 
           CALIFORNIA TAX-FREE MONEY FUND 
T. ROWE PRICE CAPITAL APPRECIATION FUND 
T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC. 
T. ROWE PRICE CORPORATE INCOME FUND, INC. 
T. ROWE PRICE DEVELOPING TECHNOLOGIES FUND, INe. 
T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND 
T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC. 
T. ROWE PRICE DIVIDEND GROWTH FUND, INC. 
T. ROWE PRICE EQUITY INCOME FUND 
T. ROWE PRICE EQUITY SERIES, INC., on behalf of 
         T. ROWE PRICE EQUITY INCOME PORTFOLIO, 
         T. ROWE PRICE MID-CAP GROWTH PORTFOLIO, 
         T. ROWE PRICE NEW AMERICA GROWTH PORTFOLIO, 
         T. ROWE PRICE PERSONAL STRATEGY BALANCED PORTFOLIO 
         T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO 
         T. ROWE PRICE EQUITY INDEX 500 PORTFOLIO 
         T. ROWE PRICE HEALTH SCIENCES PORTFOLIO 
T. ROWE PRICE FINANCIAL SERVICES FUND, INC. 
T. ROWE PRICE FIXED INCOME SERIES, INe., on behalf of 
         T. ROWE PRICE LIMITED-TERM BOND PORTFOLIO, 
         T. ROWE PRICE PRIME RESERVE PORTFOLIO 
T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC. 
T. ROWE PRICE GNMA FUND 
T. ROWE PRICE GROWTH & INCOME FUND, INC. 
T. ROWE PRICE GROWTH STOCK FUND, INC. 
T. ROWE PRICE HEALTH SCIENCES FUND, INe. 
T. ROWE PRICE HIGH YIELD FUND, INC. 
T. ROWE PRICE INDEX TRUST, INC., on behalf of 
           T. ROWE PRICE EQUITY INDEX 500 FUND, 
           T. ROWE PRICE TOTAL EQUITY MARKT INDEX FUND, 
           T. ROWE PRICE EXTENDED EQUITY MARKET INDEX FUND 
T. ROWE PRICE INFLATION-PROTECTED BOND FUND, INC. 
T. ROWE PRICE INTERNATIONAL FUNDS, INC., on behalf of 
           T. ROWE PRICE AFRICA & MIDDLE EAST FUND 
           T. ROWE PRICE EMERGING MARKETS BOND FUND, 
           T. ROWE PRICE EMERGING MARKTS STOCK FUND, 
           T. ROWE PRICE EUROPEAN STOCK FUND, 
           T. ROWE PRICE GLOBAL STOCK FUND, 
           T. ROWE PRICE INTERNATIONAL BOND FUND, 
           T. ROWE PRICE INTERNATIONAL DISCOVERY FUND, 
           T. ROWE PRICE INTERNATIONAL GROWTH & INCOME FUND 
           T. ROWE PRICE INTERNATIONAL STOCK FUND, 
           T. ROWE PRICE JAPAN FUND, 
           T. ROWE PRICE LATIN AMERICA FUND, 
           T. ROWE PRICE NEW ASIA FUND, and 
           T. ROWE PRICE EMERGING EUROPE & MEDITERRNEAN FUND 
T. ROWE PRICE INTERNATIONAL INDEX FUND, INe. on behalf of 
           T. ROWE PRICE INTERNATIONAL EQUITY INDEX FUND 
T. ROWE PRICE INTERNATIONAL SERIES, INe., on behalf of 
         T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO 
T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC. 
T. ROWE PRICE MID-CAP GROWTH FUND, INe. 
T. ROWE PRICE MID-CAP VALUE FUND, INC. 
T. ROWE PRICE NEW AMERICA GROWTH FUND 
T. ROWE PRICE NEW ERA FUND, INC. 
T. ROWE PRICE NEW HORIZONS FUND, INe. 
T. ROWE PRICE NEW INCOME FUND, INC. 
T. ROWE PRICE OVERSEAS STOCK FUND 
T. ROWE PRICE PERSONAL STRATEGY FUNDS, INe., on behalf of 
         T. ROWE PRICE PERSONAL STRATEGY BALANCED FUND, 
         T. ROWE PRICE PERSONAL STRATEGY GROWTH FUND, 
         T. ROWE PRICE PERSONAL STRATEGY INCOME FUND 
T. ROWE PRICE PRIME RESERVE FUND, INC. 
T. ROWE PRICE REAL ESTATE FUND, INe. 
T. ROWE PRICE RETIREMENT FUNDS, INe., on behalf of 
         T. ROWE PRICE RETIREMENT INCOME FUND 
         T. ROWE PRICE RETIREMENT 2005 FUND 
         T. ROWE PRICE RETIREMENT 2010 FUND 
         T. ROWE PRICE RETIREMENT 2015 FUND 
         T. ROWE PRICE RETIREMENT 2020 FUND 
          T. ROWE PRICE RETIREMENT 2025 FUND 
          T. ROWE PRICE RETIREMENT 2030 FUND 
          T. ROWE PRICE RETIREMENT 2035 FUND 
          T. ROWE PRICE RETIREMENT 2040 FUND 
          T. ROWE PRICE RETIREMENT 2045 FUND 
          T. ROWE PRICE RETIREMENT 2050 FUND 
          T. ROWE PRICE RETIREMENT 2055 FUND 
T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INe. 
T. ROWE PRICE SHORT-TERM BOND FUND, INe. 
T. ROWE PRICE SHORT-TERM INCOME FUND, INC. 
T. ROWE PRICE SMALL-CAP STOCK FUND, INe. 
T. ROWE PRICE SMALL-CAP VALUE FUND, INe. 
T. ROWE PRICE SPECTRUM FUND, INe., on behalf of 
           SPECTRUM GROWTH FUND, 
           SPECTRUM INCOME FUND, 
           SPECTRUM INTERNATIONAL FUND 
T. ROWE PRICE STATE TAX-FREE INCOME TRUST, on behalf of 
         GEORGIA TAX-FREE BOND FUND, 
         MARYLAND TAX-FREE BOND FUND, 
         MARYLAND SHORT-TERM TAX-FREE BOND FUND, 
         MARYLAND TAX-FREE MONEY FUND, 
         NEW JERSEY TAX-FREE BOND FUND, 
         NEW YORK TAX-FREE BOND FUND, 
         NEW YORK TAX-FREE MONEY FUND, 
         VIRGINIA TAX-FREE BOND FUND 
T. ROWE PRICE SUMMIT FUNDS, INC., on behalf of 
         T. ROWE PRICE SUMMIT CASH RESERVES FUND, 
         T. ROWE PRICE SUMMIT GNMA FUND 
T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC., on behalf of 
         T. ROWE PRICE SUMMIT MUNICIPAL MONEY MARKET FUND, 
         T. ROWE PRICE SUMMIT MUNICIPAL INTERMEDIATE FUND, 
         T. ROWE PRICE SUMMIT MUNICIPAL INCOME FUND 
T. ROWE PRICE TAX-EFFICIENT FUNDS, INC., on behalf of 
         T. ROWE PRICE TAX-EFFICIENT BALANCED FUND, 
         T. ROWE PRICE TAX-EFFICIENT GROWTH FUND 
         T. ROWE PRICE TAX-EFFICIENT MULTI-CAP GROWTH FUND 
T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC. 
T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC. 
T. ROWE PRICE TAX-FREE INCOME FUND, INC. 
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INe. 
T. ROWE PRICE U.S. BOND INDEX FUND, INC. 
T. ROWE PRICE U.S. TREASURY FUNDS, INe., on behalf of 
         U.S. TREASURY INTERMEDIATE FUND, 
         U.S. TREASURY LONG-TERM FUND, 
         U.S. TREASURY MONEY FUND 
T. ROWE PRICE VALUE FUND, INC. 

                                                                                 By:_______________________________ 
                                                                                                            Henry H. Hopkins 
T. ROWE PRICE ASSOCIATES, INC. 
 
By_______________________________ 
                    Edward C. Bernard 
 
Revised DLK\5457\insur\memoins,07 

 August 2007
 
 
 
RESOLVED, that the Brokers' Blanket Bond be maintained on behalf ofthe Corporation/Trust and 
be in the form of a joint insured bond issued by ICI Mutual Insurance Company in the aggregate 
amount of $95 million with respect to each ofthe entities set forth in the attached Memorandum of 
Agreement dated August 31, 2007 and in the amounts indicated therein. 
 
RESOLVED, that the proper offcer of the Corporation/Trust be, and he is hereby authorized and 
directed in his name and on his behalf to execute and deliver to the Funds/Trust named or to be 
named on the said Brokers' Blanket Bond, the Agreement with those Corporations/Trusts referred to 
in the foregoing resolution. 
 
RESOLVED, that the Board of Directors/Trustees of  the Corporallon/Trust hereby designate Patricia 
B. Lippert as the offcer of said Corporation/Trust who shall make filings with the Securities and 
Exchange Commission and give all notices to directors/trustees of  the Corporation/Trust which shall 
at any time be required by Paragraph (h) of Rule 17-g-1. 
Revised 8/31/2007 
DLK\5457\INSUR\MemoIns.06 

 EXHIBIT A
PRICE FUNDS QUARTERLY COMPLIANCE REPORT 
JOINT BROKERS BLANKET BOND 
 AS OF JULY 31, 2007
 
       °10 of  SEC Min.  1 TRP A Min. 
Portfolio/ 
Gross Assets of 
 Fund  Amount of 
Amount of' 
Fund 
Portfolio 
Fund 
Assets 
Bond 
Bond 
 
T. Rowe Price Institutional Equity Funds, Inc 
 
2,403,268,133 
0,85% 
1,700,000 
1,700,000 
 T. Rowe Price Institutional Mid-Cap Equity Growth Fund(MCE) 
436,507,449 
 
 
 
 
 T. Rowe Price Institutional Small-Cap Stock Fund(SCI) 
405,565,557 
 
 
 
 
 T. Rowe Price Institutional Large-Cap Value Fund(LCV) 
246,565,509 
 
 
 
 
 T. Rowe Price Institutional Large-Cap Core Growth Fund (LCC) 
32,717,907 
 
 
 
 
 T. Rowe Price Institutional Large-Cap Growth Fund(LCG) 
1,275,333,290 
 
 
 
 
 T Rowe Price Institutional Concentrated large Cap Value(ICL) 
6.578,421 
 
 
 
 
 
T. Rowe Price Institutional Income Funds, Inc. 
 
492,575,835 
0.17% 
750,000 
750,000 
 T Rowe Price Institutional Core Flus Fund(ICP) 
61,737,619 
 
 
 
 
 T. Rowe Price Institutional High Yield Fund(IIYI) 
430.838,216 
 
 
 
 
 
T. Rowe Price Institutionai International Funds, Inc. 
 
497,610,739 
0,18% 
750,000 
750.000 
   T. Rowe Price Institutional Foreign Equity Fund(FEF) 
150,978,254 
 
 
 
 
   T. Rowe Price Institutional Emerging Markets Equity Fund(IEM) 
249,162,328 
 
 
 
 
   T. Rowe Price Institutional Emerging Markets Bond Fund(IEB) 
27,738,188 
 
 
 
 
   T. Rowe Price Institutional Global Equity(IGE) 
2,497,895 
 
 
 
 
   T- Rowe Price Institutional International Boll (lIB) 
67,234,074 
 
 
 
 
 
Reserve Investment Funds, Inc 
 
12,546,591,739 
4.45% 
2,500.000 
2,500,000 
   Reserve lnvestment Fund(RES) 
11.24,226.376 
 
 
 
 
   Government Reserve Investment Fund(GRS) 
1,222,365,363 
 
 
 
 
 
T. Rowe Price Balanced Fund, Inc. (BAL) 
3,189,045,972 
3,189,045,972 
1.13% 
2,100,000 
2,100.000 
 
T Rowe Price Blue Chip Growth Fund, Inc. (BCG) 
11,166,835,560 
11,166.835,560 
3.96% 
2,500,000 
2,500,000 
 
T Rowe Price California Tax-Free Income Trust 
 
422,311,424 
0.15% 
750,000 
750,000 
     California Tax-Free Bond Fund (CAB) 
309,168,669 
 
 
 
 
     California Tax-Free Money Fund(CAM) 
113,142,755 
 
 
 
 
 
T. Rowe Price Capital Appreciation Fund (CAF) 
10,756,045,246 
10,756,045,246 
3.81% 
2,500.000 
2,500,000 
 
T. Rowe Price Capital Opportunity Fund, Jnc, (COF) 
231,122,623 
231,122.623 
0.08% 
600,000 
600,000 
 
T Rowe Prrce Corporate Income Fund, lnc (ClF) 
210,481,648 
210,481,648 
0.07% 
600,000 
600,000 
 
T Rowe Price Developing Technologies Fund, Inc,(DTF) 
49.176,757 
49,176,757 
0.02% 
350,000 
400,000 . 
 
T Rmve Price Diversified Mid-Cap Growth Fund, Inc. (DMG) 
105,691,942 
ì05,ó91,942 
0,04% 
525,000 
525,000 
 
T Rowe Price Diversified Small.Cap Growth  87,073,835  87,073,835  0,03%  450.000  450,000 
   Fund, Inc. (DSG)           
 
T. Rowe Price Dividend Growth Fund, Inc (DGF)  886,753,314  886,753,314  0.31%  1,000,000  1,000,000 
 
T. Rowe Price Equity Income Fund (ElF)  24,295,921,662  24,295,921,662  8.61%  2,500,000  2,500,000 
T. Rowe Price Equity Series. Inc 
 
3.070,245,840 
1,09% 
2,100.000 
2,100,000 
   T. Rowe Price Blue Chip Growth Portfolio( (BCP) 
253,933,035 
 
 
 
 
   T. Rowe Price Equity Income Portfolio(EIP) 
2,072,725,666 
 
 
 
 
   T. Rowe Price Equity Index 500 Portfolio(EXP) 
16,887,282 
 
 
 
 
   T Rowe Price ircaJth Sciences Portfolio(HSP) 
19,108,700 
 
 
 
 
   T. Rowe Price Mid-Cap Growth Portfolio(MGP) 
424,684,934 
 
 
 
 
   T. Rowe Price New America Growth Portfolio (NAP) 
95,453,690 
 
 
 
 
   T Rowe Price Personal Strategy Balanced Portfolio(PSP) 
187,452,533 
 
 
 
 
 
T. Rowe Prrce Financial Services Fund, Inc (FSF) 
416,078,573 
416,078,573 
0.15% 
750,000 
750,000 
 
T Rowe Price Fixed Income Series, Inc. 
 
149.857.660 
0.05% 
525,000 
525,000 
   T. Rowe Price Limited-Term Bond Portfolio(LTP) 
101,262,758 
 
 
 
 
   Prime Reserve Portfolio (PRP) 
48.594,902 
 
 
 
 
 
T. Rowe Price GNMA Fund (GMA) 
1,427,067.158 
1,427,067,158 
051% 
1,250,000 
1,250,000 
 
T Rowe Price Global Technology Fund, Inc (GTF) 
160,775,759 
160,775,759 
0.06% 
600,000 
600,000 
 
   T. Rowe Price Growth & Income Fund, Inc, (GIF) 
1,510,741,105 
1,510,741,105 
0.54% 
1,500,000 
1,500,000 
 
T. Rowe Price Growth Stock Fund, Inc, (GSF) 
24,387,565.657 
24,387,565,657 
8,64% 
2,500,000 
2,500,000 
 
T. Rowe Price Health Sciences Fund (HSF) 
1.903,047,587 
1,903.047,587 
0.67% 
1.500,000 
1.500,000 
 
T Rowe Price High Yield Fund, Inc. (HYF) 
4,928.604,539 
4,928,604,539 
1.75% 
2,500,000 
2,500,000 
 
T Rowe Price Index Trust, Inc. 
 
10,195,122,168 
3.61% 
2,500,000 
2.500,000 
   T Rowe Price Equity Index 500 Fund (EXF) 
9,284,060,272 
 
 
 
 
   T. Rowe Price Total Equity Market Index Fund (TMX) 
508,631,113 
 
 
 
 
   T. Rowe Price Extended Equity Market Index Fund (XMX) 
402,430,783 
 
 
 
 
 
T Rowe Price Inflation-Protected Bond Fund, Inc, (IPB) 
102,566,09 I 
102,566,091 
004% 
525,000 
525,000 
 
T. Rowe Price International Funds, Jnc 
 
28,557,836,058 
10.12% 
2,500,000 
2,500,000 
   T Rowe Price Emerging Europe & Mediterranean Fund(EEM) 
1,660,449,758 
 
 
 
 
   T Rowe Price Emerging Markets Bond Fund(EMB) 
629,525,287 
 
 
 
 
   T. Rowe Price Emerging Markets Stock Fund (EMS) 
3,653,801,6 I 7 
 
 
 
 
   T. Rowe Price European Stock Fund (ESF) 
1,131,444,840 
 
 
 
 
   T. Rowe Price Global Stock Fund (GLS) 
669,170,625 
 
 
 
 
   T.Rowe Price International Bond Fund (IBF) 
2.475,479,817 
 
 
 
 
   T. Rowe Price International Discovery Fund(IDF) 
2,937,591,710 
 
 
 
 
   T. Rowe Price International Stock Fund(ISF) 
6,660,395,801 
 
 
 
 
   T. Rowe Price Japan Fund (JAF) 
473,644,408 
 
 
 
 
   T. Rowe Price Latin America Fund (LAM) 
3,299,821,378 
 
 
 
 
   T. Rowe Price New Asia Fund (NAS) 
1,858,790,112 
 
 
 
 
   T. Rowe Price Overseas Stock Fund (0SF) 
1,107,720,705 
 
 
 
 
 
T. Rowe Price International Growth & Income Fund (IGI) 
2,647,792,077 
2,647,792,077 
0,94% 
1,900,000 
1,900,000 
 
T. Rowe Price International Index Fund, Inc. 
 
488.576,570 
0.17% 
750,000 
750,000 
   T. Rowe Price International Equity Index Fund (IXF) 
488,576,570 
 
 
 
 
 
T. Rowe Price International Series, Inc. 
 
475,992,059 
0.17% 
750,000 
750,000 
   T Rowe Price International Stock Portfolio (ISP) 
475,992.059 
 
 
 
 
 
T Rowe Price Media & Telecommunications Fund, Inc.(MTF) 
2,045,789,984 
2,045,789,984 
0,72% 
1,700,000 
1,700,000 
 
T. Rowe Price Mid-Cap Growth Fund, Inc. (MCG) 
17,119,562,574 
17,119.562,574 
6.07% 
2,500,000 
2,500,000 
T. Rowe Price Mid-Cap Value Fund, Inc. (MCV) 
8,091,598,295 
8,091,598,295 
2.87% 
2,500,000  2.500,000 
 
T Rowe Price New America Growth Fund (NAG) 
817,418,993 
817,418,993 
0.29% 
1,000,000  1,000,000 
 
T. Rowe Price New Era Fund, Inc. (NEF) 
5,774,457,382 
5,774,457,382 
2.05% 
2,500,000  2,500,000 
 
T. Rowe Price New Horizons Fund, Inc. (NHF) 
7,338,516,724 
7,338,516,724 
2.60% 
2,500,000  2,500,000 
 
T. Rowe Price New Income Fund, Inc. (NIF) 
7,098,472.041 
7,098,472,041 
2.51% 
2,500,000  2,500.000 
 
 T. Rowe Price Personal Strategy Funds, Inc 
 
3,424,794,051 
1.21% 
2,100,000  2,100,000 
   T. Rowe Price Personal Strategy Balanced Fund(PSB) 
1,504,606,809 
 
 
   
   T. Rowe Price Personal Strategy Growth Fund(PSG) 
1,218,577,366 
 
 
   
   T. Rowe Price Personal Strategy Income Fund (PSI) 
701,609,876 
 
 
   
 
T Rowe Price Prime Reserve Fund, Inc. (PRF) 
5,723,100,231 
5,723,100,231 
2.03% 
2,500,000  2,500.000 
 
T Rowe Price Real Estate Fund, Inc. (REF) 
2,196,167,453 
2,196,167,453 
0.78% 
1,700,000  1,700,000 
 
T. Rowe Price Retirement Funds, Inc, 
 
24,668,192,344 
8.74% 
2,500,000  2,500,000 
   T. Rowe Price Retirement Income Fund (RPE) 
1.157,442,273 
 
 
   
   T. Rowè Price Retirement 2005 Fund (RPF) 
807,777,372 
 
 
   
   T. Rowe Price Retirement 2010 Fund (RPA) 
3,884,686,366 
 
 
   
   T. Rowe Price Retirement 2015 Fund (RPG) 
2,884,239,144 
 
 
   
   T. Rowe Price Retirement 2020 Fund (RPB) 
5.737,382,199 
 
 
   
   T. Rowe Price Retirement 2025 Fund (RPH) 
2.590,224.611 
 
 
   
   T. Rowe Price Retirement 2030 Fund (RPC) 
3,853,106,894 
 
 
   
   T. Rowe Price Retirement 2035 Fund (RPI) 
1,282,583,315 
 
 
   
   T. Rowe Price Retirement 2040 Fund ((RPD) 
1,995,420,258 
 
 
   
   T. Rowe Price Retirement 2045 Fund (RPK) 
424,214,991 
 
 
   
   T. Rowe Price Retirement 2050 Fund (RPL) 
29,176,191 
 
 
   
   T. Rowe Price Retirement 2055 Fund (RPM) 
21,938,730 
 
 
   
 
T. Rowe Price Science & Technology Fund, Inc (STF) 
3,222,135,081 
3,222,135,081 
1.14% 
2.100,000  2,100,000 
 
T. Rowe Price Short-Temm !ncome(STI) 
1,144.018,806 
1,144,018.806 
0.41% 
1,250,000  1,250,000 
 
T Rowe Price Short-Term Bond Fund, Inc. (STB) 
1,467,862,776 
1,467,862,776 
0.52% 
1.250.000  1,250.000 
 
T. RO\ve Price Small-Cap Stock Fund, Ine (SCS) 
7,482,243,791 
7.482,243,791 
2.65% 
2,500,000  2.500,000 
 
T Rowe Price Small-Cap Value Fund, Inc. (SCV) 
6,219,301,437 
6,219,301,437 
2.20% 
2,500,000  2,500,000 
 
T. Rowe Price Spectrum Fund, Inc. 
 
8,935,371,121 
3.17% 
2,500,000  2,500,000 
   Spectrum Income Fund (SPI) 
4,772,708,175 
 
 
   
   Spectrum Growth Fund (SPG) 
3,758,720,375 
 
 
   
   Spectrum International Fund (SPF) 
403,942,571 
 
 
   
 
T. Rowe Price State Tax-Free Income Trust 
 
3,083,060,973 
1.09% 
2,100,000  2,100,000 
   Georgia Tax-Free Bond Fund (GAB) 
13 1 ,420,632 
 
 
   
   Maryland Tax-Free Bond Fund (MDB) 
1,450,940,521 
 
 
   
   Maryland Tax-Free Money Fund (MDM) 
216,916,426 
 
 
   
   Marland Short-Term Tax-Free Bond Fund (MDS) 
142,394,991 
 
 
   
   New Jersey Tax-Free Bond Fund (NJB)
214,095,195 
 
 
   
   New York Tax-free Bond Fund (NYB) 
278,443,898 
 
 
   
   New York Tax-Free Money Fund (NYM) 
126,755,590 
 
 
   
   Virginia Tax-Free Bond Fund (VAB) 
522.093,720 
 
 
   
T. Rowe Price Summit Funds, Inc. 
 
5,283.691,111
1.87% 
2,500,000 
2,500,000 
 T Rowe Price Summit Cash Reserves Fund (SCR) 
5,203,733,497 
 
 
 
 
 T Rowe Price Summit GNMA Fund (SGM) 
79,957,614 
 
 
 
 
 T. Rowe Price Summit Municipal Funds, Inc. 
 
1,29,668,712 
0,47% 
1.250,000 
1,250,000 
 T. Rowe Price Summit Municipal Money 
311,357,755 
 
 
 
 
       Market Fund (SMM) 
 
 
 
 
 
 T. Rowe Price Summit Municipal Intermediate 
562,458.089 
 
 
 
 
         Fund (SMT) 
 
 
 
 
 
 T Rowe Price Summit Municipal Income Fund (SMI) 
455,852,868 
 
 
 
 
T. Rowe Prrce Tax-Efficient Balanced Fund, Inc. (TEB) 
38,186.953 
38,186,953 
0.01% 
350,000 
400,000 
T. Rowe Price Tax-Effcient Growth Fund (TEG) 
63,684,266 
63,684,266 
0,02% 
400,000 
400,000 
T Rowe Price Tax-Effcient Multi-Cap Growth Full (TMC) 
39,109,110 
39,109,110 
0,01% 
350,000 
400,000 
T. Rowe Price Tax-Exempt Money Fund, Inc. (TEM) 
1,016.720,459 
1.016,720,459 
0,36% 
1,250,000 
1,250.000 
T. Rowe Price Tax-Free High Yield Fund, Inc (TFH) 
1,559,630,953 
1,559,630,953 
0.55% 
1,500,000 
1,500,000 
T Rowe Prrce Tax-Free Income Fund, Inc.  (TFI) 
1,829,471.659 
1,829,471,659 
0.65% 
1,500,000 
1,500,000 
T Rowe Price Tax~Free Short-lntennediate Fund, 
519.648,326 
519,648,326 
0.18% 
900,000 
900,000 
   Inc, (TFS) 
 
 
 
 
 
T. Rowe Pricc U.S. Bond Index Fund, Inc, (UBX) 
234,552,927 
234,552,927 
0,08% 
600,000 
600,000 
T Rowe Price U.S. Treasury Funds, Inc. 
 
1,765,312,744 
0.63% 
1,500,000 
1,500,000 
   U.S. Treasury Intennediate Fund (USI)
225,500,073 
 
 
 
 
   U.S. Treasury Long-Term Fund  (USL) 
413,662,090 
 
 
 
 
   U.S. Treasury Money Fund (UST) 
1,126,150,581 
 
 
 
 
T. Rowe Price Value Fund, Inc. (Val) 
7,858,545,069 
7.858,545,069 
2,78% 
2,500,000 
2,500,000 
Totals 
282,256,817,708 
282,256,817,708 
100.00% 
94,525,000 2 
94,675,000 

* T Rowe Price has established as a matter of policy $'400,000 as the minimum bond coverage for any Fund regardless of the SEC minimum

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