TABLE OF CONTENTS

	Page		Page

Capital Stock	198	Net Asset Value per Share	194
Code of Ethics	191	Organization of the Funds	203
Custodian	190	Other Shareholder Services	102
Disclosure of Fund Portfolio Information	191	Portfolio Management Practices	167
Distributor for the Funds	106	Portfolio Transactions	109
Dividends and Distributions	196	Pricing of Securities	193
Federal Registration of Shares	206	Principal Holders of Securities	63
Independent Registered Public Accounting Firm	128	Ratings of Commercial Paper	206
Investment Management Agreements	84	Ratings of Corporate and Municipal Debt Securities	207
Investment Objectives and Policies	129	Ratings of Municipal Notes and Variable Rate Securities	208
Investment Program	151	Risk Factors	129
Investment Restrictions	185	Special Considerations	184
Legal Counsel	206	T. Rowe Price Proxy Voting — Policies and Procedures	204
Management of the Funds	10	Tax Status	196

Below is a table showing the prospectus and shareholder report dates for each fund. The table also lists each fund`s category which should be used to identify groups of funds that are referenced throughout this SAI.

Fund	Fund Category	Fiscal Year End	Annual Report Date	Semiannual Report Date	Prospectus Date
Balanced	Equity	Dec 31	Dec 31	June 30	May 1
Blue Chip Growth	Equity	Dec 31	Dec 31	June 30	May 1
Blue Chip Growth Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Blue Chip Growth Fund—R Class	Equity	Dec 31	Dec 31	June 30	May 1
Blue Chip Growth Portfolio	Equity Variable Annuity	Dec 31	Dec 31	June 30	May 1
Blue Chip Growth Portfolio—II	Equity Variable Annuity	Dec 31	Dec 31	June 30	May 1
California Tax-Free Bond	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
California Tax-Free Money	State Tax-Free Money	Feb 28	Feb 28	Aug 30	July 1
Capital Appreciation	Equity	Dec 31	Dec 31	June 30	May 1
Capital Appreciation Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Capital Opportunity	Equity	Dec 31	Dec 31	June 30	May 1
Capital Opportunity Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Capital Opportunity Fund—R Class	Equity	Dec 31	Dec 31	June 30	May 1
Corporate Income	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Developing Technologies	Equity	Dec 31	Dec 31	June 30	May 1
Diversified Mid-Cap Growth	Equity	Dec 31	Dec 31	June 30	May 1
Diversified Small-Cap Growth	Equity	Dec 31	Dec 31	June 30	May 1
Dividend Growth	Equity	Dec 31	Dec 31	June 30	May 1
Emerging Europe & Mediterranean	International Equity	Oct 31	Oct 31	Apr 30	March 1
Emerging Markets Bond	International Bond	Dec 31	Dec 31	June 30	May 1
Emerging Markets Stock	International Equity	Oct 31	Oct 31	Apr 30	March 1
Equity Income	Equity	Dec 31	Dec 31	June 30	May 1
Equity Income Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Equity Income Fund—R Class	Equity	Dec 31	Dec 31	June 30	May 1
Equity Income Portfolio	Equity Variable Annuity	Dec 31	Dec 31	June 30	May 1
Equity Income Portfolio—II	Equity Variable Annuity	Dec 31	Dec 31	June 30	May 1
Equity Index 500	Index Equity	Dec 31	Dec 31	June 30	May 1
Equity Index 500 Portfolio	Index Equity Variable Annuity	Dec 31	Dec 31	June 30	May 1
European Stock	International Equity	Oct 31	Oct 31	Apr 30	March 1
Extended Equity Market Index	Index Equity	Dec 31	Dec 31	June 30	May 1
Financial Services	Equity	Dec 31	Dec 31	June 30	May 1
Florida Intermediate Tax-Free	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Georgia Tax-Free Bond	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Global Stock	International Equity	Oct 31	Oct 31	Apr 30	March 1
Global Technology	Equity	Dec 31	Dec 31	June 30	May 1
GNMA	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Government Reserve Investment	Taxable Money	May 31	May 31	Nov 30	Oct 1
Growth & Income	Equity	Dec 31	Dec 31	June 30	May 1
Growth Stock	Equity	Dec 31	Dec 31	June 30	May 1
Growth Stock Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Growth Stock Fund—R Class	Equity	Dec 31	Dec 31	June 30	May 1
Health Sciences	Equity	Dec 31	Dec 31	June 30	May 1
Health Sciences Portfolio	Equity Variable Annuity	Dec 31	Dec 31	June 30	May 1
Health Sciences Portfolio—II	Equity Variable Annuity	Dec 31	Dec 31	June 30	May 1
High Yield	Taxable Bond	May 31	May 31	Nov 30	Oct 1
High Yield Fund—Advisor Class	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Inflation Protected Bond	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Institutional Core Plus	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Institutional Emerging Markets Equity	International Equity	Oct 31	Oct 31	Apr 30	March 1
Institutional Foreign Equity	International Equity	Oct 31	Oct 31	Apr 30	March 1
Institutional High Yield	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Institutional Large-Cap Core Growth	Equity	Dec 31	Dec 31	June 30	May 1
Institutional Large-Cap Growth	Equity	Dec 31	Dec 31	June 30	May 1
Institutional Large-Cap Value	Equity	Dec 31	Dec 31	June 30	May 1
Institutional Mid-Cap Equity Growth	Equity	Dec 31	Dec 31	June 30	May 1
Institutional Small-Cap Stock	Equity	Dec 31	Dec 31	June 30	May 1
International Bond	International Bond	Dec 31	Dec 31	June 30	May 1
International Bond Fund—Advisor Class	International Bond	Dec 31	Dec 31	June 30	May 1
International Discovery	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Equity Index	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Growth & Income	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Growth & Income Fund—Advisor Class	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Growth & Income Fund—R Class	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Stock	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Stock Fund—Advisor Class	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Stock Fund—R Class	International Equity	Oct 31	Oct 31	Apr 30	March 1
International Stock Portfolio	International Equity Variable Annuity	Dec 31	Dec 31	June 30	May 1
Japan	International Equity	Oct 31	Oct 31	Apr 30	March 1
Latin America	International Equity	Oct 31	Oct 31	Apr 30	March 1
Limited-Term Bond Portfolio	Bond Variable Annuity	Dec 31	Dec 31	June 30	May 1
Limited-Term Bond Portfolio—II	Bond Variable Annuity	Dec 31	Dec 31	June 30	May 1
Maryland Short-Term Tax-Free Bond	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Maryland Tax-Free Bond	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Maryland Tax-Free Money	State Tax-Free Money	Feb 28	Feb 28	Aug 30	July 1
Media & Telecommunications	Equity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Growth	Equity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Growth Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Growth Fund—R Class	Equity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Growth Portfolio	Equity Variable Annuity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Growth Portfolio—II	Equity Variable Annuity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Value	Equity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Value Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Mid-Cap Value Fund—R Class	Equity	Dec 31	Dec 31	June 30	May 1
New America Growth	Equity	Dec 31	Dec 31	June 30	May 1
New America Growth Portfolio	Equity Variable Annuity	Dec 31	Dec 31	June 30	May 1
New Asia	International Equity	Oct 31	Oct 31	Apr 30	March 1
New Era	Equity	Dec 31	Dec 31	June 30	May 1
New Horizons	Equity	Dec 31	Dec 31	June 30	May 1
New Income	Taxable Bond	May 31	May 31	Nov 30	Oct 1
New Income Fund—Advisor Class	Taxable Bond	May 31	May 31	Nov 30	Oct 1
New Income Fund—R Class	Taxable Bond	May 31	May 31	Nov 30	Oct 1
New Jersey Tax-Free Bond	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
New York Tax-Free Bond	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
New York Tax-Free Money	State Tax-Free Money	Feb 28	Feb 28	Aug 30	July 1
Personal Strategy Balanced	Blended	May 31	May 31	Nov 30	Oct 1
Personal Strategy Balanced Portfolio	Blended Variable Annuity	May 31	May 31	Nov 30	Oct 1
Personal Strategy Growth	Blended	May 31	May 31	Nov 30	Oct 1
Personal Strategy Income	Blended	May 31	May 31	Nov 30	Oct 1
Prime Reserve	Taxable Money	May 31	May 31	Nov 30	Oct 1
Prime Reserve Portfolio	Money Variable Annuity	May 31	May 31	Nov 30	Oct 1
Real Estate	Equity	Dec 31	Dec 31	June 30	May 1
Real Estate Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Reserve Investment	Taxable Money	May 31	May 31	Nov 30	Oct 1
Retirement 2005	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2010	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2010 Fund—Advisor Class	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2010 Fund—R Class	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2015	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2020	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2020 Fund—Advisor Class	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2020 Fund—R Class	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2025	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2030	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2030 Fund—Advisor Class	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2030 Fund—R Class	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2035	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2040	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2040 Fund—Advisor Class	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2040 Fund—R Class	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement 2045 Fund	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement Income	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement Income Fund—Advisor Class	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Retirement Income Fund—R Class	Fund-of-Funds	May 31	May 31	Nov 30	Oct 1
Science & Technology	Equity	Dec 31	Dec 31	June 30	May 1
Science & Technology Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Short-Term Bond	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Short-Term Bond Fund—Advisor Class	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Small-Cap Stock	Equity	Dec 31	Dec 31	June 30	May 1
Small-Cap Stock Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Small-Cap Value	Equity	Dec 31	Dec 31	June 30	May 1
Small-Cap Value Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Spectrum Growth	Fund-of-Funds	Dec 31	Dec 31	June 30	May 1
Spectrum Income	Fund-of-Funds	Dec 31	Dec 31	June 30	May 1
Spectrum International	Fund-of-Funds	Dec 31	Dec 31	June 30	May 1
Summit Cash Reserves	Taxable Money	Oct 31	Oct 31	Apr 30	March 1
Summit GNMA	Taxable Bond	Oct 31	Oct 31	Apr 30	March 1
Summit Municipal Income	Tax-Free Bond	Oct 31	Oct 31	Apr 30	March 1
Summit Municipal Intermediate	Tax-Free Bond	Oct 31	Oct 31	Apr 30	March 1
Summit Municipal Money Market	Tax-Free Money	Oct 31	Oct 31	Apr 30	March 1
Tax-Efficient Balanced	Equity	Feb 28	Feb 28	Aug 30	July 1
Tax-Efficient Growth	Equity	Feb 28	Feb 28	Aug 30	July 1
Tax-Efficient Multi-Cap Growth	Equity	Feb 28	Feb 28	Aug 30	July 1
Tax-Exempt Money	Tax-Free Money	Feb 28	Feb 28	Aug 30	July 1
Tax-Free High Yield	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Tax-Free Income	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Tax-Free Income Fund—Advisor Class	Tax Free Bond	Feb 28	Feb 28	Aug 30	July 1
Tax-Free Intermediate Bond	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Tax-Free Short-Intermediate	Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1
Total Equity Market Index	Index Equity	Dec 31	Dec 31	June 30	May 1
U.S. Bond Index	Index Bond	Oct 31	Oct 31	Apr 30	March 1
U.S. Treasury Intermediate	Taxable Bond	May 31	May 31	Nov 30	Oct 1
U.S. Treasury Long-Term	Taxable Bond	May 31	May 31	Nov 30	Oct 1
U.S. Treasury Money	Taxable Money	May 31	May 31	Nov 30	Oct 1
Value	Equity	Dec 31	Dec 31	June 30	May 1
Value Fund—Advisor Class	Equity	Dec 31	Dec 31	June 30	May 1
Virginia Tax-Free Bond	State Tax-Free Bond	Feb 28	Feb 28	Aug 30	July 1

Name, Year of Birth, and Number of Portfolios in Fund Complex Overseen by Director	Principal Occupation(s) During Past 5 Years	Other Directorships of Public Companies
Jeremiah E. Casey(b) 1940 52 portfolios	Director, National Life Insurance (2001 to present); Director, The Rouse Company, real estate developers (1990 to 2004)	None
Anthony W. Deering 1945 113 portfolios	Chairman, Exeter Capital, LLC, private investment firm (2004 to present); Director, Chairman of the Board, and Chief Executive Officer, The Rouse Company, real estate developers (1997 to 2004); Director, Mercantile Bank (4/03 to present)	Mercantile Bank
Donald W. Dick, Jr. 1943 113 portfolios	Principal, EuroCapital Advisors, LLC, an acquisition and management advisory firm; Chairman, President, and Chief Executive Offier, The Haven Group, a custom manufacturer of modular homes (1/04 to present)	None
David K. Fagin 1938 113 portfolios	Chairman and President, Nye Corporation (6/88 to present); Director, Canyon Resources Corp. and Golden Star Resources Ltd. (5/00 to present), and Pacific Rim Mining Corp. (2/02 to present)	Golden Star Resources Ltd., Canyon Resources Corp., and Pacific Rim Mining Corp.
Karen N. Horn 1943 113 portfolios	Managing Director and President, Global Private Client Services, Marsh Inc. (1999 to 2003); Managing Director and Head of International Private Banking, Bankers Trust (1996 to 1999)	Eli Lilly and Company and Georgia Pacific
F. Pierce Linaweaver 1934 113 portfolios	President, F. Pierce Linaweaver & Associates, Inc., consulting environmental and civil engineers	None
Theo C. Rodgers(c) 1941 97 portfolios	President, A&R Development Corporation	None
John G. Schreiber 1946 113 portfolios	Owner/President, Centaur Capital Partners, Inc., a real estate investment company; Partner, Blackstone Real Estate Advisors, L.P.	AMLI Residential Properties Trust

Name, Year of Birth, and Number of Portfolios in Fund Complex Overseen by Director	Principal Occupation(s) During Past 5 Years	Other Directorships of Public Companies
James A.C. Kennedy; CFA 1953 45 portfolios	Director and Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Director, T. Rowe Price Global Asset Management Limited, T. Rowe Price Global Investment Services Limited, and T. Rowe Price International, Inc.	None
John H. Laporte; CFA 1945 15 portfolios	Vice President, T. Rowe Price and T. Rowe Price Group, Inc.President, New Horizons Fund; Vice President, Diversified Small-Cap Growth Fund, Health Sciences Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds	None
Mary J. Miller; CFA 1955 37 portfolios	Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc.President, California Tax-Free Funds, Institutional Income Funds, State Tax-Free Funds, Summit Municipal Funds, Tax-Free Income Fund, and U.S. Treasury Funds; Executive Vice President, Spectrum Funds; Vice President, GNMA Fund, Inflation Protected Bond Fund, Personal Strategy Funds, Prime Reserve Fund, Reserve Investment Funds, Retirement Funds, Summit Funds, Tax-Efficient Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund	None
James S. Riepe 1943 113 portfolios	Director and Vice President, T. Rowe Price; Vice Chairman of the Board, Director, and Vice President, T. Rowe Price Group, Inc.; Chairman of the Board and Director, T. Rowe Price Global Asset Management Limited, T. Rowe Price Global Investment Services Limited, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc.; Chairman of the Board, Director, President, and Trust Officer, T. Rowe Price Trust Company; Director, T. Rowe Price International, Inc.Chairman of the Board, all funds	The Nasdaq Stock Market, Inc.

Fund/Corporation/Trust	Independent Directors
	Casey	Deering	Dick	Fagin	Horn	Linaweaver	Rodgers	Schreiber
Balanced	2005	2001	1991	1991	2003	2001	2005	2001
Blue Chip Growth	2005	2001	1993	1993	2003	2001	2005	2001
California Tax-Free Income Trust	—	1986	2001	2001	2003	1986	2005	1992
Capital Appreciation	2005	2001	1986	1988	2003	2001	2005	2001
Capital Opportunity	2005	2001	1994	1994	2003	2001	2005	2001
Corporate Income	—	1995	2001	2001	2003	1995	2005	1995
Developing Technologies	2005	2001	2000	2000	2003	2001	2005	2001
Diversified Mid-Cap Growth	2005	2003	2003	2003	2003	2003	2005	2003
Diversified Small-Cap Growth	2005	2001	1997	1997	2003	2001	2005	2001
Dividend Growth	2005	2001	1992	1992	2003	2001	2005	2001
Equity Income	2005	2001	1994	1988	2003	2001	2005	2001
Equity Series	—	2001	1994	1994	2003	2001	2005	2001
Financial Services	2005	2001	1996	1996	2003	2001	2005	2001
Fixed Income Series	—	1994	2001	2001	2003	1994	2005	1994
Global Technology	2005	2001	2000	2000	2003	2001	2005	2001
GNMA	—	1985	2001	2001	2003	1985	2005	1992
Growth & Income	2005	2001	1982	1994	2003	2001	2005	2001
Growth Stock	2005	2001	1980	1994	2003	2001	2005	2001
Health Sciences	2005	2001	1995	1995	2003	2001	2005	2001
High Yield	—	1984	2001	2001	2003	1984	2005	1992
Index Trust	2005	2001	1994	1994	2003	2001	2005	2001
Inflation Protected Bond	—	2002	2002	2002	2003	2002	2005	2002
Institutional Equity	2005	2001	1996	1996	2003	2001	2005	2001
Institutional Income	—	2002	2002	2002	2003	2002	2005	2002
Institutional International	—	1991	1989	2001	2003	2001	—	2001
International	—	1991	1988	2001	2003	2001	—	2001
International Index	—	2000	2000	2001	2003	2001	—	2001
International Series	—	1994	1994	2001	2003	2001	—	2001
Media & Telecommunications	2005	2001	1997	1997	2003	2001	2005	2001
Mid-Cap Growth	2005	2001	1992	1992	2003	2001	2005	2001
Mid-Cap Value	2005	2001	1996	1996	2003	2001	2005	2001
New America Growth	2005	2001	1985	1994	2003	2001	2005	2001
New Era	2005	2001	1994	1988	2003	2001	2005	2001
New Horizons	2005	2001	1994	1988	2003	2001	2005	2001
New Income	—	1980	2001	2001	2003	1983	2005	1992
Personal Strategy	2005	2001	1994	1994	2003	2001	2005	2001
Prime Reserve	—	1979	2001	2001	2003	1980	2005	1992
Real Estate	2005	2001	1997	1997	2003	2001	2005	2001
Reserve Investment	—	1997	2001	2001	2003	1997	2005	1997
Retirement	2005	2002	2002	2002	2003	2002	2005	2002
Science & Technology	2005	2001	1994	1994	2003	2001	2005	2001
Short-Term Bond	—	1983	2001	2001	2003	1983	2005	1992
Small-Cap Stock	2005	2001	1992	1992	2003	2001	2005	2001
Small-Cap Value	2005	2001	1994	1994	2003	2001	2005	2001
Spectrum	2005	2001	1999	1999	2003	2001	2005	2001
State Tax-Free Income Trust	—	1986	2001	2001	2003	1986	2005	1992
Summit	—	1993	2001	2001	2003	1993	2005	1993
Summit Municipal	—	1993	2001	2001	2003	1993	2005	1993
Tax-Efficient	2005	2001	1997	1997	2003	2001	2005	2001
Tax-Exempt Money	—	1983	2001	2001	2003	1983	2005	1992
Tax-Free High Yield	—	1984	2001	2001	2003	1984	2005	1992
Tax-Free Income	—	1983	2001	2001	2003	1979	2005	1992
Tax-Free Intermediate	—	1992	2001	2001	2003	1992	2005	1992
Tax-Free Short-Intermediate	—	1983	2001	2001	2003	1983	2005	1992
U.S. Bond Index	—	2000	2001	2001	2003	2000	2005	2000
U.S. Treasury	—	1989	2001	2001	2003	1989	2005	1992
Value	2005	2001	1994	1994	2003	2001	2005	2001

Fund/Corporation/Trust	Inside Directors
	Kennedy	Laporte	Miller	Riepe
Balanced	1997	—	—	1991
Blue Chip Growth	1997	—	—	1993
California Tax-Free Income Trust	—	—	2004	1986
Capital Appreciation	1997	—	—	1986
Capital Opportunity	—	1994	—	1994
Corporate Income	—	—	2004	1995
Developing Technologies	2001	—	—	2000
Diversified Mid-Cap Growth	2003	—	—	2003
Diversified Small-Cap Growth	—	1997	—	1997
Dividend Growth	1997	—	—	1992
Equity Income	1997	—	—	1985
Equity Series	—	1994	—	1994
Financial Services	1997	—	—	1996
Fixed Income Series	—	—	2004	1994
Global Technology	2001	—	—	2000
GNMA	—	—	2004	1985
Growth & Income	1997	—	—	1982
Growth Stock	1997	—	—	1982
Health Sciences	—	1995	—	1995
High Yield	—	—	2004	1984
Index Trust	1997	—	—	1990
Inflation Protected Bond	—	—	2004	2002
Institutional Equity	1997	—	—	1996
Institutional Income	—	—	2004	2002
Institutional International	—	—	—	2002
International	—	—	—	2002
International Index	—	—	—	2002
International Series	—	—	—	2002
Media & Telecommunications	2001	—	—	1993
Mid-Cap Growth	1992	—	—	1992
Mid-Cap Value	1997	—	—	1996
New America Growth	—	1985	—	1985
New Era	1997	—	—	1994
New Horizons	—	1988	—	1983
New Income	—	—	2004	1983
Personal Strategy	1997	—	—	1994
Prime Reserve	—	—	2004	1994
Real Estate	1997	—	—	1997
Reserve Investment	—	—	2004	1997
Retirement	2002	—	—	2002
Science & Technology	—	1988	—	1987
Short-Term Bond	—	—	2004	1983
Small-Cap Stock	—	1994	—	1992
Small-Cap Value	—	1994	—	1988
Spectrum	2001	—	—	1990
State Tax-Free Income Trust	—	—	2004	1986
Summit	—	—	2004	1993
Summit Municipal	—	—	2004	1993
Tax-Efficient	1997	—	—	1997
Tax-Exempt Money	—	—	2004	1983
Tax-Free High Yield	—	—	2004	1984
Tax-Free Income	—	—	2004	1983
Tax-Free Intermediate	—	—	2004	1992
Tax-Free Short-Intermediate	—	—	2004	1983
U.S. Bond Index	—	—	2004	2000
U.S. Treasury	—	—	2004	1989
Value	1997	—	—	1994

Fund	Name	Position Held With Fund
All funds	Roger L. Fiery III Gregory S. Golczewski Henry H. Hopkins Julie L. Waples Joseph A. Carrier Patricia B. LippertJohn R. Gilner	Vice President Vice President Vice President Vice President Treasurer Secretary Chief Compliance Officer

Fund	Name	Position Held With Fund
Balanced	Richard T. Whitney E. Frederick Bair Stephen W. Boesel Wendy R. Diffenbaugh Raymond A. Mills Edmund M. Notzon III Mark J. Vaselkiv (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President
Blue Chip Growth	Larry J. Puglia Jeffrey W. Arricale P. Robert Bartolo D. Kyle Cerminara Donald J. Easley Henry M. Ellenbogen Robert N. Gensler Thomas J. Huber Kris H. Jenner Timothy E. Parker Karen M. Regan Jeffrey Rottinghaus Robert W. Sharps Robert W. Smith Joshua K. Spencer (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
California Tax-Free Income Trust California Tax-Free Bond California Tax-Free Money	Mary J. Miller Joseph K. Lynagh Konstantine B. Mallas Steven G. Brooks G. Richard Dent Alan D. Levenson James M. McDonald Linda A. Murphy M. Helena Condez T. Dylan Jones Timothy G. Taylor (See preceding table for remaining officers)	President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President Assistant Vice President
Capital Appreciation	Stephen W. Boesel Jeffrey W. Arricale Andrew M. Brooks Patrick S. Cassidy David R. Giroux Lewis M. Johnson David M. Lee John D. Linehan Brian C. Rogers David J. Wallack (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Capital Opportunity	William J. Stromberg Kennard W. Allen Jeffrey W. Arricale Laurie M. Bertner David R. Giroux Ann M. Holcomb Michael W. Holton Philip A. Nestico Charles G. Pepin Joshua K. Spencer Richard T. Whitney (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Corporate Income	David A. Tiberii Mark J. Vaselkiv Steven G. Brooks Jennifer A. Callaghan Patrick S. Cassidy Vernon A. Reid, Jr. Thea N. Williams (See preceding table for remaining officers)	President Executive Vice President Vice President Vice President Vice President Vice President Vice President
Developing Technologies	Michael F. Sola Jeffrey Rottinghaus Kennard W. Allen Christopher W. Carlson David J. Eiswert Henry M. Ellenbogen Robert N. Gensler Jill L. Hauser Joshua K. Spencer Wenhua Zhang (See preceding table for remaining officers)	President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Diversified Mid-Cap Growth	Donald J. Peters Donald J. Easley Sudhir Nanda Philip A. Nestico John F. Wakeman Mark R. Weigman (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President
Diversified Small-Cap Growth	Paul W. Wojcik Richard T. Whitney E. Frederick Bair Donald J. Easley Christopher W. Edge John H. Laporte Sudhir Nanda Philip A. Nestico Donald J. Peters (See preceding table for remaining officers)	President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Dividend Growth	Thomas J. Huber P. Robert Bartolo David R. Giroux Michael W. Holton David M. Lee Jason Nogueira Timothy E. Parker Donald J. Peters Karen M. Regan William J. Stromberg (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Equity Income	Brian C. Rogers Jeffrey W. Arricale Stephen W. Boesel Andrew M. Brooks Mark S. Finn David R. Giroux Michael W. Holton John D. Linehan William J. Stromberg (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Financial Services	Michael W. Holton Jeffrey W. Arricale R. Scott Berg D. Kyle Cerminara Anna M. Dopkin Philip A. Nestico Federico Santilli Robert W. Sharps Gabriel Solomon J. David Wagner (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Global Technology	Robert N. Gensler Kennard W. Allen R. Scott Berg Donald J. Easley David J. Eiswert Anh Lu Hiroaki Owaki D. James Prey III Jeffrey Rottinghaus Michael F. Sola Joshua K. Spencer Wenhua Zhang (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
GNMA	Connice A. Bavely Keir R. Joyce Alan D. Levenson Mary J. Miller John D. Wells (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President
Growth & Income	Anna M. Dopkin Francisco Alonso Jeffrey W. Arricale Timothy F. Bei Laurie M. Bertner David R. Giroux Michael W. Holton David M. Lee Sudhir Nanda Karen M. Regan Robert W. Sharps Joshua K. Spencer (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Growth Stock	Robert W. Smith Robert W. Sharps P. Robert Bartolo D. Kyle Cerminara Anna M. Dopkin Henry M. Ellenbogen Joseph B. Fath Robert N. Gensler Kris H. Jenner D. James Prey III Larry J. Puglia Michael F. Sola Joshua K. Spencer (See preceding table for remaining officers)	President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Health Sciences	Kris H. Jenner Laurie M. Bertner Susan J. Klein John H. Laporte Jay S. Markowitz Jason Nogueira Charles G. Pepin Gregory S. Pinsky John C.A. Sherman Taymour R. Tamaddon (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
High Yield	Mark J. Vaselkiv Andrew M. Brooks Robert N. Gensler Paul A. Karpers Kevin P. Loome Michael J. McGonigle Walter P. Stuart III Thomas E. Tewksbury Thea N. Williams (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Index Trust Equity Index 500 Extended Equity Market Index Total Equity Market Index	E. Frederick Bair Wendy R. Diffenbaugh Sudhir Nanda Ken D. Uematsu Richard T. Whitney Paul W. Wojcik (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President
Inflation Protected Bond	Daniel O. Shackelford Connice A. Bavely Brian J. Brennan Alan D. Levenson Cheryl A. Mickel Mary J. Miller Edmund M. Notzon III Vernon A. Reid, Jr.Jennifer A. Callaghan Michael J. Grogan (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President
Institutional Equity Funds Institutional Large-Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock	Brian C. Rogers Brian W.H. Berghuis John D. Linehan Gregory A. McCrickard Larry J. Puglia Robert W. Sharps Robert W. Smith Preston G. Athey Stephen W. Boesel Anna M. Dopkin Thomas J. Huber Joseph M. Milano Charles G. Pepin John F. Wakeman David J. Wallack Richard T. Whitney (See preceding table for remaining officers)	President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Institutional Income Funds Institutional Core Plus Institutional High Yield	Mary J. Miller Brian J. Brennan Mark J. Vaselkiv Connice A. Bavely Andrew M. Brooks Michael J. Conelius Robert N. Gensler Paul A. Karpers Ian D. Kelson Kevin P. Loome Michael J. McGonigle Daniel O. Shackelford Walter P. Stuart III Thomas E. Tewksbury David A. Tiberii Thea N. Williams (See preceding table for remaining officers)	President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Institutional International Funds Institutional Emerging Markets Equity Institutional Foreign Equity	David J.L. Warren Christopher D. Alderson Mark C.J. Bickford-Smith M. Campbell Gunn R. Todd Ruppert James B.M. Seddon Dean Tenerelli William F. Wendler II Edward A. Wiese (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
International Funds Emerging Europe & Mediterranean Emerging Markets Bond Emerging Markets Stock European Stock Global Stock International Bond International Discovery International Growth & Income International Stock Japan Latin America New Asia	David J.L. Warren Robert N. Gensler Raymond A. Mills Christopher D. Alderson M. Kamran Baig Mark C.J. Bickford-Smith Brian J. Brennan Michael J. Conelius Frances Dydasco Mark J.T. Edwards M. Campbell Gunn Michael W. Holton Kris H. Jenner Ian D. Kelson John D. Linehan Anh Lu Philip A. Nestico Charles M. Ober David Oestreicher Gonzalo Px87 ngaro Christopher J. Rothery James B.M. Seddon Robert W. Smith Dean Tenerelli Justin Thomson William F. Wendler II Richard T. Whitney Edward A. Wiese Ann B. Cranmer (See preceding table for remaining officers)	President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President
International Equity Index	E. Frederick Bair Jeanne M. Aldave Neil Smith Ken D. Uematsu Richard T. Whitney Paul W. Wojcik (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President
Media & Telecommunications	Robert N. Gensler P. Robert Bartolo Henry M. Ellenbogen Kara Cheseby David J. Eiswert Joseph B. Fath D. James Prey III Robert W. Smith Ernest C. Yeung Wenhua Zhang (See preceding table for remaining officers)	President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Mid-Cap Growth	Brian W.H. Berghuis John F. Wakeman P. Robert Bartolo R. Scott Berg Anna M. Dopkin Henry M. Ellenbogen Kris H. Jenner Robert J. Marcotte Joseph M. Milano Jeffrey Rottinghaus R. Candler Young (See preceding table for remaining officers)	President Executive Vice PresidentVice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Mid-Cap Value	David J. Wallack P. Robert Bartolo Laurie M. Bertner Christopher W. Carlson Kara Cheseby Henry M. Ellenbogen Gregory A. McCrickard Heather K. McPherson Joseph M. Milano J. David Wagner (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
New America Growth	Joseph M. Milano Jeffrey W. Arricale R. Scott Berg Brian W.H. Berghuis Christopher A. Berrier Robert J. Marcotte Jeffrey Rottinghaus Robert W. Sharps Robert W. Smith R. Candler Young (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
New Era	Charles M. Ober Mark S. Finn Lewis M. Johnson Susan J. Klein David M. Lee John D. Linehan Heather K. McPherson Timothy E. Parker David J. Wallack (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
New Horizons	John H. Laporte Kennard W. Allen Francisco Alonso P. Robert Bartolo R. Scott Berg Brian W.H. Berghuis Christopher A. Berrier Brace C. Brooks Christopher W. Carlson Hugh M. Evans III Joseph B. Fath Kris H. Jenner Jay S. Markowitz Timothy E. Parker Jeffrey Rottinghaus Michael F. Sola John F. Wakeman R. Candler Young Wenhua Zhang Francies W. Hawks (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President
New Income	Daniel O. Shackelford Connice A. Bavely Brian J. Brennan Patrick S. Cassidy Alan D. Levenson Edmund M. Notzon III Vernon A. Reid, Jr. David A. Tiberii Jennifer A. Callaghan Michael J. Grogan (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President
Personal Strategy Funds Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income	Edmund M. Notzon III Stephen W. Boesel Larry J. Puglia Kenneth D. Fuller John H. Laporte Mary J. Miller Raymond A. Mills Brian C. Rogers Charles M. Shriver Mark J. Vaselkiv Richard T. Whitney (See preceding table for remaining officers)	President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Prime Reserve	James M. McDonald Steven G. Brooks Brian E. Burns Patrick S. Cassidy Alisa Fiumara Alan D. Levenson Joseph K. Lynagh Mary J. Miller Susan G. Troll Edward A. Wiese Terri L. Hett (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President
Real Estate	David M. Lee Stephen W. Boesel Anna M. Dopkin Joseph B. Fath Thomas J. Huber Philip A. Nestico Charles M. Ober Theodore E. Robson (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Reserve Investment Funds Government Reserve Investment Reserve Investment	James M. McDonald Steven G. Brooks Brian E. Burns Patrick S. Cassidy Alan D. Levenson Joseph K. Lynagh Mary J. Miller Edward A. Wiese Terri L. Hett (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President
Retirement Funds Retirement 2005 Retirement 2010 Retirement 2015 Retirement 2020 Retirement 2025 Retirement 2030 Retirement 2035 Retirement 2040 Retirement 2045 Retirement Income	Edmund M. Notzon III Stephen W. Boesel Brian W.H. Berghuis Jerome A. Clark Kenneth D. Fuller John H. Laporte David M. Lee Gregory A. McCrickard Mary J. Miller Larry J. Puglia Brian C. Rogers Mark J. Vaselkiv David J.L. Warren Richard T. Whitney Edward A. Wiese (See preceding table for remaining officers)	President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Science & Technology	Michael F. Sola Kennard W. Allen Donald J. Easley David J. Eiswert Henry M. Ellenbogen Robert N. Gensler Jill L. Hauser Anh Lu D. James Prey IIIJeffrey Rottinghaus Joshua K. Spencer Wenhua Zhang (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Short-Term Bond	Edward A. Wiese Connice A. Bavely Brian J. Brennan Steven G. Brooks Jennifer A. Callaghan Patrick S. Cassidy Charles B. Hill Cheryl A. Mickel Vernon A. Reid, Jr. Daniel O. Shackelford John D. Wells Bridget A. Ebner Michael J. Grogan Keir R. Joyce (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President Assistant Vice President
Small-Cap Stock	Gregory A. McCrickard Francisco Alonso Preston G. Athey Brace C. Brooks Hugh M. Evans III Kris H. Jenner Robert J. Marcotte Jay S. Markowitz Joseph M. Milano Curt J. Organt Charles G. Pepin Michael F. Sola J. David Wagner Wenhua Zhang (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Small-Cap Value	Preston G. Athey Hugh M. Evans III Susan J. Klein Gregory A. McCrickard Curt J. Organt J. David Wagner David J. Wallack Wenhua Zhang Francies W. Hawks (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President
Spectrum Funds Spectrum Growth Spectrum Income Spectrum International	Edmund M. Notzon III Stephen W. Boesel Mary J. Miller David J.L. Warren Mark C.J. Bickford-Smith Kenneth D. Fuller John H. Laporte Raymond A. Mills Brian C. Rogers Charles M. Shriver (See preceding table for remaining officers)	President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President
State Tax-Free Income Trust Florida Intermediate Tax-Free Georgia Tax-Free Bond Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Virginia Tax-Free Bond	Mary J. Miller Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Hugh D. McGuirk Steven G. Brooks Jonathan M. Chirunga G. Richard Dent Marcy M. Lash Alan D. Levenson James M. McDonald Linda A. Murphy M. Helena Condez T. Dylan Jones Philip J. Kligman Timothy G. Taylor (See preceding table for remaining officers)	President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President Assistant Vice President Assistant Vice President
Summit Funds Summit Cash Reserves Summit GNMA	Edward A. Wiese Connice A. Bavely James M. McDonald Steven G. Brooks Brian E. Burns Patrick S. Cassidy Alisa Fiumara Keir R. Joyce Alan D. Levenson Joseph K. Lynagh Cheryl A. Mickel Mary J. Miller Susan G. Troll John D. Wells Terri L. Hett (See preceding table for remaining officers)	President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President
Summit Municipal Funds Summit Municipal Money Market Summit Municipal Intermediate Summit Municipal Income	Mary J. Miller Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Steven G. Brooks G. Richard Dent Alan D. Levenson James M. McDonald Hugh D. McGuirk James M. Murphy Stephen P. Richter Edward A. Wiese M. Helena Condez T. Dylan Jones Philip J. Kligman Timothy G. Taylor (See preceding table for remaining officers)	President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President Assistant Vice President Assistant Vice President
Tax-Efficient Funds Tax-Efficient Balanced Tax-Efficient Growth Tax-Efficient Multi-Cap Growth	Donald J. Peters Hugh D. McGuirk Donald J. Easley Jill L. Hauser Mary J. Miller William J. Stromberg Mark R. Weigman (See preceding table for remaining officers)	President Executive Vice President Vice President Vice President Vice President Vice President Vice President
Tax-Exempt Money	Joseph K. Lynagh Steven G. Brooks G. Richard Dent Marcy M. Lash Alan D. Levenson James M. McDonald Mary J. Miller Edward A. Wiese M. Helena Condez T. Dylan Jones (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President
Tax-Free High Yield	James M. Murphy G. Richard Dent Charles B. Hill Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk Mary J. Miller Stephen P. Richter (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President
Tax-Free Income	Mary J. Miller Jonathan M. Chirunga G. Richard Dent Charles B. Hill Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk James M. Murphy Stephen P. Richter Timothy G. Taylor (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President
Tax-Free Intermediate Bond	Charles B. Hill Konstantine B. Mallas Hugh D. McGuirk Stephen P. Richter Edward A. Wiese Philip J. Kligman Timothy G. Taylor (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President
Tax-Free Short-Intermediate	Charles B. Hill Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk Mary J. Miller Edward A. Wiese Philip J. Kligman Timothy G. Taylor (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President
U.S. Bond Index	Edmund M. Notzon III Charles M. Shriver (See preceding table for remaining officers)	President Executive Vice President
U.S. Treasury Funds U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money	Mary J. Miller Brian J. Brennan James M. McDonald Cheryl A. Mickel Steven G. Brooks Brian E. Burns Alan D. Levenson Joseph K. Lynagh Vernon A. Reid, Jr. Daniel O. Shackelford Michael J. Grogan Terri L. Hett (See preceding table for remaining officers)	President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President
Value	John D. Linehan Jeffrey W. Arricale Stephen W. Boesel Andrew M. Brooks Kara Cheseby David R. Giroux Michael W. Holton Lewis M. Johnson Heather K. McPherson Brian C. Rogers (See preceding table for remaining officers)	President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President

Name, Year of Birth, and Principal Occupation(s)	Position(s) Held With Fund(s)
Jeanne M. Aldave, 1971 Assistant Vice President, T. Rowe Price	Vice President, International Index Fund
Christopher D. Alderson, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.	Vice President, Institutional International Funds and International Funds
Kennard W. Allen, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Equity Research Intern, Tonge Investment Advisors (to 2000); student, Colby College (to 2000)	Vice President, Capital Opportunity Fund, Developing Technologies Fund, Global Technology Fund, New Horizons Fund, and Science & Technology Fund
Francisco Alonso, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Growth & Income Fund, New Horizons Fund, and Small-Cap Stock Fund
Jeffrey W. Arricale, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, The Wharton School, University of Pennsylvania (to 2001); Manager, Assurance, KPMG LLP (to 1999); CPA	Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Capital Opportunity Fund, Equity Income Fund, Financial Services Fund, Growth & Income Fund, New America Growth Fund, and Value Fund
Preston G. Athey, 1949 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC	President, Small-Cap Value Fund; Vice President, Institutional Equity Funds and Small-Cap Stock Fund
M. Kamran Baig, 1962 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Head of European Research and Senior Portfolio Manager/Research Analyst, Goldman Sachs Asset Management (to 2004)	Vice President, International Funds
E. Frederick Bair, 1969 Vice President, T. Rowe Price and T. Rowe Price Trust Company; CFA, CPA	President, Index Trust and International Index Fund; Vice President, Balanced Fund and Diversified Small-Cap Growth Fund
P. Robert Bartolo, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly intern, T. Rowe Price (to 2001); CPA	Executive Vice President, Media & Telecommunications Fund; Vice President, Blue Chip Growth Fund, Dividend Growth Fund, Growth Stock Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, and New Horizons Fund
Connice A. Bavely, 1951 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, GNMA Fund; Executive Vice President, Summit Funds; Vice President, Inflation Protected Bond Fund, Institutional Income Funds, New Income Fund, and Short-Term Bond Fund
Timothy F. Bei, 1973 Vice President, T. Rowe Price; formerly student, University of Virginia (to 2003); Director of Business Development, Jupitermedia Corporation (to 2001); Senior Financial Analyst, Piper Jaffray`s Investment Banking Group (to 2000)	Vice President, Growth & Income Fund
R. Scott Berg, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, Stanford Graduate School of Business (to 2002); intern, T. Rowe Price (to 2001); Financial Analysis and Planning Manager, Mead Consumer & Office Products (to 2000)	Vice President, Financial Services Fund, Global Technology Fund, Mid-Cap Growth Fund, New America Growth Fund, and New Horizons Fund
Brian W.H. Berghuis, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, Mid-Cap Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, New America Growth Fund, New Horizons Fund, and Retirement Funds
Christopher A. Berrier, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, New America Growth Fund and New Horizons Fund
Laurie M. Bertner, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Capital Opportunity Fund, Growth & Income Fund, Health Sciences Fund, and Mid-Cap Value Fund
Mark C.J. Bickford-Smith, 1962 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.	Vice President, Institutional International Funds, International Funds, and Spectrum Funds
Stephen W. Boesel, 1944 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Capital Appreciation Fund; Executive Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds; Vice President, Balanced Fund, Equity Income Fund, Institutional Equity Funds, Real Estate Fund, and Value Fund
Brian J. Brennan, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA	Executive Vice President, Institutional Income Funds and U.S. Treasury Funds; Vice President, Inflation Protected Bond Fund, International Funds, New Income Fund, and Short-Term Bond Fund
Andrew M. Brooks, 1956 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Capital Appreciation Fund, Equity Income Fund, High Yield Fund, Institutional Income Funds, and Value Fund
Brace C. Brooks, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Vice President, New Horizons Fund and Small-Cap Stock Fund
Steven G. Brooks, 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Vice President, California Tax-Free Funds, Corporate Income Fund, Prime Reserve Fund, Reserve Investment Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
Brian E. Burns, 1960 Assistant Vice President, T. Rowe Price	Vice President, Prime Reserve Fund, Reserve Investment Funds, Summit Funds, and U.S. Treasury Funds
Jennifer A. Callaghan, 1969 Vice President, T. Rowe Price	Vice President, Corporate Income Fund and Short-Term Bond Fund; Assistant Vice President, Inflation Protected Bond Fund and New Income Fund
Christopher W. Carlson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Developing Technologies Fund, Mid-Cap Value Fund, and New Horizons Fund
Joseph A. Carrier, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company; CPA	Treasurer, all funds
Patrick S. Cassidy, 1964 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Vice President, Capital Appreciation Fund, Corporate Income Fund, New Income Fund, Prime Reserve Fund, Reserve Investment Funds, Short-Term Bond Fund, and Summit Funds
D. Kyle Cerminara, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Vice President, Blue Chip Growth Fund, Financial Services Fund, and Growth Stock Fund
Kara Cheseby, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Vice President, Media & Telecommunications Fund, Mid-Cap Value Fund, and Value Fund
Jonathan M. Chirunga, 1966 Vice President, T. Rowe Price; formerly Municipal Credit Analyst /Associate Director, Standard & Poor`s Rating Services (to 2001)	Vice President, State Tax-Free Funds and Tax-Free Income Fund
Jerome A. Clark, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company; CFA	Vice President, Retirement Funds
M. Helena Condez, 1962 Assistant Vice President, T. Rowe Price	Assistant Vice President, California Tax-Free Funds, State Tax-Free Funds, Summit Municipal Funds, and Tax-Exempt Money Fund
Michael J. Conelius, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.; CFA	Vice President, Institutional Income Funds and International Funds
Ann B. Cranmer, 1947 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; Vice President and Secretary, T. Rowe Price Global Asset Management Limited and T. Rowe Price Global Investment Services Limited; FCIS	Assistant Vice President, International Funds
G. Richard Dent, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Deputy General Counsel, ACA Financial Guaranty Corporation (to 2001)	Vice President, California Tax-Free Funds, State Tax-Free Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund
Wendy R. Diffenbaugh, 1953 Vice President, T. Rowe Price	Vice President, Balanced Fund and Index Trust
Anna M. Dopkin, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, Growth & Income Fund; Vice President, Financial Services Fund, Growth Stock Fund, Institutional Equity Funds, Mid-Cap Growth Fund, and Real Estate Fund
Frances Dydasco, 1966 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.	Vice President, International Funds
Donald J. Easley, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Diversified Small-Cap Growth Fund, Global Technology Fund, Science & Technology Fund, and Tax-Efficient Funds
Bridget A. Ebner, 1970 Employee, T. Rowe Price	Assistant Vice President, Short-Term Bond Fund
Christopher W. Edge, 1969 Vice President, T. Rowe Price; formerly student, University of Michigan (to 2001)	Vice President, Diversified Small-Cap Growth Fund
Mark J.T. Edwards, 1957 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.	Vice President, International Funds
David J. Eiswert, 1972 Vice President, T. Rowe Price; formerly Analyst, Mellon Growth Advisors and Fidelity Management and Research (to 2003); CFA	Vice President, Developing Technologies Fund, Global Technology Fund, Media & Telecommunications Fund, and Science & Technology Fund
Henry M. Ellenbogen, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Executive Vice President, Business Development, HelloAsia (to 2001); Chief of Staff, U.S. Representative Peter Deutsch (to 1999)	Executive Vice President, Media & Telecommunications Fund; Vice President, Blue Chip Growth Fund, Developing Technologies Fund, Growth Stock Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, and Science & Technology Fund
Hugh M. Evans III, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Vice President, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund
Joseph B. Fath, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly intern, T. Rowe Price (to 2001); Chief Financial Officer and Co-founder, Broadform, Inc. (to 2000); student, the Wharton School, University of Pennsylvania (to 1999); CPA	Vice President, Growth Stock Fund, Media & Telecommunications Fund, New Horizons Fund, and Real Estate Fund
Roger L. Fiery III, 1959 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Trust Company; CPA	Vice President, all funds
Mark S. Finn, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA, CFA	Vice President, Equity Income Fund and New Era Fund
Alisa Fiumara, 1974 Assistant Vice President, T. Rowe Price; CFA	Vice President, Prime Reserve Fund and Summit Funds
Kenneth D. Fuller, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds
Robert N. Gensler, 1957 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.	President, Global Technology Fund and Media & Telecommunications Fund; Executive Vice President, International Funds; Vice President, Blue Chip Growth Fund, Developing Technologies Fund, Growth Stock Fund, High Yield Fund, Institutional Income Funds, and Science & Technology Fund
John R. Gilner, 1961 Chief Compliance Officer and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Investment Services, Inc.	Chief Compliance Officer, all funds
David R. Giroux, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Dividend Growth Fund, Equity Income Fund, Growth & Income Fund, and Value Fund
Gregory S. Golczewski, 1966 Vice President, T. Rowe Price and T. Rowe Price Trust Company	Vice President, all funds
Michael J. Grogan, 1971 Assistant Vice President, T. Rowe Price; CFA	Assistant Vice President, Inflation Protected Bond Fund, New Income Fund, Short-Term Bond Fund, and U.S. Treasury Funds
M. Campbell Gunn, 1956 Vice President, T. Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.	Vice President, Institutional International Funds and International Funds
Jill L. Hauser, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Developing Technologies Fund, Science & Technology Fund, and Tax-Efficient Funds
Francies W. Hawks, 1944 Assistant Vice President, T. Rowe Price	Assistant Vice President, New Horizons Fund and Small-Cap Value Fund
Terri L. Hett, 1959 Employee, T. Rowe Price	Assistant Vice President, Prime Reserve Fund, Reserve Investment Funds, Summit Funds, and U.S. Treasury Funds
Charles B. Hill, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, Tax-Free Intermediate Bond Fund and Tax-Free Short-Intermediate Fund; Executive Vice President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Short-Term Bond Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund
Ann M. Holcomb, 1972 Vice President, T. Rowe Price and T. Rowe Price Trust Company; CFA	Vice President, Capital Opportunity Fund
Michael W. Holton, 1968 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Financial Services Fund; Vice President, Capital Opportunity Fund, Dividend Growth Fund, Equity Income Fund, Growth & Income Fund, International Funds, and Value Fund
Henry H. Hopkins, 1942 Director and Vice President, T. Rowe Price Investment Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Retirement Plan Services, Inc.	Vice President, all funds
Thomas J. Huber, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, Dividend Growth Fund; Vice President, Blue Chip Growth Fund, Institutional Equity Funds, and Real Estate Fund
Kris H. Jenner, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; M.D., D. Phil.	President, Health Sciences Fund; Vice President, Blue Chip Growth Fund, Growth Stock Fund, International Funds, Mid-Cap Growth Fund, New Horizons Fund, and Small-Cap Stock Fund
Lewis M. Johnson, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Capital Appreciation Fund, New Era Fund, and Value Fund
T. Dylan Jones, 1971 Assistant Vice President, T. Rowe Price	Assistant Vice President, California Tax-Free Funds, State Tax-Free Funds, Summit Municipal Funds, and Tax-Exempt Money Fund
Keir R. Joyce, 1972 Vice President, T. Rowe Price	Vice President, GNMA Fund and Summit Funds; Assistant Vice President, Short-Term Bond Fund
Paul A. Karpers, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Vice President, High Yield Fund and Institutional Income Funds
Ian D. Kelson, 1956 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.	Vice President, Institutional Income Funds and International Funds
Susan J. Klein, 1950 Vice President, T. Rowe Price	Vice President, Health Sciences Fund, New Era Fund, and Small-Cap Value Fund
Philip J. Kligman, 1974 Assistant Vice President, T. Rowe Price; CFA	Assistant Vice President, State Tax-Free Funds, Summit Municipal Funds, Tax-Free Intermediate Bond Fund, and Tax-Free Short-Intermediate Fund
Marcy M. Lash, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, State Tax-Free Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund
David M. Lee, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, Real Estate Fund; Vice President, Capital Appreciation Fund, Dividend Growth Fund, Growth & Income Fund, New Era Fund, and Retirement Funds
Alan D. Levenson, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D.	Vice President, California Tax-Free Funds, GNMA Fund, Inflation Protected Bond Fund, New Income Fund, Prime Reserve Fund, Reserve Investment Funds, State Tax-Free Funds, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds
John D. Linehan, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.; CFA	President, Value Fund; Executive Vice President, Institutional Equity Funds; Vice President, Capital Appreciation Fund, Equity Income Fund, International Funds, and New Era Fund
Patricia B. Lippert, 1953 Assistant Vice President, T. Rowe Price and T. Rowe Price Investment Services, Inc.	Secretary, all funds
Kevin P. Loome, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.; CFA	Vice President, High Yield Fund and Institutional Income Funds
Anh Lu, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Vice President, Salomon Smith Barney Hong Kong (to 2001); Business Development Manager, Microsoft (to 2000)	Vice President, Global Technology Fund, International Funds, and Science & Technology Fund
Joseph K. Lynagh, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, Tax-Exempt Money Fund; Executive Vice President, California Tax-Free Funds, State Tax-Free Funds, and Summit Municipal Funds; Vice President, Prime Reserve Fund, Reserve Investment Funds, Summit Funds, and U.S. Treasury Funds
Konstantine B. Mallas, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, California Tax-Free Funds, State Tax-Free Funds, and Summit Municipal Funds; Vice President, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Intermediate Bond Fund, and Tax-Free Short-Intermediate Fund
Robert J. Marcotte, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Mid-Cap Growth Fund, New America Growth Fund, and Small-Cap Stock Fund
Jay S. Markowitz, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Transplant Surgeon and Assistant Professor of Surgery, Johns Hopkins University School of Medicine (to 2001); M.D.	Vice President, Health Sciences Fund, New Horizons Fund, and Small-Cap Stock Fund
Gregory A. McCrickard, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA	President, Small-Cap Stock Fund; Executive Vice President, Institutional Equity Funds; Vice President, Mid-Cap Value Fund, Retirement Funds, and Small-Cap Value Fund
James M. McDonald, 1949 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company	President, Prime Reserve Fund and Reserve Investment Funds; Executive Vice President, Summit Funds and U.S. Treasury Funds; Vice President, California Tax-Free Funds, State Tax-Free Funds, Summit Municipal Funds, and Tax-Exempt Money Fund
Michael J. McGonigle, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, High Yield Fund and Institutional Income Funds
Hugh D. McGuirk, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Executive Vice President, State Tax-Free Funds and Tax-Efficient Funds; Vice President, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Intermediate Bond Fund, and Tax-Free Short-Intermediate Fund
Heather K. McPherson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly intern, Salomon Smith Barney (2001); Vice President of Finance and Administration, Putnam Lovell Securities, Inc. (to 2000); CPA	Vice President, Mid-Cap Value Fund, New Era Fund, and Value Fund
Cheryl A. Mickel, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Executive Vice President, U.S. Treasury Funds; Vice President, Inflation Protected Bond Fund, Short-Term Bond Fund, and Summit Funds
Joseph M. Milano, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, New America Growth Fund; Vice President, Institutional Equity Funds, Mid-Cap Growth Fund, Mid-Cap Value Fund, and Small-Cap Stock Fund
Raymond A. Mills, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.; Ph.D., CFA	Executive Vice President, International Funds; Vice President, Balanced Fund, Personal Strategy Funds, and Spectrum Funds
James M. Murphy, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Portfolio Manager, Prudential Investments (to 2000); CFA	President, Tax-Free High Yield Fund; Vice President, Summit Municipal Funds and Tax-Free Income Fund
Linda A. Murphy, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, California Tax-Free Funds and State Tax-Free Funds
Sudhir Nanda, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA	Vice President, Diversified Mid-Cap Growth Fund, Diversified Small-Cap Growth Fund, Growth & Income Fund, and Index Trust
Philip A. Nestico, 1976 Vice President, T. Rowe Price	Vice President, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Diversified Small-Cap Growth Fund, Financial Services Fund, International Funds, and Real Estate Fund
Jason Nogueira, 1974 Employee, T. Rowe Price; formerly Healthcare Equity Analyst, Putnam Investments (to 2004); student, Harvard Business School (to 2003); Financial Analyst, J.W. Child Associates (to 2001); CFA	Vice President, Dividend Growth Fund and Health Sciences Fund
Edmund M. Notzon III, 1945 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company; Ph.D., CFA	President, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and U.S. Bond Index Fund; Vice President, Balanced Fund, Inflation Protected Bond Fund, and New Income Fund
Charles M. Ober, 1950 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, New Era Fund; Vice President, International Funds and Real Estate Fund
David Oestreicher, 1967 Vice President, T. Rowe Price, T. Rowe Price Global Asset Management Limited, T. Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company	Vice President, International Funds
Curt J. Organt, 1968 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Small-Cap Stock Fund and Small-Cap Value Fund
Hiroaki Owaki, 1962 Vice President, T. Rowe Price Global Investment Services Limited; formerly Senior Investment Analyst, ABN Amro Asset Management (to 2004); CFA	Vice President, Global Technology Fund
Gonzalo Px87 ngaro, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; CFA	Vice President, International Funds
Timothy E. Parker, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, Darden Graduate School, University of Virginia (to 2001); Financial Analyst, Robert W. Baird & Co. Inc. (to 1999)	Vice President, Blue Chip Growth Fund, Dividend Growth Fund, New Era Fund, and New Horizons Fund
Charles G. Pepin, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Capital Opportunity Fund, Health Sciences Fund, Institutional Equity Funds, and Small-Cap Stock Fund
Donald J. Peters, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds; Vice President, Diversified Small-Cap Growth Fund and Dividend Growth Fund
Gregory S. Pinsky, 1975 Employee, T. Rowe Price; formerly student, University of Chicago Graduate School of Business and intern, T. Rowe Price (to 2004); Associate, One Equity Partners (to 2002); Investment Banking Analyst, Robert W. Baird Inc. (to 2000); CPA	Vice President, Health Sciences Fund
D. James Prey III, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Global Technology Fund, Growth Stock Fund, Media & Telecommunications Fund, and Science & Technology Fund
Larry J. Puglia, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA	President, Blue Chip Growth Fund; Executive Vice President, Institutional Equity Funds and Personal Strategy Funds; Vice President, Growth Stock Fund and Retirement Funds
Karen M. Regan, 1967 Vice President, T. Rowe Price	Vice President, Blue Chip Growth Fund, Dividend Growth Fund, and Growth & Income Fund
Vernon A. Reid, Jr., 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Corporate Income Fund, Inflation Protected Bond Fund, New Income Fund, Short-Term Bond Fund, and U.S. Treasury Funds
Stephen P. Richter, 1969 Vice President, T. Rowe Price; formerly Vice President, Euler ACI (to 2000); CFA	Vice President, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Intermediate Bond Fund
Theodore E. Robson, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.; CFA	Vice President, Real Estate Fund
Brian C. Rogers, 1955 Chief Investment Officer, Director, and Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Director and Vice President, T. Rowe Price Trust Company; CFA, CIC	President, Equity Income Fund and Institutional Equity Funds; Vice President, Capital Appreciation Fund, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and Value Fund
Christopher J. Rothery, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.	Vice President, International Funds
Jeffrey Rottinghaus, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, the Wharton School, University of Pennsylvania (to 2001); Information Technology Consultant, Kelly-Lewey & Associates (to 1999); CPA	Executive Vice President, Developing Technologies Fund; Vice President, Blue Chip Growth Fund, Global Technology Fund, Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, and Science & Technology Fund
R. Todd Ruppert, 1956 Chief Executive Officer, Director, and President, T. Rowe Price Global Asset Management Limited and T. Rowe Price Global Investment Services Limited; Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Trust Company	Vice President, Institutional International Funds
Federico Santilli, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Project Leader, Tempest Consultants (to 2001); CFA	Vice President, Financial Services Fund
James B.M. Seddon, 1964 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.	Vice President, Institutional International Funds and International Funds
Daniel O. Shackelford, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA	President, Inflation Protected Bond Fund and New Income Fund; Vice President, Institutional Income Funds, Short-Term Bond Fund, and U.S. Treasury Funds
Robert W. Sharps, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA	Executive Vice President, Growth Stock Fund and Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Financial Services Fund, Growth & Income Fund, and New America Growth Fund
John C.A. Sherman, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.	Vice President, Health Sciences Fund
Charles M. Shriver, 1967 Vice President, T. Rowe Price; CFA	Executive Vice President, U.S. Bond Index Fund; Vice President, Personal Strategy Funds and Spectrum Funds
Neil Smith, 1972 Vice President, T. Rowe Price International, Inc.	Vice President, International Index Fund
Robert W. Smith, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.	President, Growth Stock Fund; Executive Vice President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, International Funds, Media & Telecommunications Fund, and New America Growth Fund
Michael F. Sola, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, Developing Technologies Fund and Science & Technology Fund; Vice President, Global Technology Fund, Growth Stock Fund, New Horizons Fund, and Small-Cap Stock Fund
Gabriel Solomon, 1977 Employee, T. Rowe Price; formerly student, Wharton Business School (to 2004); Equity Analyst Intern, Wellington Management Company, LLP (to 2003); consultant, Sibson Management Consulting (to 2002)	Vice President, Financial Services Fund
Joshua K. Spencer, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Research Analyst and Sector Fund Portfolio Manager, Fidelity Investments (to 2004); student, University of Chicago Business School (to 2000); CFA	Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Developing Technologies Fund, Global Technology Fund, Growth & Income Fund, Growth Stock Fund, and Science & Technology Fund
William J. Stromberg, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA	President, Capital Opportunity Fund; Vice President, Dividend Growth Fund, Equity Income Fund, and Tax-Efficient Funds
Walter P. Stuart III, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Vice President, High Yield Fund and Institutional Income Funds
Taymour R. Tamaddon, 1976 Employee, T. Rowe Price; formerly intern, T. Rowe Price (to 2004); employee, Amazon.com and Kozmo.com (to 2000); Consultant, Booz Allen and Hamilton (to 2000)	Vice President, Health Sciences Fund
Timothy G. Taylor, 1975 Assistant Vice President, T. Rowe Price; CFA	Assistant Vice President, California Tax-Free Funds, State Tax-Free Funds, Summit Municipal Funds, Tax-Free Income Fund, Tax-Free Intermediate Bond Fund, and Tax-Free Short-Intermediate Fund
Dean Tenerelli, 1964 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.	Vice President, Institutional International Funds and International Funds
Thomas E. Tewksbury, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, High Yield Fund and Institutional Income Funds
Justin Thomson, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.	Vice President, International Funds
David A. Tiberii, 1965 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, Corporate Income Fund; Vice President, Institutional Income Funds and New Income Fund
Susan G. Troll, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA	Vice President, Prime Reserve Fund and Summit Funds
Ken D. Uematsu, 1966 Assistant Vice President, T. Rowe Price; CFA	Vice President, Index Trust and International Index Fund
Mark J. Vaselkiv, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, High Yield Fund; Executive Vice President, Corporate Income Fund and Institutional Income Funds; Vice President, Balanced Fund, Personal Strategy Funds, and Retirement Funds
J. David Wagner, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	Vice President, Financial Services Fund, Mid-Cap Value Fund, Small-Cap Stock Fund, and Small-Cap Value Fund
John F. Wakeman, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Executive Vice President, Mid-Cap Growth Fund; Vice President, Diversified Mid-Cap Growth Fund, Institutional Equity Funds, and New Horizons Fund
David J. Wallack, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	President, Mid-Cap Value Fund; Vice President, Capital Appreciation Fund, Institutional Equity Funds, New Era Fund, and Small-Cap Value Fund
Julie L. Waples, 1970 Vice President, T. Rowe Price	Vice President, all funds
David J.L. Warren, 1957 Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc.; Chief Executive Officer, Director, and President, T. Rowe Price International, Inc.; Director, T. Rowe Price Global Asset Management Limited and T. Rowe Price Global Investment Services Limited	President, Institutional International Funds and International Funds; Executive Vice President, Spectrum Funds; Vice President, Retirement Funds
Mark R. Weigman, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC	Vice President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds
John D. Wells, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Savings Bank	Vice President, GNMA Fund, Short-Term Bond Fund, and Summit Funds
William F. Wendler II, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.; CFA	Vice President, Institutional International Funds and International Funds
Richard T. Whitney, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Trust Company; CFA	President, Balanced Fund; Executive Vice President, Diversified Small-Cap Growth Fund; Vice President, Capital Opportunity Fund, Index Trust, Institutional Equity Funds, International Funds, International Index Fund, Personal Strategy Funds, and Retirement Funds
Edward A. Wiese, 1959 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; Chief Investment Officer, Director, and Vice President, T. Rowe Price Savings Bank; CFA	President, Short-Term Bond Fund and Summit Funds; Vice President, Institutional International Funds, International Funds, Prime Reserve Fund, Reserve Investment Funds, Retirement Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free Intermediate Bond Fund, and Tax-Free Short-Intermediate Fund
Thea N. Williams, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Corporate Income Fund, High Yield Fund, and Institutional Income Funds
Paul W. Wojcik, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA	President, Diversified Small-Cap Growth Fund; Vice President, Index Trust and International Index Funds
Ernest C. Yeung, 1979 Assistant Vice President, T. Rowe Price International, Inc.; formerly analyst, HSBC Asset Management and student, Cambridge University (to 2001); CFA	Vice President, Media & Telecommunications Fund
R. Candler Young, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.	Vice President, Mid-Cap Growth Fund, New America Growth Fund, and New Horizons Fund
Wenhua Zhang, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, the Wharton School, University of Pennsylvania (to 2001); associate, Swiss Reinsurance Company (to 1999); CFA, CPA	Vice President, Developing Technologies Fund, Global Technology Fund, Media & Telecommunications Fund, New Horizons Fund, Science & Technology Fund, Small-Cap Stock Fund, and Small-Cap Value Fund

Directors	Total Compensation
Deering	$110,000
Dick	115,000
Fagin	117,417
Horn	110,417
Linaweaver	136,000
Schreiber	121,167

Fund	Aggregate Compensation from Fund
	Deering	Dick	Fagin	Horn	Linaweaver	Schreiber
Balanced	$1,147	$1,201	$1,203	$1,151	$1,430	$1,271
Blue Chip Growth	2,106	2,217	2,281	2,113	2,694	2,370
California Tax-Free Bond	810	842	859	812	983	882
California Tax-Free Money	779	810	826	782	944	848
Capital Appreciation	1,409	1,481	1,517	1,414	1,784	1,572
Capital Opportunity	776	807	823	779	940	844
Corporate Income	784	816	832	787	951	854
Developing Technologies	770	801	816	773	932	837
Diversified Mid-Cap Growth	766	797	812	769	927	832
Diversified Small-Cap Growth	776	807	822	778	939	844
Dividend Growth	889	927	947	892	1,089	974
Emerging Europe & Mediterranean	777	809	824	780	942	845
Emerging Markets Bond	806	839	856	809	979	879
Emerging Markets Stock	852	889	907	856	1,041	932
Equity Income	3,483	3,681	3,789	3,494	4,525	3,949
Equity Index 500	1,519	1,596	1,637	1,524	1,921	1,697
European Stock	912	951	972	915	1,116	1,000
Extended Equity Market Index	785	818	832	788	953	857
Financial Services	829	864	882	833	1,010	906
Florida Intermediate Tax-Free	781	813	829	784	947	851
Georgia Tax-Free Bond	778	809	825	781	942	847
Global Stock	776	807	823	779	940	844
Global Technology	777	809	824	780	941	846
GNMA	1,005	1,050	1,074	1,009	1,240	1,107
Government Reserve Investment	948	988	1,012	951	1,160	1,041
Growth & Income	1,112	1,163	1,191	1,115	1,380	1,229
Growth Stock	1,952	2,058	2,112	1,959	2,503	2,196
Health Sciences	975	1,019	1,041	978	1,206	1,073
High Yield	1,484	1,557	1,598	1,489	1,868	1,655
Inflation Protected Bond	767	799	813	770	929	835
Institutional Core Plus(a)	66	68	68	66	79	71
Institutional Emerging Markets Equity	769	800	815	772	931	836
Institutional Foreign Equity	929	969	991	933	1,138	1,020
Institutional High Yield	890	929	948	894	1,090	976
Institutional Large-Cap Core Growth	767	797	811	769	928	833
Institutional Large-Cap Growth	767	798	812	770	928	834
Institutional Large-Cap Value	770	801	815	773	932	838
Institutional Mid-Cap Equity Growth	829	863	880	832	1,009	905
Institutional Small-Cap Stock	841	876	893	844	1,026	919
International Bond	1,020	1,067	1,091	1,024	1,262	1,125
International Discovery	907	945	965	909	1,112	993
International Equity Index	767	799	813	770	929	835
International Growth & Income	814	849	865	817	993	889
International Stock	1,693	1,779	1,829	1,699	2,145	1,897
Japan	796	829	844	799	967	867
Latin America	799	832	847	802	970	871
Maryland Short-Term Tax-Free Bond	805	838	854	808	978	878
Maryland Tax-Free Bond	995	1,039	1,062	999	1,226	1,095
Maryland Tax-Free Money	781	813	827	784	947	850
Media & Telecommunications	892	931	950	896	1,095	978
Mid-Cap Growth	2,783	2,939	3,023	2,791	3,602	3,150
Mid-Cap Value	1,308	1,377	1,405	1,313	1,663	1,458
New America Growth	930	970	991	933	1,142	1,021
New Asia	920	960	980	924	1,128	1,009
New Era	1,050	1,099	1,122	1,054	1,305	1,158
New Horizons	1,700	1,788	1,836	1,706	2,161	1,906
New Income	1,224	1,281	1,311	1,227	1,529	1,356
New Jersey Tax-Free Bond	789	822	837	792	958	860
New York Tax-Free Bond	805	838	853	807	977	877
New York Tax-Free Money	782	813	827	784	947	850
Personal Strategy Balanced	931	972	992	934	1,146	1,022
Personal Strategy Growth	869	906	923	872	1,063	951
Personal Strategy Income	826	860	876	829	1,006	902
Prime Reserve	1,691	1,775	1,825	1,696	2,138	1,892
Real Estate	830	866	881	834	1,013	907
Reserve Investment	1,719	1,809	1,855	1,725	2,189	1,926
Retirement 2005(b)	659	691	693	662	816	716
Retirement 2010	829	868	878	837	1,015	908
Retirement 2015(b)	663	695	697	666	822	720
Retirement 2020	837	877	888	846	1,026	918
Retirement 2025(b)	661	693	695	663	819	717
Retirement 2030	802	840	850	810	978	878
Retirement 2035(b)	652	684	686	656	808	708
Retirement 2040	775	811	820	783	941	847
Retirement 2045(c)	390	408	426	408	479	390
Retirement Income	790	827	837	798	962	864
Science & Technology	1,610	1,691	1,738	1,615	2,032	1,802
Short-Term Bond	1,030	1,078	1,101	1,034	1,278	1,138
Small-Cap Stock	1,787	1,881	1,931	1,793	2,278	2,006
Small-Cap Value	1,494	1,571	1,610	1,500	1,894	1,670
Spectrum Growth	1,182	1,238	1,268	1,187	1,476	1,312
Spectrum Income	1,476	1,549	1,588	1,480	1,863	1,647
Spectrum International	778	809	823	780	942	847
Summit Cash Reserves	1,312	1,376	1,410	1,317	1,646	1,459
Summit GNMA	776	808	823	780	941	845
Summit Municipal Income	779	810	824	781	943	847
Summit Municipal Intermediate	788	820	835	791	956	859
Summit Municipal Money Market	845	881	897	848	1,031	923
Tax-Efficient Balanced	769	801	815	772	931	838
Tax-Efficient Growth	775	807	821	778	939	845
Tax-Efficient Multi-Cap Growth	766	797	811	769	927	834
Tax-Exempt Money	891	929	947	893	1,090	976
Tax-Free High Yield	973	1,016	1,038	976	1,198	1,071
Tax-Free Income	1,068	1,118	1,143	1,072	1,325	1,181
Tax-Free Intermediate Bond	792	824	839	795	961	864
Tax-Free Short-Intermediate	868	904	922	871	1,060	950
Total Equity Market Index	818	852	868	821	996	893
U.S. Bond Index	781	813	827	784	947	851
U.S. Treasury Intermediate	819	853	869	822	996	895
U.S. Treasury Long-Term	806	839	854	809	979	879
U.S. Treasury Money	942	984	1,005	946	1,157	1,036
Value	1,097	1,149	1,173	1,101	1,366	1,213
Virginia Tax-Free Bond	838	872	889	840	1,020	916

Aggregate Holdings, All Funds	Independent Directors
	Casey(a)	Deering	Dick	Fagin	Horn	Linaweaver	Rodgers(b)	Schreiber
	over $100,000	over $100,000	over $100,000	over $100,000	over $100,000	over $100,000	None	over $100,000
Balanced	over $100,000	None	None	None	None	None	None	None
Blue Chip Growth	None	None	$10,001-$50,000	over $100,000	$10,001-$50,000(c)	over $100,000	None	None
Blue Chip Growth Fund—Advisor Class	None	None	None	None	None	None	None	None
Blue Chip Growth Fund— R Class	None	None	None	None	None	None	None	None
Blue Chip Growth Portfolio	None	None	None	None	None	None	None	None
Blue Chip Growth Portfolio—II	None	None	None	None	None	None	None	None
California Tax-Free Bond	None	None	None	None	None	None	None	None
California Tax-Free Money	None	None	None	None	None	None	None	None
Capital Appreciation	None	None	over $100,000	None	None	None	$10,001-$50,000	None
Capital Appreciation Fund—Advisor Class	None	None	None	None	None	None	None	None
Capital Opportunity	None	None	None	None	None	None	None	None
Capital Opportunity Fund—Advisor Class	None	None	None	None	None	None	None	None
Capital Opportunity Fund—R Class	None	None	None	None	None	None	None	None
Corporate Income	None	None	None	None	None	None	None	None
Developing Technologies	None	None	None	None	None	None	None	None
Diversified Mid-Cap Growth	None	None	None	None	None	None	None	None
Diversified Small-Cap Growth	None	None	None	None	None	None	None	None
Dividend Growth	None	None	None	$50,001-$100,000	$10,001-$50,000(c)	None	None	None
Emerging Europe & Mediterranean	None	None	None	None	None	None	None	None
Emerging Markets Bond	None	None	None	None	None	None	None	None
Emerging Markets Stock	None	None	None	None	None	None	None	None
Equity Income	over $100,000	over $100,000	$50,001-$100,000	$50,001-$100,000	None	over $100,000	None	None
Equity Income Fund—Advisor Class	None	None	None	None	None	None	None	None
Equity Income Fund— R Class	None	None	None	None	None	None	None	None
Equity Income Portfolio	None	None	None	None	None	None	None	None
Equity Income Portfolio—II	None	None	None	None	None	None	None	None
Equity Index 500	None	None	None	None	None	None	None	None
Equity Index 500 Portfolio	None	None	None	None	None	None	None	None
European Stock	None	$50,001-$100,000	$10,001-$50,000	$10,001-$50,000	None	None	None	None
Extended Equity Market Index	None	None	None	None	None	None	None	None
Financial Services	None	None	$10,001-$50,000	None	None	None	None	None
Florida Intermediate Tax-Free	None	None	None	None	None	None	None	None
Georgia Tax-Free Bond	None	None	None	None	None	None	None	None
Global Stock	None	None	None	None	None	None	None	None
Global Technology	None	None	None	None	None	None	None	None
GNMA	None	None	None	None	None	None	None	over $100,000
Government Reserve Investment	None	None	None	None	None	None	None	None
Growth & Income	None	None	$1-$10,000	None	None	None	None	over $100,000
Growth Stock	over $100,000	None	$10,001-$50,000	None	None	$50,001-$100,000	None	None
Growth Stock Fund—Advisor Class	None	None	None	None	None	None	None	None
Growth Stock Fund— R Class	None	None	None	None	None	None	None	None
Health Sciences	None	None	$10,001-$50,000	over $100,000	None	None	None	None
Health Sciences Portfolio	None	None	None	None	None	None	None	None
Health Sciences Portfolio—II	None	None	None	None	None	None	None	None
High Yield	None	None	$50,001-$100,000	None	$10,001-$50,000	over $100,000	None	over $100,000
High Yield Fund—Advisor Class	None	None	None	None	None	None	None	None
Inflation Protected Bond	None	None	None	None	None	None	None	None
Institutional Core Plus	None	None	None	None	None	None	None	None
Institutional Emerging Markets Equity	None	None	None	None	None	None	None	None
Institutional Foreign Equity	None	None	None	None	None	None	None	None
Institutional High Yield	None	None	None	None	None	None	None	None
Institutional Large-Cap Core Growth	None	None	None	None	None	None	None	None
Institutional Large-Cap Growth	None	None	None	None	None	None	None	None
Institutional Large-Cap Value	None	None	None	None	None	None	None	None
Institutional Mid-Cap Equity Growth	None	None	None	None	None	None	None	None
Institutional Small-Cap Stock	None	None	None	None	None	None	None	None
International Bond	None	None	over $100,000	None	None	over $100,000	None	None
International Bond Fund—Advisor Class	None	None	None	None	None	None	None	None
International Discovery	None	$50,001-$100,000	$10,001-$50,000	None	None	None	None	None
International Equity Index	None	over $100,000	None	None	None	None	None	None
International Growth & Income	None	None	None	None	None	None	None	None
International Growth & Income Fund—Advisor Class	None	None	None	None	None	None	None	None
International Growth & Income Fund—R Class	None	None	None	None	None	None	None	None
International Stock	None	None	None	over $100,000	None	over $100,000	None	None
International Stock Fund—Advisor Class	None	None	None	None	None	None	None	None
International Stock Fund— R Class	None	None	None	None	None	None	None	None
International Stock Portfolio	None	None	None	None	None	None	None	None
Japan	None	None	None	None	None	None	None	None
Latin America	None	None	None	None	None	None	None	None
Limited-Term Bond Portfolio	None	None	None	None	None	None	None	None
Maryland Short-Term Tax-Free Bond	None	None	None	None	None	None	None	None
Maryland Tax-Free Bond	None	None	None	None	None	None	None	None
Maryland Tax-Free Money	None	None	None	None	None	None	None	None
Media & Telecommunications	None	$50,001-$100,000	None	None	None	None	None	None
Mid-Cap Growth	None	over $100,000	$10,001-$50,000	over $100,000	None	None	None	None
Mid-Cap Growth Fund—Advisor Class	None	None	None	None	None	None	None	None
Mid-Cap Growth Fund— R Class	None	None	None	None	None	None	None	None
Mid-Cap Growth Portfolio	None	None	None	None	None	None	None	None
Mid-Cap Growth Portfolio—II	None	None	None	None	None	None	None	None
Mid-Cap Value	None	None	None	$10,001-$50,000	None	None	None	None
Mid-Cap Value Fund—Advisor Class	None	None	None	None	None	None	None	None
Mid-Cap Value Fund— R Class	None	None	None	None	None	None	None	None
New America Growth	None	None	None	None	None	None	$50,001-$100,000	None
New America Growth Portfolio	None	None	None	None	None	None	None	None
New Asia	None	None	None	$10,001-$50,000	None	None	None	None
New Era	None	None	None	None	None	None	None	None
New Horizons	None	over $100,000	$10,001-$50,000	$1-$10,000	None	over $100,000	$50,001-$100,000	None
New Income	None	None	$50,001-$100,000	None	None	over $100,000	None	over $100,000
New Income Fund—Advisor Class	None	None	None	None	None	None	None	None
New Income Fund— R Class	None	None	None	None	None	None	None	None
New Jersey Tax-Free Bond	None	None	None	None	None	None	None	None
New York Tax-Free Bond	None	None	None	None	None	None	None	None
New York Tax-Free Money	None	None	None	None	None	None	None	None
Personal Strategy Balanced	None	None	None	None	None	None	None	None
Personal Strategy Balanced Portfolio	None	None	None	None	None	None	None	None
Personal Strategy Growth	None	None	None	None	None	None	None	None
Personal Strategy Income	None	None	None	None	None	None	None	None
Prime Reserve	None	None	over $100,000	None	over $100,000	$10,001-$50,000	$10,001-$50,000	$10,001-$50,000
Prime Reserve Portfolio	None	None	None	None	None	None	None	None
Real Estate	None	None	None	None	None	None	None	None
Real Estate Fund—Advisor Class	None	None	None	None	None	None	None	None
Reserve Investment	None	None	None	None	None	None	None	None
Retirement 2005	None	None	None	None	None	None	None	None
Retirement 2010	None	over $100,000	None	None	None	None	None	None
Retirement 2010 Fund—Advisor Class	None	None	None	None	None	None	None	None
Retirement 2010 Fund— R Class	None	None	None	None	None	None	None	None
Retirement 2015	None	None	None	None	None	None	None	None
Retirement 2020	None	None	None	None	$10,001-$50,000	None	None	None
Retirement 2020 Fund—Advisor Class	None	None	None	None	None	None	None	None
Retirement 2020 Fund— R Class	None	None	None	None	None	None	None	None
Retirement 2025	None	None	None	None	None	None	None	None
Retirement 2030	None	None	None	None	None	None	None	None
Retirement 2030 Fund—Advisor Class	None	None	None	None	None	None	None	None
Retirement 2030 Fund— R Class	None	None	None	None	None	None	None	None
Retirement 2035	None	None	None	None	None	None	None	None
Retirement 2040	None	None	None	None	None	None	None	None
Retirement 2040 Fund—Advisor Class	None	None	None	None	None	None	None	None
Retirement 2040 Fund— R Class	None	None	None	None	None	None	None	None
Retirement Income	None	None	None	None	None	None	None	None
Retirement Income Fund—Advisor Class	None	None	None	None	None	None	None	None
Retirement Income Fund— R Class	None	None	None	None	None	None	None	None
Science & Technology	None	None	None	None	None	None	None	None
Science & Technology Fund—Advisor Class	None	None	None	None	None	None	None	None
Short-Term Bond	None	None	None	$50,001-$100,000	None	None	None	over $100,000
Short-Term Bond Fund—Advisor Class	None	None	None	None	None	None	None	None
Small-Cap Stock	None	None	$10,001-$50,000	over $100,000	None	None	None	None
Small-Cap Stock Fund—Advisor Class	None	None	None	None	None	None	None	None
Small-Cap Value	over $100,000	None	$10,001-$50,000	None	None	None	None	None
Small-Cap Value Fund—Advisor Class	None	None	None	None	None	None	None	None
Spectrum Growth	None	None	None	None	None	None	None	None
Spectrum Income	None	None	None	None	None	None	None	None
Spectrum International	None	None	None	None	None	None	None	None
Summit Cash Reserves	None	over $100,000	over $100,000	over $100,000	None	None	None	over $100,000
Summit GNMA	None	None	None	None	None	None	None	None
Summit Municipal Income	None	None	None	None	None	None	None	over $100,000
Summit Municipal Intermediate	None	None	None	None	None	None	None	over $100,000
Summit Municipal Money Market	None	None	None	over $100,000	None	None	None	over $100,000
Tax-Efficient Balanced	None	None	None	$50,001-$100,000	None	None	None	None
Tax-Efficient Growth	None	None	None	$10,001-$50,000	None	None	None	None
Tax-Efficient Multi-Cap Growth	None	None	None	None	None	None	None	None
Tax-Exempt Money	None	None	None	None	None	None	None	over $100,000
Tax-Free High Yield	None	None	None	None	None	None	None	over $100,000
Tax-Free Income	None	None	None	None	None	None	None	over $100,000
Tax-Free Income Fund—Advisor Class	None	None	None	None	None	None	None	None
Tax-Free Intermediate Bond	None	None	None	None	None	None	None	None
Tax-Free Short-Intermediate	None	None	None	None	None	None	None	over $100,000
Total Equity Market Index	None	None	None	None	None	None	None	None
U.S. Bond Index	None	None	None	None	None	None	None	None
U.S. Treasury Intermediate	None	None	over $100,000	None	None	None	None	over $100,000
U.S. Treasury Long-Term	None	None	None	None	None	None	None	over $100,000
U.S. Treasury Money	None	None	None	None	None	None	None	over $100,000
Value	None	None	$10,001-$50,000	$50,001-$100,000	None	None	None	over $100,000
Value Fund—Advisor Class	None	None	None	None	None	None	None	None
Virginia Tax-Free Bond	None	None	None	None	None	None	None	None

Aggregate Holdings, All Funds	Inside Directors
	Kennedy	Laporte	Miller	Riepe
	over $100,000	over $100,000	over $100,000	over $100,000
Balanced	None	None	None	over $100,000
Blue Chip Growth	None	None	None	None
Blue Chip Growth Fund—Advisor Class	None	None	None	None
Blue Chip Growth Fund—R Class	None	None	None	None
Blue Chip Growth Portfolio	None	None	None	None
Blue Chip Growth Portfolio—II	None	None	None	None
California Tax-Free Bond	None	None	None	None
California Tax-Free Money	None	None	None	None
Capital Appreciation	over $100,000	over $100,000	None	over $100,000
Capital Appreciation Fund—Advisor Class	None	None	None	None
Capital Opportunity	$10,001-$50,000	over $100,000	None	None
Capital Opportunity Fund—Advisor Class	None	None	None	None
Capital Opportunity Fund—R Class	None	None	None	None
Corporate Income	None	None	None	None
Developing Technologies	None	over $100,000	over $100,000	None
Diversified Mid-Cap Growth	None	None	None	None
Diversified Small-Cap Growth	None	None	None	None
Dividend Growth	$50,001-$100,000	None	None	None
Emerging Europe & Mediterranean	None	None	None	None
Emerging Markets Bond	None	None	None	None
Emerging Markets Stock	over $100,000	None	None	over $100,000
Equity Income	$10,001-$50,000	None	over $100,000	over $100,000
Equity Income Fund—Advisor Class	None	None	None	None
Equity Income Fund—R Class	None	None	None	None
Equity Income Portfolio	None	None	None	None
Equity Income Portfolio—II	None	None	None	None
Equity Index 500	None	None	None	None
Equity Index 500 Portfolio	None	None	None	None
European Stock	None	$10,001-$50,000	$50,001-$100,000	over $100,000
Extended Equity Market Index	None	None	None	None
Financial Services	None	None	None	None
Florida Intermediate Tax-Free	None	None	None	None
Georgia Tax-Free Bond	None	None	None	None
Global Stock	None	None	None	None
Global Technology	None	None	None	None
GNMA	None	None	None	None
Government Reserve Investment	None	None	None	None
Growth & Income	None	None	None	over $100,000
Growth Stock	over $100,000	over $100,000	None	None
Growth Stock Fund—Advisor Class	None	None	None	None
Growth Stock Fund—R Class	None	None	None	None
Health Sciences	over $100,000	None	None	None
Health Sciences Portfolio	None	None	None	None
Health Sciences Portfolio—II	None	None	None	None
High Yield	None	None	None	over $100,000
High Yield Fund—Advisor Class	None	None	None	None
Inflation Protected Bond	None	None	None	None
Institutional Core Plus	None	None	None	None
Institutional Emerging Markets Equity	None	None	None	None
Institutional Foreign Equity	None	None	None	None
Institutional High Yield	None	None	None	None
Institutional Large-Cap Core Growth	None	None	None	None
Institutional Large-Cap Growth	None	None	None	None
Institutional Large-Cap Value	None	None	None	None
Institutional Mid-Cap Equity Growth	None	None	None	None
Institutional Small-Cap Stock	None	None	None	None
International Bond	None	None	over $100,000	None
International Bond Fund—Advisor Class	None	None	None	None
International Discovery	over $100,000	over $100,000	None	$1-$10,000
International Equity Index	None	None	None	None
International Growth & Income	None	None	None	None
International Growth & Income Fund—Advisor Class	None	None	None	None
International Growth & Income Fund—R Class	None	None	None	None
International Stock	over $100,000	over $100,000	over $100,000	None
International Stock Fund—Advisor Class	None	None	None	None
International Stock Fund—R Class	None	None	None	None
International Stock Portfolio	None	None	None	None
Japan	over $100,000	None	$50,001-$100,000	over $100,000
Latin America	$50,001-$100,000	None	None	None
Limited-Term Bond Portfolio	None	None	None	None
Maryland Short-Term Tax-Free Bond	None	None	over $100,000	None
Maryland Tax-Free Bond	None	over $100,000	over $100,000	None
Maryland Tax-Free Money	None	None	over $100,000	None
Media & Telecommunications	over $100,000	None	None	None
Mid-Cap Growth	over $100,000	over $100,000	None	$50,001-$100,000
Mid-Cap Growth Fund—Advisor Class	None	None	None	None
Mid-Cap Growth Fund—R Class	None	None	None	None
Mid-Cap Growth Portfolio	None	None	None	None
Mid-Cap Growth Portfolio—II	None	None	None	None
Mid-Cap Value	over $100,000	None	None	None
Mid-Cap Value Fund—Advisor Class	None	None	None	None
Mid-Cap Value Fund—R Class	None	None	None	None
New America Growth	over $100,000	over $100,000	None	None
New America Growth Portfolio	None	None	None	None
New Asia	over $100,000	over $100,000	over $100,000	$10,001-$50,000
New Era	over $100,000	None	over $100,000	None
New Horizons	None	over $100,000	over $100,000	None
New Income	None	$50,001-$100,000	None	None
New Income Fund—Advisor Class	None	None	None	None
New Income Fund—R Class	None	None	None	None
New Jersey Tax-Free Bond	None	None	None	None
New York Tax-Free Bond	None	None	None	None
New York Tax-Free Money	None	None	None	None
Personal Strategy Balanced	None	None	None	None
Personal Strategy Balanced Portfolio	None	None	None	None
Personal Strategy Growth	None	None	None	None
Personal Strategy Income	None	None	None	None
Prime Reserve	over $100,000	$10,001-$50,000	None	over $100,000
Prime Reserve Portfolio	None	None	None	None
Real Estate	None	None	None	None
Real Estate Fund—Advisor Class	None	None	None	None
Reserve Investment	None	None	None	None
Retirement 2005	None	None	None	None
Retirement 2010	None	None	None	None
Retirement 2010 Fund—Advisor Class	None	None	None	None
Retirement 2010 Fund—R Class	None	None	None	None
Retirement 2015	None	None	None	None
Retirement 2020	None	None	None	None
Retirement 2020 Fund—Advisor Class	None	None	None	None
Retirement 2020 Fund—R Class	None	None	None	None
Retirement 2025	None	None	None	None
Retirement 2030	None	None	None	None
Retirement 2030 Fund—Advisor Class	None	None	None	None
Retirement 2030 Fund—R Class	None	None	None	None
Retirement 2035	None	None	None	None
Retirement 2040	None	None	None	None
Retirement 2040 Fund—Advisor Class	None	None	None	None
Retirement 2040 Fund—R Class	None	None	None	None
Retirement Income	None	None	None	None
Retirement Income Fund—Advisor Class	None	None	None	None
Retirement Income Fund—R Class	None	None	None	None
Science & Technology	None	over $100,000	$10,001-$50,000	None
Science & Technology Fund—Advisor Class	None	None	None	None
Short-Term Bond	None	None	over $100,000	over $100,000
Short-Term Bond Fund—Advisor Class	None	None	None	None
Small-Cap Stock	over $100,000	None	$10,001-$50,000	None
Small-Cap Stock Fund—Advisor Class	None	None	None	None
Small-Cap Value	None	None	None	over $100,000
Small-Cap Value Fund—Advisor Class	None	None	None	None
Spectrum Growth	None	None	None	None
Spectrum Income	None	None	None	None
Spectrum International	None	None	None	None
Summit Cash Reserves	over $100,000	over $100,000	None	over $100,000
Summit GNMA	None	None	None	None
Summit Municipal Income	None	None	None	None
Summit Municipal Intermediate	None	None	None	None
Summit Municipal Money Market	over $100,000	None	None	over $100,000
Tax-Efficient Balanced	None	None	over $100,000	None
Tax-Efficient Growth	None	None	None	None
Tax-Efficient Multi-Cap Growth	None	None	None	None
Tax-Exempt Money	over $100,000	None	over $100,000	None
Tax-Free High Yield	None	None	None	None
Tax-Free Income	None	None	over $100,000	None
Tax-Free Income Fund—Advisor Class	None	None	None	None
Tax-Free Intermediate Bond	None	None	None	None
Tax-Free Short-Intermediate	None	None	None	over $100,000
Total Equity Market Index	None	None	None	None
U.S. Bond Index	None	None	None	None
U.S. Treasury Intermediate	None	None	None	None
U.S. Treasury Long-Term	None	None	$50,001-$100,000	None
U.S. Treasury Money	None	None	None	None
Value	over $100,000	over $100,000	$50,001-$100,000	over $100,000
Value Fund—Advisor Class	None	None	None	None
Virginia Tax-Free Bond	None	None	None	None

Fund		Range of Fund Holdings as of Fund`s Fiscal Year (unless otherwise indicated a)	All Funds Range as of 12/31/04
	Portfolio Manager
Balanced	Richard T. Whitney Edmund M. Notzon III	$100,001-$500,000none	over $1,000,000500,001-1,000,000
Blue Chip Growth	Larry J. Puglia	500,001-1,000,000	over $1,000,000
Capital Appreciation	Stephen W. Boesel	500,001-1,000,000	over $1,000,000
Capital Opportunity	William J. Stromberg	100,001-500,000	over $1,000,000
Corporate Income(b)	David A. Tiberii	1-10,000	100,001-500,000
Developing Technologies	Jeffrey Rottinghaus	10,001-50,000(e)	100,001-500,000(e)
Diversified Mid-Cap Growth	Donald J. Peters	100,001-500,000	over $1,000,000
Diversified Small-Cap Growth	Paul W. Wojcik	100,001-500,000	100,001-500,000
Dividend Growth	Thomas J. Huber	100,001-500,000	over $1,000,000
Emerging Europe & Mediterranean(b)	Christopher D. Alderson	none	over $1,000,000
Emerging Markets Bond	Michael J. Conelius	50,001-100,000	500,001-1,000,000
Emerging Markets Stock (b)	Christopher D. Alderson Frances Dydasco(c) Mark J.T. Edwards Gonzalo Px87 ngaro	100,001-500,000 none none 50,001-100,000	over $1,000,000 none 500,001-1,000,000 over $1,000,000
Equity Income	Brian C. Rogers	over $1,000,000	over $1,000,000
Equity Index 500	Eugene F. Bair	10,001-50,000	50,001-100,000
European Stock (b)	James B.M. Seddon	10,001-50,000	100,001-500,000
Extended Equity Market Index	Eugene F. Bair	1-10,000	50,001-100,000
Financial Services	Michael W. Holton	10,001-50,000	100,001-500,000
Global Stock	Robert N. Gensler	500,001-1,000,000(d)	500,001-1,000,000(d)
Global Technology	Robert N. Gensler	50,001-100,000	500,001-1,000,000
GNMA(b)	Connice A. Bavely	none	over $1,000,000
Growth & Income	Anna M. Dopkin	100,001-500,000	500,001-1,000,000
Growth Stock	Robert W. Smith	over $1,000,000	over $1,000,000
Health Sciences	Kris H. Jenner	100,001-500,000	100,001-500,000
High Yield(b)	Mark J. Vaselkiv	100,001-500,000	over $1,000,000
Inflation Protected Bond(b)	Daniel O. Shackelford	10,001-50,000	500,001-1,000,000
International Bond	Ian D. Kelson	100,001-500,000	100,001-500,000
International Discovery (b)	Frances Dydasco(c) Mark J.T. Edwards M. Campbell Gunn(c) Justin Thomson	none 100,001-500,000 none 100,001-500,000	none 500,001-1,000,000 none 100,001-500,000
International Equity Index	Eugene F. Bair	none(d)	50,001-100,000(d)
International Growth & Income(b)	Raymond A. Mills, Ph.D.	100,001-500,000	100,001-500,000
International Stock (b)	Mark C.J. Bickford-Smith Dean Tenerelli(c) David J.L. Warren	100,001-500,000 none 100,001-500,000	100,001-500,000 none 100,001-500,000
Japan(b)	M. Campbell Gunn(c) David J.L. Warren	none 50,001-100,000	none 100,001-500,000
Latin America(b)	Gonzalo Px87 ngaro	100,001-500,000	over $1,000,000
Maryland Short-Term Tax-Free Bond	Charles B. Hill	none	500,001-1,000,000
Maryland Tax-Free Bond	Hugh D. McGuirk	10,001-50,000	500,001-1,000,000
Maryland Tax-Free Money	Joseph K. Lynagh	1-10,000	500,001-1,000,000
Media & Telecommunications	P. Robert Bartolo Henry M. Ellenbogen	50,001-100,000(d)50,001-100,000(d)	500,001-1,000,000(d)100,001-500,000(d)
Mid-Cap Growth	Brian W.H. Berghuis	over $1,000,000	over $1,000,000
Mid-Cap Value	David J. Wallack	100,001-500,000	500,001-1,000,000
New America Growth	Joseph M. Milano	100,001-500,000	500,001-1,000,000
New Asia(b)	Frances Dydasco(c) Mark J.T. Edwards Anh Lu(c)	none 100,001-500,000 none	none 500,001-1,000,000 none
New Era	Charles M. Ober	100,001-500,000	500,001-1,000,000
New Horizons	John H. Laporte	over $1,000,000	over $1,000,000
New Income(b)	Daniel O. Shackelford	10,001-50,000	500,001-1,000,000
Personal Strategy Balanced(b)	Edmund M. Notzon III	10,001-50,000	500,001-1,000,000
Personal Strategy Growth(b)	Edmund M. Notzon III	10,001-50,000	500,001-1,000,000
Personal Strategy Income(b)	Edmund M. Notzon III	10,001-50,000	500,001-1,000,000
Prime Reserve(b)	James M. McDonald	50,001-100,000	over $1,000,000
Real Estate	David M. Lee	50,001-100,000	500,001-1,000,000
Retirement 2005(b)	Jerome A. Clark Edmund M. Notzon III	none none	100,001-500,000 500,001-1,000,000
Retirement 2010 (b)	Jerome A. Clark Edmund M. Notzon III	none none	100,001-500,000 500,001-1,000,000
Retirement 2015(b)	Jerome A. Clark Edmund M. Notzon III	none none	100,001-500,000 500,001-1,000,000
Retirement 2020 (b)	Jerome A. Clark Edmund M. Notzon III	none none	100,001-500,000 500,001-1,000,000
Retirement 2025(b)	Jerome A. Clark Edmund M. Notzon III	none none	100,001-500,000 500,001-1,000,000
Retirement 2030(b)	Jerome A. Clark Edmund M. Notzon III	none none	100,001-500,000 500,001-1,000,000
Retirement 2035(b)	Jerome A. Clark Edmund M. Notzon III	100,001-500,000 none	100,001-500,000 500,001-1,000,000
Retirement 2040 (b)	Jerome A. Clark Edmund M. Notzon III	none none	100,001-500,000 500,001-1,000,000
Retirement Income(b)	Jerome A. Clark Edmund M. Notzon III	none none	100,001-500,000 500,001-1,000,000
Science & Technology	Michael F. Sola	50,001-100,000	over $1,000,000
Short-Term Bond(b)	Edward A. Wiese	50,001-100,000	over $1,000,000
Small-Cap Stock	Gregory A. McCrickard	100,001-500,000	over $1,000,000
Small-Cap Value	Preston G. Athey	over $1,000,000	over $1,000,000
Spectrum Growth	Edmund M. Notzon III	100,001-500,000	500,001-1,000,000
Spectrum Income	Edmund M. Notzon III	10,001-50,000	500,001-1,000,000
Spectrum International	Mark C.J. Bickford-Smith	none	100,001-500,000
Summit Cash Reserves (b)	James M. McDonald	10,001-50,000	over $1,000,000
Summit GNMA(b)	Connice A. Bavely	none	over $1,000,000
Summit Municipal Income(b)	Konstantine B. Mallas	10,001-50,000	500,001-1,000,000
Summit Municipal Intermediate(b)	Charles B. Hill	none	500,001-1,000,000
Summit Municipal Money Market(b)	Joseph K. Lynagh	none	500,001-1,000,000
Tax-Efficient Balanced	Hugh D. McGuirk Donald J. Peters	1-10,000100,001-500,000	500,001-1,000,000 over $1,000,000
Tax-Efficient Growth	Donald J. Peters	over $1,000,000	over $1,000,000
Tax-Efficient Multi-Cap Growth	Donald J. Peters	100,001-500,000	over $1,000,000
Tax-Exempt Money	Joseph K. Lynagh	none	500,001-1,000,000
Tax-Free High Yield	James M. Murphy	50,001-100,000	100,001-500,000
Tax-Free Income	Mary J. Miller	100,001-500,000	over $1,000,000
Tax-Free Intermediate Bond	Charles B. Hill	none	500,001-1,000,000
Tax-Free Short-Intermediate	Charles B. Hill	none	500,001-1,000,000
Total Equity Market Index	Eugene F. Bair	1-10,000	50,001-100,000
U.S. Bond Index(b)	Edmund M. Notzon III	10,001-50,000	500,001-1,000,000
U.S. Treasury Intermediate(b)	Cheryl A. Mickel	10,001-50,000	100,001-500,000
U.S. Treasury Long-Term(b)	Brian J. Brennan	none	100,001-500,000
U.S. Treasury Money(b)	James M. McDonald	none	over $1,000,000
Value	John D. Linehan	100,001-500,000	over $1,000,000

Fund		Range of Fund Holdings as of Fund`s Fiscal Year (unless otherwise indicated a)	All Funds Range as of 12/31/04
	Portfolio Manager
Institutional Emerging Markets Equity(b)	Christopher D. Alderson Frances Dydasco Mark J.T. Edwards Gonzalo Px87 ngaro David J.L. Warren	none none none none none	over $1,000,000 none 500,001-1,000,000 over $1,000,000 100,001-500,000
Institutional Foreign Equity (b)	Mark C.J. Bickford-Smith Dean Tenerelli(c) David J.L. Warren	none none none	100,001-500,000 none 100,001-500,000
Institutional Core Plus(b)	Brian J. Brennan	none	100,001-500,000
Institutional High Yield(b)	Mark J. Vaselkiv	none	over $1,000,000
Institutional Large-Cap Core Growth	Larry J. Puglia	none	over $1,000,000
Institutional Large-Cap Growth	Robert W. Sharps	none	500,001-1,000,000
Institutional Large-Cap Value	John D. Linehan	none	over $1,000,000
Institutional Mid-Cap Equity Growth	Brian W.H. Berghuis	none	over $1,000,000
Institutional Small-Cap Stock	Gregory A. McCrickard	none	over $1,000,000

Fund		Range of Fund Holdings as of Fund`s Fiscal Year (12/31/04)	All Funds Range as of 12/31/04
	Portfolio Manager
Blue Chip Growth Portfolio	Larry J. Puglia	none	over $1,000,000
Equity Income Portfolio	Brian C. Rogers	none	over $1,000,000
Equity Index 500 Portfolio	Eugene F. Bair	none	50,001-100,000
Health Sciences Portfolio	Kris H. Jenner	none	100,001-500,000
International Stock Portfolio	Mark C.J. Bickford-Smith Dean Tenerelli(a) David J.L. Warren	none none none	100,001-500,000 none 100,001-500,000
Limited-Term Bond Portfolio	Edward A. Wiese	none	over $1,000,000
Mid-Cap Growth Portfolio	Brian W.H. Berghuis	none	over $1,000,000
New America Growth Portfolio	Joseph M. Milano	none	500,001-1,000,000
Personal Strategy Balanced Portfolio	Edmund M. Notzon III	none	500,001-1,000,000
Prime Reserve Portfolio	James M. McDonald	none	over $1,000,000

Fund		Range of Fund Holdings as of Fund`s Fiscal Year	All Funds Range as of 12/31/04
	Portfolio Manager
California Tax-Free Bond	Konstantine B. Mallas	none	500,001-1,000,000
California Tax-Free Money	Joseph K. Lynagh	none	500,001-1,000,000
Florida Intermediate Tax-Free	Charles B. Hill	none	500,001-1,000,000
Georgia Tax-Free Bond	Hugh D. McGuirk	none	500,001-1,000,000
New Jersey Tax-Free Bond	Konstantine B. Mallas	none	500,001-1,000,000
New York Tax-Free Bond	Konstantine B. Mallas	none	500,001-1,000,000
New York Tax-Free Money	Joseph K. Lynagh	none	500,001-1,000,000
Virginia Tax-Free Bond	Hugh D. McGuirk	none	500,001-1,000,000

	Registered Investment Companies	Other Pooled Investment Vehicles	Other Accounts
Portfolio Manager	Number	Total Assets	Number	Total Assets	Number	Total Assets
Christopher D. Alderson	7	$801,471,108	2	$1,696,681,316	2	$439,699,626
Preston G. Athey	7	6,630,957,856	2	75,132,711	9	918,696,159
Eugene F. Bair	7	5,403,736,935	1	3,247,307,852	1	492,923,660
P. Robert Bartolo	1	438,133,385	—	—	—	—
Connice A. Bavely	2	1,435,181,646	—	—	—	—
Brian W.H. Berghuis	9	16,893,531,971	1	36,625,295	5	283,678,730
Mark C.J. Bickford-Smith	6	1,397,418,068	2	294,440,220	19	5,663,643,980
Stephen W. Boesel	3	7,940,876,096	—	—	6	96,892,813
Brian J. Brennan	2	247,681,679	4	1,986,097,202	7	505,514,079
Jerome A. Clark	9	3,618,054,776	—	—	—	—
Michael J. Conelius	1	277,855,354	2	349,441,810	—	—
Anna M. Dopkin	1	1,880,954,988	—	—	—	—
Frances Dydasco	3	637,089,242	—	—	—	—
Mark J.T. Edwards	3	971,975,674	—	—	—	—
Henry M. Ellenbogen	1	438,133,385	—	—	—	—
Robert N. Gensler	3	312,607,280	3	385,745,054	1	21,768,886
M. Campbell Gunn	2	372,927,914	—	—	—	—
Charles B. Hill(a)	5	1,235,414,563	—	—	16	906,128,015
Michael W. Holton	1	411,210,450	—	—	—	—
Thomas J. Huber	1	753,775,237	—	—	—	—
Kris H. Jenner	6	2,307,293,810	1	147,877,067	2	104,559,179
Ian D. Kelson	6	2,014,046,055	15	329,418,455	6	179,215,307
John H. Laporte	2	6,131,981,527	1	35,198,888	5	503,668,302
David M. Lee	1	641,264,384	—	—	—	—
John D. Linehan	3	3,183,536,163	2	312,577,262	9	880,375,955
Joseph K. Lynagh(a)	5	1,785,766,750	—	—	13	376,548,014
Konstantine B. Mallas(a)	4	779,882,839	—	—	3	26,125,112
Gregory A. McCrickard	4	7,620,228,267	2	260,431,065	8	1,619,364,708
James M. McDonald	4	8,989,178,076	—	—	—	—
Hugh D. McGuirk(a)	4	1,834,258,240	—	—	10	277,660,977
Cheryl A. Mickel	1	290,937,741	1	2,845,672,638	16	2,541,633,640
Joseph M. Milano	2	1,011,081,983	—	—	—	—
Mary J. Miller(a)	1	1,725,348,613	—	—	2	198,199,428
Raymond A. Mills, Ph.D.	3	684,095,524	—	—	1	37,402,700
James M. Murphy(a)	1	1,248,139,135	—	—	—	—
Edmund M. Notzon III	10	10,191,765,987	5	957,357,818	9	1,125,594,244
Charles M. Ober	2	2,386,369,205	—	—	4	644,289,160
Gonzalo Px87 ngaro	2	522,927,081	—	—	—	—
Donald J. Peters(a)	14	1,748,770,200	—	—	28	1,822,646,888
Larry J. Puglia	9	11,238,526,449	2	307,799,499	11	961,305,414
Brian C. Rogers	13	25,967,914,718	—	—	17	1,390,486,873
Jeffrey Rottinghaus(b)	1	40,407,077	—	—	—	—
James B.M. Seddon	3	874,031,103	—	—	1	189,597,714
Daniel O. Shackelford	4	3,091,995,946	—	—	6	1,410,023,606
Robert W. Sharps	7	1,715,201,109	2	124,952,268	4	403,184,059
Robert W. Smith	11	11,673,930,198	3	76,906,002	4	235,425,273
Michael F. Sola(c)	4	5,755,881,873	—	—	—	—
William J. Stromberg	5	1,081,172,443	3	898,766,213	9	1,993,242,730
Dean Tenerelli	2	3,838,152,109	4	81,156,381	1	43,451,304
Justin Thomson	1	551,252,319	—	—	—	—
David A. Tiberii	1	215,774,808	2	494,392,535	11	1,758,931,450
Mark J. Vaselkiv	6	5,368,654,394	13	3,937,459,693	17	2,058,383,274
David J. Wallack	3	5,290,311,031	1	37,263,095	1	2,058,383,274
David J.L. Warren	5	1,408,259,528	1	311,849,065	—	—
Richard T. Whitney	2	1,624,896,754	—	—	—	—
Edward A. Wiese	2	1,608,939,490	—	—	8	919,167,028
Paul W. Wojcik	4	801,969,985	—	—	1	42,418,803

Fund	Shareholder	%
Balanced	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department P.O. Box 17215 Baltimore, Maryland 21297-1215	50.80(c)
Blue Chip Growth	Fidelity Investments Institutional Operations Company 100 Magellan Way (KW1C) Covington, Kentucky 41015-1999 Pirateline & Co. T. Rowe Price Associates Attn.: Fund Accounting Department 100 East Pratt Street Baltimore, Maryland 21202-1009 T. Rowe Price Retirement Plan Services TR Blue Chip Growth Fund Attn.: Asset Reconciliations P.O. Box 17215 Baltimore, Maryland 21297-1215	5.63 5.72 34.23(b)
Blue Chip Growth Fund—Advisor Class	John Hancock Life Insurance Company USA Attn.: Laura Ross SRS Accounting 250 Bloor Street East 7E Floor Toronto Ontario Canada M4W1E5 National Financial Services for the Exclusive Benefit of Our Customers 200 Liberty Street One Financial Center, 4th Floor New York, New York 10281-1015	76.20(a) 5.70
Blue Chip Growth Fund—R Class	American United Life Separate Account II Attn.: Dan Schluge P.O. Box 1995 Indianapolis, Indiana 46206-9102 Nationwide Trust Company FSB c/o IPO Portfolio Accounting P.O. Box 182029 Columbus, Ohio 43218-2029 T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement BCR P.O. Box 17215 Baltimore, Maryland 21297-1215	20.72 15.89 48.37(b)
California Tax-Free Money	Georgette O`Connor Day TR Georgette O`Connor Day Trust Los Angeles, California	7.72
Capital Appreciation	Charles Schwab & Co., Inc. Reinvest Account Attn.: Mutual Fund Department 101 Montgomery Street San Francisco, California 94104-4122 National Financial Services for the Exclusive Benefit of Our Customers T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	9.12 8.36 9.67
Capital Appreciation Fund—Advisor Class	Emjay Co. Wallace Montgomery Assoc. LLP 401(k) 5001 N. Lydell Avenue Milwaukee, Wisconsin 53217-5531 National Financial Services for the Exclusive Benefit of Our Customers Pershing LLC P.O. Box 2052 Jersey City, New Jersey 07303-2052	7.29 12.29 22.28
Capital Opportunity	Swebak & Co. c/o Amcore Investment Group N A P.O. Box 4599 Rockford, Illinois 61110-4599	14.32
Capital Opportunity Fund—Advisor Class	T. Rowe Price Associates Attn.: Financial Reporting Department	100.00(e)
Capital Opportunity Fund—R Class	T. Rowe Price Associates Attn.: Financial Reporting Department	100.00(e)
Corporate Income	Yachtcrew & Co. T. Rowe Price Associates Attn.: Fund Accounting Department 100 East Pratt Street Baltimore, Maryland 21202-1009	50.24(d)
Developing Technologies	Trustees of T. Rowe Price U.S. Retirement Program Attn.: Financial Reporting Department	8.22
Dividend Growth	T. Rowe Price Trust Company, Inc. Dividend Growth Fund (DGF) Attn.: Asset Reconciliation P.O. Box 17215 Baltimore, Maryland 21297-1215	17.13
Emerging Europe & Mediterranean	National Financial Services LLC for the Exclusive Benefit of Our Customers	16.75
Emerging Markets Bond	Charles Schwab & Co., Inc. Yachtcrew & Co.	5.56 28.35(d)
Emerging Markets Stock	Charles Schwab & Co., Inc. National Financial Services for the Exclusive Benefit of Our Customers Pirateline & Co. T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	10.20 6.22 11.58 8.08
Equity Income	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	20.96
Equity Income Fund—Advisor Class	John Hancock Life Insurance Company USA National Financial Services for the Exclusive Benefit of Our Customers Prudential Retirement Insurance & Annuity Company Omnibus Account Attn.: Hector Flores 280 Trumbull Street Hartford, Connecticut 06103-3509	17.77 50.24(a) 5.03
Equity Income Fund—R Class	American United Life Nationwide Trust Company FSB Prudential Retirement Insurance & Annuity Company Unified Trust Company NA Attn.: Christina Redmon 2353 Alexandria Drive, Suite 100 Lexington, Kentucky 40504-3208 Wachovia Bank FBO Various Retirement Plans 1525 West W.T. Harris Boulevard Charlotte, North Carolina 28288-0001	9.80 10.93 7.71 13.14 5.36
Equity Index 500	Retirement Portfolio 2010 T. Rowe Price Associates Attn.: Fund Accounting Department 100 East Pratt Street Baltimore, Maryland 21202-1009 T. Rowe Price Trust Company, Inc. Attn.: RPS Control Department 10090 Red Run Boulevard Owings Mills, Maryland 21117-4842	5.03 28.48(c)
European Stock	Charles Schwab & Co., Inc.	9.10
Extended Equity Market Index	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	22.42
Financial Services	Charles Schwab & Co., Inc.	6.01
Georgia Tax-Free Bond	Charles Schwab & Co., Inc.	5.98
Global Stock	T. Rowe Price Retirement Plan Services, Inc. Omnibus Plan Install Team for #113 P.O. Box 17215 Baltimore, Maryland 21297-1215	14.18
GNMA	Yachtcrew & Co.	42.54(d)
Government Reserve Investment	Barnaclesail c/o T. Rowe Price Associates Attn.: Mid-Cap Growth Fund 100 East Pratt Street Baltimore, Maryland 21202-1009 Bridgesail & Co. c/o T. Rowe Price Associates Attn.: Science & Technology Fund 100 East Pratt Street Baltimore, Maryland 21202-1009 Mainbody & Co. c/o T. Rowe Price Associates Attn.: GNMA Fund 100 East Pratt Street Baltimore, Maryland 21202-1009 T. Rowe Price Retirement Plan Services, Inc. Attn.: RPS Cash Group 4555 Painters Mill Road Owings Mills, Maryland 21117-4903	53.17(a) 7.59 22.63 9.24
Growth & Income	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	27.99(c)
Growth Stock	Saxon and Co. Omnibus Account P.O. Box 7780-1888 Philadelphia, Pennsylvania 19182-0001 T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	6.07 16.34
Growth Stock Fund—Advisor Class	National Financial Services for the Exclusive Benefit of Our Customers PFPC Brokerage Inc. PFPC Wrap Services FBO Neuberger Berman 760 Moore Road King of Prussia, Pennsylvania 19406-1212 U.S. Bank FBO Private Asset Department OA Platform P.O. Box 1787 Milwaukee, Wisconsin 53201-1787	36.06(a) 5.53 8.00
Growth Stock Fund—R Class	American United Life Nationwide Trust Company FSB Suntrust Bank TR FBO Checkfree Services Corporation 401(k) c/o FASCORP Record Keeper 8515 East Orchard Road, #2T2 Greenwood Village, Colorado 80111-5002 Suntrust Bank TR FBO Florida Rock Industries Inc. PS & Deferred Earnings Pl c/o FASCORP 8515 East Orchard Road Attn.: 2T2 Englewood, Colorado 80111-5002	13.30 10.75 6.80 16.25
Health Sciences	John Hancock Life Insurance Company USA	8.33
High Yield	Yachtcrew & Co.	25.31(d)
High Yield Fund—Advisor Class	National Financial Services for the Exclusive Benefit of Our Customers	91.36(a)
Inflation Protected Bond	T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Inflation Protected Bond P.O. Box 17215 Baltimore, Maryland 21297-1215	14.79
Institutional Core Plus	TRP Finance, Inc. 802 West Street Suite 301 Wilmington, Delaware 19801-1526	100.00(f)
Institutional Emerging Markets Equity	Harris Trust & Savings Bank Agent for Various Trust/ Custodian Accounts Cash Account Mutual Funds Unit P.O. Box 71940 Chicago, Illinois 60694-1940 Harris Trust & Savings Bank Agent for Various Trust/ Custodian Accounts Reinvest Account Mutual Funds Unit P.O. Box 71940 Chicago, Illinois 60694-1940 TRP Finance, Inc.	59.31(a) 13.08 5.50
Institutional Foreign Equity	National Financial Services for the Exclusive Benefit of Our Customers State of Nebraska Investment Council Fund Moderate Pre-Mix Fund 941 "O" Street, Suite 500 Lincoln, Nebraska 68508-3625 Strafe & Co. FAO Indianapolis Museum of Art P.O. Box 160 Westerville, Ohio 43086-0160 UBATCO & Co. FBO College Savings Plan of Nebraska P.O. Box 82535 Lincoln, Nebraska 68501-2535	9.08 11.42 5.31 6.80
Institutional High Yield	Bread & Co. c/o T. Rowe Price Associates Attn.: Balanced Fund 100 East Pratt Street Baltimore, Maryland 21202-1009 Ladybug & Co. c/o T. Rowe Price Associates Attn.: Personal Strategy Balanced Fund 100 East Pratt Street Baltimore, Maryland 21202-1009 Northern Trust Company TR FBO Avaya P.O. Box 92956 Chicago, Illinois 60675-2956 State Street Bank & Trust Co. Trust For Defined Benefit Plans of Zeneca Holdings Inc. Attn.: Robert Skinner One Enterprise Drive, W5C North Quincy, Massachusetts 02171-2126 The Bank of New York Custodian FBO University of Arkansas FDN & University of Arkansas System-Total Return Pool Attn.: Warren Suco One Wall Street, 12th Floor South New York, New York 10286-0001	19.53 7.37 12.95 16.25 6.47
Institutional Large-Cap Core Growth	Post & Co. c/o The Bank of New York Mutual Fund Reorg Department, 6th Floor P.O. Box 1066 Wall Street Station New York, New York 10268-1066 The Jewish Foundation of Cincinnati 8044 Montgomery Road, Suite 700 Cincinnati, Ohio 45236-2926 TRP Finance, Inc. TRUCOJO Nominee for the Trust Company of St. Joseph Trust Accounts P.O. Box 846 St. Joseph, Missouri 64502-0846	57.18(a) 28.49(a) 7.32 7.00
Institutional Large-Cap Growth	Aage V. Jensen Charity Foundation c/o Mette Fabricius Skov 2 Clumps Road Farnham GU10 3HF UK Episcopal Community Services of the Diocese of Pennsylvania Attn.: Arthur J. Eyre 225 South 3rd Street Philadelphia, Pennsylvania 19106-3910 J.P. Morgan TR Allen & Co. 3 Chase Metrotech Center, 6th Floor Brooklyn, New York 11245-0001 National Merit Scholarship Corporation 1560 Sherman Avenue Suite 200 Evanston, Illinois 60201-4816 Reinco P.O. Box 1930 Honolulu, Hawaii 96805-1930 Wave Board & Co. c/o State Street Bank and Trust Attn.: Rob Spencer 1 Enterprise Drive, #W3A Quincy, Massachusetts 02171-2126	12.53 16.17 9.98 24.35 10.18 13.60
Institutional Large-Cap Value	Aage V. Jensen Charity Foundation Carey & Co. c/o Huntington Trust Co. 7 Easton Oval Columbus, Ohio 43219-6010 Charles Schwab & Co., Inc. Episcopal Community Services of the Diocese of Pennsylvania Fidelity Management TR FBO Retirement Savings Plan for Pilots of US Airways Inc. 82 Devonshire Street Z1M Boston, Massachusetts 02109-3614 J.P. Morgan TR Allen & Co. Penco The Bank of Kentucky 111 Lookout Farm Drive P.O. Box 17540 Covington, Kentucky 41017-0540 Wells Fargo Bank NA FBO Western Administrative P.O. Box 1533 Minneapolis, Minnesota 55480-1533	5.94 24.61 13.61 7.59 10.61 5.96 6.07 17.09
Institutional Mid-Cap Equity Growth	Balsa & Company 14221 Dallas Parkway Dallas, Texas 75254-2942 Bank of New York TR FBO Arch Coal Pension Plan Attn.: Tom Campbell One Wall Street, 12th Floor New York, New York 10286-0001	6.40 5.33
Institutional Small-Cap Stock	National Financial Services for the Exclusive Benefit of Our Customers Sigler & Co. Custodian Smithsonian Institution Tony Moceri 3 Chase Metrotech Center, 5th Floor Brooklyn, New York 11245-0001 State Street Trust & Banking Company Shirovama JT Trust Tower 4-3-1 Toranomon Minato-Ku Tokyo, Japan 105-6014	14.53 18.15 9.75
International Bond	Charles Schwab & Co., Inc. National Financial Services for the Exclusive Benefit of Our Customers Yachtcrew & Co.	12.00 5.16 32.67(d)
International Bond Fund—Advisor Class	Citigroup Global Markets Inc. 333 West 34th Street, 3rd Floor New York, New York 10001-2402 National Financial Services for the Exclusive Benefit of Our Customers PFPC Wrap Services FBO Hilliard Lyons/Capital Dist. 760 Moore Road King of Prussia, Pennsylvania 19406-1212 Smith Barney Corp Trust Company TR Smith Barney 401(k) Advisor Group c/o Citistreet Two Tower Center P.O. Box 1063 East Brunswick, New Jersey 08816-1063	40.54(a) 21.75 13.28 12.62
International Discovery	T. Rowe Price Retirement Plan Services, Inc. Attn.: Asset Reconciliation P.O. Box 17215 Baltimore, Maryland 21297-1215 Vanguard Fiduciary Trust Company T. Rowe Price Retail Class Funds Attn.: Outside Funds P.O. Box 2600 Valley Forge, Pennsylvania 19482-2600	6.82 8.54
International Equity Index	T. Rowe Price Retirement Plan Services, Inc. Omnibus Plan New Business-Conv. Assets P.O. Box 17215 Baltimore, Maryland 21297-1215	9.59
International Growth & Income	Pirateline & Co. Retirement Portfolio 2010 Retirement Portfolio 2020 T. Rowe Price Associates Attn.: Fund Accounting Department 100 East Pratt Street Baltimore, Maryland 21202-1009 Retirement Portfolio 2030 T. Rowe Price Associates Attn.: Fund Accounting Department 100 East Pratt Street Baltimore, Maryland 21202-1009	25.12(a) 7.79 11.37 8.22
International Growth & Income Fund—Advisor Class	U.S. Bank FBO Private Asset Department OA Platform	97.91(a)
International Growth & Income Fund—R Class	American United Life	67.54(a)
International Stock	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	16.82
International Stock Fund—Advisor Class	Citigroup Global Markets Inc.	23.57
International Stock Fund—R Class	American United Life T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement ISR P.O. Box 17215 Baltimore, Maryland 21297-1215	15.52 63.70(b)
Japan	Bobstay & Co. T. Rowe Price Associates Attn.: Fund Accounting Department 100 East Pratt Street Baltimore, Maryland 21202-1009 Charles Schwab & Co., Inc.	6.07 7.53
Latin America	Charles Schwab & Co., Inc. Wilmington Trust Co. TR FBO Continental Airlines Inc. DCP Plan c/o Mutual Funds P.O. Box 8971 Wilmington, Delaware 19899-8971	7.39 9.39
Maryland Short-Term Tax-Free Bond	Charles Schwab & Co., Inc.	6.05
Media & Telecommunications	T. Rowe Price Trust Company, Inc. Media & Telecommunications Fund P.O. Box 17215 Baltimore, Maryland 21297-1215	8.18
Mid-Cap Growth	Charles Schwab & Co., Inc. T. Rowe Price Trust Company, Inc. Attn.: Asset Reconciliations P.O. Box 17215 Baltimore, Maryland 21297-1215	8.06 17.77
Mid-Cap Growth Fund—Advisor Class	MITRA & Company 1000 N. Water Street Attn.: Exp Mutual Funds Milwaukee, Wisconsin 53202-6648 National Financial Services for the Exclusive Benefit of Our Customers U.S. Bank Vanguard Fiduciary Trust Company T. Rowe Price Advisor Class Funds Attn.: Outside Funds P.O. Box 2900 Valley Forge, Pennsylvania 19482-2900 Wells Fargo Bank NA FBO RPS T. Rowe Price Mid-Cap Growth P.O. Box 1533 Minneapolis, Minnesota 55480-1533	5.69 15.94 5.06 11.60 5.17
Mid-Cap Growth Fund—R Class	ING Life Insurance and Annuity Company 151 Farmington Avenue Hartford, Connecticut 06156-0001 Nationwide Trust Company FSB ReliaStar Life Insurance Company 151 Farmington Avenue #TN41 Hartford, Connecticut 06156-0001 T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement MGR P.O. Box 17215 Baltimore, Maryland 21297-1215	16.82 14.60 14.39 5.57
Mid-Cap Value	Charles Schwab & Co., Inc. National Financial Services for the Exclusive Benefit of Our Customers 200 Liberty Street One Financial Center, 5th Floor New York, New York 10281-1015 T. Rowe Price Retirement Plan Services, Inc. Omnibus Account New Business Group P.O. Box 17215 Baltimore, Maryland 21297-1215	7.36 7.43 5.94
Mid-Cap Value Fund—Advisor Class	MITRA & Company National Financial Services for the Exclusive Benefit of Our Customers Union Central Life Insurance Company 1876 Waycross Road, #3 Cincinnati, Ohio 45240-2899 U.S. Bank FBO Private Asset Department OA Platform	5.10 16.21 5.25 8.23
Mid-Cap Value Fund—R Class	American United Life ING Life Insurance and Annuity Company J.P. Morgan Chase TR FBO ADP Mid Market Product Attn.: Lisa Glenn 3 Metrotech Center, 6th Floor Brooklyn, New York 11245-0001 Nationwide Trust Company FSB State Street Bank & TR FBO ADP Daily Valuation B Attn.: Susan McDonough 105 Rosemont Road Westwood, Massachusetts 02090-2318	6.78 7.22 6.93 13.67 25.45(a)
New America Growth	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department Wilmington Trust Co. TR FBO Continental Airlines Inc. DCP Plan c/o Mutual Funds P.O. Box 8971 Wilmington, Delaware 19899-8971	24.53 10.63
New Asia	Charles Schwab & Co., Inc. Reinvest Account Attn.: Mutual Fund Department 101 Montgomery Street San Francisco, California 94104-4122	8.52
New Era	Charles Schwab & Co., Inc. National Financial Services for the Exclusive Benefit of Our Customers	10.30 5.56
New Horizons	Pirateline & Co. T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	6.92 31.73(c)
New Income	Retirement Portfolio 2010 T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department Yachtcrew & Co.	5.45 9.96 36.04(d)
New Income Fund—R Class	AMVESCAP National Trust Company as Agent for VALIC FBO Pieper Bancorp Inc. Profit Sharing Plan P.O. Box 105779 Atlanta, Georgia 30348-5779 Circle Trust Company Custodian FBO Dynamic Data Systems Inc. 401(k) PSP Metro Center One Station Place Stamford, Connecticut 06902-6800 T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement NIR P.O. Box 17215 Baltimore, Maryland 21297-1215	6.49 5.19 59.79(b)
New York Tax-Free Money	Coleman M. Brandt Grace L. Brandt JT TEN New York, New York Robert Price New York, New York	8.79 9.04
Personal Strategy Balanced	T. Rowe Price Trust Company, Inc. TR Balanced Attn.: Asset Reconciliation P.O. Box 17215 Baltimore, Maryland 21297-1215	54.04(c)
Personal Strategy Growth	T. Rowe Price Trust Company, Inc. TR Attn.: Growth Asset P.O. Box 17215 Baltimore, Maryland 21297-1215	45.45(c)
Personal Strategy Income	T. Rowe Price Trust Company, Inc. TR Income Attn.: Asset Reconciliation P.O. Box 17215 Baltimore, Maryland 21297-1215	45.38(c)
Prime Reserve	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	15.67
Real Estate	T. Rowe Price Retirement Plan Services, Inc. Omniplan Account New Business Group Conv Asset P.O. Box 17215 Baltimore, Maryland 21297-1215	9.25
Real Estate Fund—Advisor Class	National Financial Services for the Exclusive Benefit of Our Customers T. Rowe Price Associates Attn.: Financial Reporting Department	45.64(a) 54.36(e)
Reserve Investment	Overlap & Co. c/o T. Rowe Price Associates Attn.: Small-Cap Stock Fund 100 East Pratt Street Baltimore, Maryland 21202-1009 Seamile & Co. c/o T. Rowe Price Associates Attn.: Capital Appreciation Fund 100 East Pratt Street Baltimore, Maryland 21202-1009 Taskforce & Co. c/o T. Rowe Price Associates Attn.: Equity Income Fund 100 East Pratt Street Baltimore, Maryland 21202-1009 T. Rowe Price Managed GIC Stable Value Fund T. Rowe Price Associates, Inc. 100 East Pratt Street, 7th Floor Baltimore, Maryland 21202-1009	7.97 18.10 13.43 5.89
Retirement 2005	T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement ABH1 #155 P.O. Box 17215 Baltimore, Maryland 21297-1215	72.48(b)
Retirement 2010	T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement 2010 P.O. Box 17215 Baltimore, Maryland 21297-1215	61.69(b)
Retirement 2010 Fund—Advisor Class	American Express Trust Company FBO American Express Trust Retirement Services Plan 996 AXP Financial Center Minneapolis, Minnesota 55474-0001 Nationwide Trust Company Saxon and Co. Scudder Trust Company TR FBO United Business Media 401(k) Plan Asset Reconciliation Department P.O. Box 1757 Salem, New Hampshire 03079-1143 TRUSTlynx & Company P.O. Box 173736 Denver, Colorado 80217-3736 Union Central Life Insurance Co. 1876 Waycross Road, #3 Cincinnati, Ohio 45240-2899 Wells Fargo Bank NA FBO Retirement Plan Services	6.83 14.27 11.00 24.87 9.14 16.48 12.94
Retirement 2010 Fund—R Class	Saxon and Co. T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Merger Retirement MGR P.O. Box 17215 Baltimore, Maryland 21297-1215	48.12(a) 11.27
Retirement 2015	T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement P.O. Box 17215 Baltimore, Maryland 21297-1215	69.12(b)
Retirement 2020	T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement 2020 P.O. Box 17215 Baltimore, Maryland 21297-1215	63.57(b)
Retirement 2020 Fund—Advisor Class	Nationwide Trust Company Saxon and Co. TRUSTlynx & Company Union Central Life Insurance Co. Wells Fargo Bank NA FBO Retirement Plan Services Wilmington Trust Company TTEE FBO Harrison Memorial Hospital Emp Retirement Savings Plan P.O. Box 8880 Wilmington, Delaware 19899-8880	7.54 27.03(a) 6.31 31.23(a) 10.15 6.40
Retirement 2020 Fund—R Class	Fulton Financial Adv. TTEE FBO Frey Lutz Corporation P.O. Box 3215 Lancaster, Pennsylvania 17604-3215 Saxon and Co. Suntrust Bank TR FBO Churchill Downs, Inc. 401(k) T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Merger Retirement MGR P.O. Box 17215 Baltimore, Maryland 21297-1215	5.17 40.86(a) 11.44 11.75
Retirement 2025	T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement P.O. Box 17215 Baltimore, Maryland 21297-1215	70.49(b)
Retirement 2030	T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement 2030 P.O. Box 17215 Baltimore, Maryland 21297-1215	65.01(b)
Retirement 2030 Fund—Advisor Class	Saxon and Co. Scudder Trust Company TR FBO United Business Media 401(k) Plan Union Central Life Insurance Co.	34.83(a) 19.35 31.82(a)
Retirement 2030 Fund—R Class	Saxon and Co. Suntrust Bank TR FBO Churchill Downs, Inc. 401(k) T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Merger Retirement MGR P.O. Box 17215 Baltimore, Maryland 21297-1215	32.82(a) 35.79(a) 9.85
Retirement 2035	T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement P.O. Box 17215 Baltimore, Maryland 21297-1215	71.05(b)
Retirement 2040	T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement 2040 P.O. Box 17215 Baltimore, Maryland 21297-1215	68.33(b)
Retirement 2040 Fund—Advisor Class	Saxon and Co. Union Central Life Insurance Co. Wells Fargo Bank NA FBO Retirement Plan Services	35.46(a) 38.93(a) 9.92
Retirement 2040 Fund—R Class	Saxon and Co. Suntrust Bank TR FBO Churchill Downs, Inc. 401(k) T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Merger Retirement MGR P.O. Box 17215 Baltimore, Maryland 21297-1215	13.23 62.35(a) 5.90
Retirement Income	T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Retirement Income P.O. Box 17215 Baltimore, Maryland 21297-1215	35.11(b)
Retirement Income Fund—Advisor Class	Nationwide Trust Company Scudder Trust Company TR FBO United Business Media 401(k) Plan TRUSTlynx & Company	11.82 69.81(a) 11.50
Retirement Income Fund—R Class	TRAC 2000 Shaklee 401(k) Retirement Savings Plan 1231 31st Avenue San Francisco, California 94122-1417 T. Rowe Price Retirement Plan Services, Inc. Omnibus Account Merger Retirement MGR P.O. Box 17215 Baltimore, Maryland 21297-1215	5.58 76.41(b)
Science & Technology	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	25.10(c)
Science & Technology Fund—Advisor Class	John Hancock Life Insurance Company USA	90.51(a)
Short-Term Bond	Yachtcrew & Co.	14.78
Short-Term Bond Fund—Advisor Class	PFPC Wrap Services FBO Hilliard Lyons/Capital Dist. 760 Moore Road King of Prussia, Pennsylvania 19406-1212	100.00(a)
Small-Cap Stock	Norwest Bank Company NA TR FBO State of Minnesota Deferred Compensation Plan Minnesota State Deferred Compensation Plan Trust c/o Great West Life Recordkeeper 8515 East Orchard Road Attn.: 2T2 Englewood, Colorado 80111-5002 T. Rowe Price Trust Company, Inc. T. Rowe Price OTC Fund Attn.: RPS Control Department P.O. Box 17215 Baltimore, Maryland 21297-1215	5.44 17.68
Small-Cap Stock Fund—Advisor Class	ICMA Retirement Trust 777 North Capitol Street NE, Suite 600 Washington, DC 20002-4240 Minnesota Life 401 Robert Street Saint Paul, Minnesota 55101-2000 Northern Trust Company TR Home Depot Future Builder 401(k) Plan P.O. Box 92994 Chicago, Illinois 60675-2956 Vanguard Fiduciary Trust Company	14.04 21.25 11.05 12.14
Small-Cap Value	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	27.98(c)
Small-Cap Value Fund—Advisor Class	ICMA Retirement Trust John Hancock Life Insurance Company USA Merrill Lynch Pierce Fenner & Smith Inc. for the Sole Benefit of Its Customers 4800 Deer Lake Drive East Jacksonville, Florida 32246-6484	18.98 47.23(a) 9.13
Spectrum Growth	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	19.41
Spectrum Income	John Hancock Life Insurance Company USA T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	25.75(a) 21.77
Spectrum International	T. Rowe Price Retirement Plan Services, Inc. Omniplan Account New Business Group for #08 P.O. Box 17215 Baltimore, Maryland 21297-1215	7.23
Summit Cash Reserves	T. Rowe Price Trust Company, Inc. Attn.: Asset Reconciliations Yachtcrew & Co.	17.48 10.08
Summit Municipal Income	National Financial Services for the Exclusive Benefit of Our Customers	5.63
Summit Municipal Intermediate	Charles Schwab & Co., Inc. Prudential Investment Management Services FBO Mutual Funds Clients Attn.: Pruchoice Unit Mail Stop 194-201 194 Wood Avenue S Iselin, New Jersey 08830-2710	8.25 30.34(a)
Summit Municipal Money Market	T. Rowe Price Associates Attn.: Financial Reporting Department TRP Finance, Inc. T. Rowe Price International, Inc. Attn.: Financial Reporting Department 100 East Pratt Street Baltimore, Maryland 21202-1009	34.03(a) 8.56 12.20
Tax-Exempt Money	T. Rowe Price Associates Attn.: Financial Reporting Department TRP Finance, Inc.	12.56 5.42
Tax-Free Income Fund—Advisor Class	National Financial Services for the Exclusive Benefit of Our Customers	99.67(a)
Tax-Free Short-Intermediate	Charles Schwab & Co., Inc.	7.11
U.S. Bond Index	Alaska College Savings Trust ACT Portfolio c/o T. Rowe Price Associates Attn.: Kimberly Vanscoy, Fixed Income 100 East Pratt Street, 7th Floor Baltimore, Maryland 21202-1009 TRP Finance, Inc. T. Rowe Price Retirement Plan Services, Inc. Omnibus Plan New Business-Conv. Assets P.O. Box 17215 Baltimore, Maryland 21297-1215	7.24 5.91 41.73(b)
U.S. Treasury Intermediate	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	20.49
U.S. Treasury Long-Term	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department Yachtcrew & Co.	11.90 39.52(d)
U.S. Treasury Money	T. Rowe Price Trust Company, Inc. Attn.: TRPS Institutional Control Department	18.50
Value	Northern Trust Company TR FBO Pfizer Savings and Investment Plan P.O. Box 92994 Chicago, Illinois 60675-2994 Pirateline & Co. Retirement Portfolio 2020 Retirement Portfolio 2030 T. Rowe Price Trust Company, Inc. Attn.: Installation Team for TRPS Institutional Control	6.32 7.96 8.29 6.41 16.17
Value Fund—Advisor Class	Bost & Company FBO Directed Account Plan Mutual Fund Operations P.O. Box 3198 Pittsburgh, Pennsylvania 15230-3198 ING Life Insurance and Annuity Company Minnesota Life	19.14 23.61 35.25(a)

0.480%	First $1 billion	0.360%	Next $2 billion	0.310%	Next $16 billion
0.450%	Next $1 billion	0.350%	Next $2 billion	0.305%	Next $30 billion
0.420%	Next $1 billion	0.340%	Next $5 billion	0.300%	Next $40 billion
0.390%	Next $1 billion	0.330%	Next $10 billion	0.295%	Next $40 billion
0.370%	Next $1 billion	0.320%	Next $10 billion	0.290%	Thereafter

Fund	Fiscal Year Ended
	2/28/05	2/29/04	2/28/03
California Tax-Free Bond	$1,082,000	$1,128,000	$1,113,000
California Tax-Free Money	406,000	403,000	333,000
Florida Intermediate Tax-Free	403,000	415,000	391,000
Georgia Tax-Free Bond	380,000	367,000	353,000
Maryland Short-Term Tax-Free Bond	957,000	1,023,000	802,000
Maryland Tax-Free Bond	5,270,000	5,565,000	5,430,000
Maryland Tax-Free Money	485,000	336,000	175,000
New Jersey Tax-Free Bond	653,000	640,000	581,000
New York Tax-Free Bond	984,000	978,000	964,000
New York Tax-Free Money	461,000	448,000	412,000
Tax-Efficient Balanced	233,000	231,000	231,000
Tax-Efficient Growth	469,000	441,000	406,000
Tax-Efficient Multi-Cap Growth	188,000	146,000	23,000
Tax-Exempt Money	2,957,000	2,980,000	3,048,000
Tax-Free High Yield	7,245,000	6,979,000	6,947,000
Tax-Free Income(a)	7,926,000	7,315,000	6,904,000
Tax-Free Intermediate Bond	626,000	616,000	561,000
Tax-Free Short-Intermediate	2,411,000	2,462,000	2,180,000
Virginia Tax-Free Bond	1,747,000	1,712,000	1,605,000

Fund	Fiscal Year Ended
	10/31/04	10/31/03	10/31/02
Emerging Europe & Mediterranean	$888,000	$321,000	$87,000
Emerging Markets Stock	5,239,000	2,173,000	1,793,000
European Stock	6,802,000	5,720,000	6,316,000
Global Stock	523,000	448,000	359,000
Institutional Emerging Markets Equity(a)	277,000	78,000	(b)
Institutional Foreign Equity	6,645,000	8,097,000	11,091,000
International Discovery	8,325,000	4,614,000	4,770,000
International Equity Index(a)	171,000	73,000	52,000
International Growth & Income(c)	1,823,000	198,000	(d)
International Stock(c)	33,994,000	30,300,000	39,511,000
Japan	1,543,000	915,000	1,085,000
Latin America	2,186,000	1,475,000	1,739,000
New Asia	7,214,000	4,974,000	5,351,000
Summit Cash Reserves(a)	13,432,000	14,006,000	13,614,000
Summit GNMA(a)	512,000	632,000	593,000
Summit Municipal Income(a)	475,000	464,000	429,000
Summit Municipal Intermediate(a)	730,000	565,000	506,000
Summit Municipal Money Market(a)	1,975,000	1,320,000	1,030,000
U.S. Bond Index(a)	311,000	271,000	180,000

Fund	Fiscal Year Ended
	12/31/04	12/31/03	12/31/02
Balanced	$10,021,000	$7,983,000	$7,791,000
Blue Chip Growth(a)	46,135,000	36,657,000	35,354,000
Capital Appreciation(b)	23,028,000	13,817,000	10,731,000
Capital Opportunity(a)	492,000	431,000	439,000
Developing Technologies	424,000	267,000	12,000
Diversified Mid-Cap Growth	199,000	(c)	(c)
Diversified Small-Cap Growth	517,000	402,000	272,000
Dividend Growth	3,632,000	3,065,000	3,176,000
Emerging Markets Bond	1,893,000	1,881,000	1,416,000
Equity Income(a)	87,399,000	63,960,000	58,414,000
Equity Index 500	6,404,000	4,775,000	3,708,000
Extended Equity Market Index(d)	546,000	351,000	287,000
Financial Services	2,528,000	2,011,000	1,973,000
Global Technology	652,000	512,000	317,000
Growth & Income	10,824,000	10,016,000	11,391,000
Growth Stock(a)	38,666,000	25,638,000	23,442,000
Health Sciences	8,045,000	5,681,000	5,306,000
Institutional Large-Cap Core Growth	163,000	9,000	(c)
Institutional Large-Cap Growth	196,000	52,000	(e)
Institutional Large-Cap Value	294,000	56,000	(e)
Institutional Mid-Cap Equity Growth	2,231,000	1,835,000	1,731,000
Institutional Small-Cap Stock	2,873,000	2,448,000	2,158,000
International Bond(b)	9,624,000	8,050,000	5,964,000
Media & Telecommunications	4,949,000	3,433,000	3,224,000
Mid-Cap Growth(a)	75,642,000	50,889,000	41,271,000
Mid-Cap Value(a)	22,005,000	8,500,000	5,810,000
New America Growth	6,039,000	5,670,000	6,113,000
New Era	9,378,000	5,957,000	6,008,000
New Horizons	34,850,000	26,921,000	27,637,000
Real Estate(b)	2,546,000	1,201,000	518,000
Science & Technology(b)	30,509,000	27,233,000	27,433,000
Small-Cap Stock(b)	44,236,000	31,577,000	26,755,000
Small-Cap Value(a)	27,661,000	19,397,000	17,130,000
Spectrum Growth	(f)	(f)	(f)
Spectrum Income	(f)	(f)	(f)
Spectrum International	(f)	(f)	(f)
Total Equity Market Index(d)	1,276,000	912,000	737,000
Value(b)	12,876,000	8,689,000	8,899,000

Fund	Limitation Period	Expense Ratio Limitation	Reimbursement Date
Blue Chip Growth Fund—Advisor Class(a)	January 1, 2004 — April 30, 2006	1.05%	April 30, 2008(ss)
Blue Chip Growth Fund—R Class(b)	May 1, 2004 — April 30, 2006	1.35%	April 30, 2008(ss)
California Tax-Free Money(c)	July 1, 2005 — June 30, 2007	0.55%	(g)
Capital Appreciation Fund—Advisor Class	January 1, 2005 — April 30, 2007	1.10%	(g)
Capital Opportunity(d)	May 1, 2004 — April 30, 2006	1.15%	April 30, 2008(ss)
Capital Opportunity Fund—Advisor Class	January 1, 2005 — April 30, 2007	1.25%	April 30, 2009(ss)
Capital Opportunity Fund—R Class	January 1, 2005 — April 30, 2007	1.50%	April 30, 2009(ss)
Corporate Income(e)	June 1, 2003 — September 30, 2005	0.80%	September 30, 2007 (ss)
Developing Technologies(f)	May 1, 2005 — April 30, 2007	1.50%	April 30, 2009(ss)
Diversified Mid-Cap Growth	December 31, 2003 — April 30, 2006	1.25%	(g)
Diversified Small-Cap Growth(h)	May 1, 2004 — April 30, 2006	1.25%	April 30, 2008(ss)
Emerging Europe & Mediterranean(i)	March 1, 2005 — February 28, 2007	1.75%	February 28, 2009(ss)
Equity Income Fund—Advisor Class(j)	January 1, 2004 — April 30, 2006	1.00%	(g)
Equity Income Fund—R Class(k)	May 1, 2004 — April 30, 2006	1.30%	(g)
Equity Index 500(l)	May 1, 2005 — April 30, 2006	0.35%	April 30, 2008(ss)
Global Stock(m)	November 1, 2003 — February 28, 2006	1.20%	February 29, 2008(ss)
Global Technology(n)	May 1, 2005 — April 30, 2007	1.50%	April 30, 2009(ss)
Growth Stock Fund—Advisor Class(o)	January 1, 2004 — April 30, 2006	1.10%	(g)
Growth Stock Fund—R Class(p)	May 1, 2004 — April 30, 2006	1.35%	(g)
Inflation Protected Bond(q)	October 1, 2004 — September 30, 2006	0.50%	September 30, 2008 (ss)
Institutional Large-Cap Core Growth(r)	May 1, 2005 — April 30, 2007	0.65%	April 30, 2009(ss)
Institutional Large-Cap Growth(s)	May 1, 2005 — April 30, 2007	0.65%	April 30, 2009(ss)
Institutional Large-Cap Value(t)	January 1, 2004 — April 30, 2006	0.65%	April 30, 2008(ss)
Institutional Small-Cap Stock	January 1, 2002 — December 31, 2003	0.75%	December 31, 2005
International Bond Fund—Advisor Class(u)	January 1, 2004 — April 30, 2006	1.15%	(g)
International Growth & Income	November 1, 2002 — February 28, 2005	1.25%	February 28, 2007
International Growth & Income Fund—Advisor Class(v)	March 1, 2004 — February 28, 2006	1.15%	February 29, 2008(ss)
International Growth & Income Fund— R Class(w)	March 1, 2004 — February 28, 2006	1.40%	February 29, 2008(ss)
International Stock Fund—Advisor Class(x)	November 1, 2003 — February 28, 2006	1.15%	(g)
International Stock Fund—R Class(y)	March 1, 2004 — February 28, 2006	1.40%	(g)
Maryland Tax-Free Money(z)	July 1, 2005 — June 30, 2007	0.55%	June 30, 2009(ss)
Mid-Cap Growth Fund—Advisor Class(aa)	January 1, 2004 — April 30, 2006	1.10%	April 30, 2008(ss)
Mid-Cap Growth Fund—R Class(bb)	May 1, 2004 — April 30, 2006	1.40%	April 30, 2008(ss)
Mid-Cap Value Fund—Advisor Class(cc)	May 1, 2004 — April 30, 2006	1.10%	April 30, 2008(ss)
Mid-Cap Value Fund—R Class(dd)	May 1, 2004 — April 30, 2006	1.40%	April 30, 2008(ss)
New Income Fund—Advisor Class(ee)	October 1, 2004 — September 30, 2006	0.90%	(g)
New Income Fund—R Class(ff)	October 1, 2004 — September 30, 2006	1.15%	(g)
New York Tax-Free Money(gg)	July 1, 2005 — June 30, 2007	0.55%	(g)
Personal Strategy Balanced(hh)	October 1, 2004 — September 30, 2006	0.90%	September 30, 2008 (ss)
Personal Strategy Growth(ii)	October 1, 2004 — September 30, 2006	1.00%	September 30, 2008 (ss)
Personal Strategy Income(jj)	October 1, 2004 — September 30, 2006	0.80%	September 30, 2008 (ss)
Real Estate(kk)	January 1, 2004 — April 30, 2006	0.90%	April 30, 2008(ss)
Real Estate Fund—Advisor Class	January 1, 2005 — April 30, 2007	1.20%	April 30, 2009(ss)
Science & Technology Fund—Advisor Class(ll)	January 1, 2004 — April 30, 2006	1.15%	April 30, 2008(ss)
Short-Term Bond(mm)	October 1, 2004 — September 30, 2006	0.55%	(g)
Short-Term Bond Fund—Advisor Class	January 1, 2005 — September 30, 2007	0.85%	(g)
Small-Cap Stock Fund—Advisor Class(nn)	January 1, 2004 — April 30, 2006	1.20%	April 30, 2008(ss)
Small-Cap Value Fund—Advisor Class(oo)	January 1, 2004 — April 30, 2006	1.15%	April 30, 2008(ss)
Tax-Efficient Multi-Cap Growth(pp)	March 1, 2004 — June 30, 2006	1.25%	June 30, 2008(ss)
Tax-Free Income Fund—Advisor Class(qq)	July 1, 2004 — June 30, 2006	0.90%	(g)
Value Fund—Advisor Class(rr)	January 1, 2004 — April 30, 2006	1.10%	April 30, 2008(ss)

Fund	Fee %
Balanced	0.15%
Blue Chip Growth	0.30(a)
California Tax-Free Bond	0.10
California Tax-Free Money	0.10
Capital Appreciation	0.30
Capital Opportunity	0.20
Corporate Income	0.15
Developing Technologies	0.60
Diversified Mid-Cap Growth	0.35
Diversified Small-Cap Growth	0.35
Dividend Growth	0.20
Emerging Europe & Mediterranean	0.75
Emerging Markets Bond	0.45
Emerging Markets Stock	0.75
Equity Income	0.25(b)
European Stock	0.50
Financial Services	0.35
Florida Intermediate Tax-Free	0.05
GNMA	0.15
Georgia Tax-Free Bond	0.10
Global Stock	0.35
Global Technology	0.45
Growth & Income	0.25
Growth Stock	0.25(b)
Health Sciences	0.35
High Yield	0.30
Inflation Protected Bond	0.05
International Bond	0.35
International Discovery	0.75
International Growth & Income	0.35
International Stock	0.35
Japan	0.50
Latin America	0.75
Maryland Short-Term Tax-Free Bond	0.10
Maryland Tax-Free Bond	0.10
Maryland Tax-Free Money	0.10
Media & Telecommunications	0.35
Mid-Cap Growth	0.35(c)
Mid-Cap Value	0.35
New America Growth	0.35
New Asia	0.50
New Era	0.25
New Horizons	0.35
New Income	0.15
New Jersey Tax-Free Bond	0.10
New York Tax-Free Bond	0.10
New York Tax-Free Money	0.10
Personal Strategy Balanced	0.25
Personal Strategy Growth	0.30
Personal Strategy Income	0.15
Prime Reserve	0.05
Real Estate	0.30
Science & Technology	0.35
Short-Term Bond	0.10
Small-Cap Stock	0.45
Small-Cap Value	0.35
Tax-Efficient Balanced	0.20
Tax-Efficient Growth	0.30
Tax-Efficient Multi-Cap Growth	0.35
Tax-Exempt Money	0.10
Tax-Free High Yield	0.30
Tax-Free Income	0.15
Tax-Free Intermediate Bond	0.05
Tax-Free Short-Intermediate	0.10
U.S. Treasury Intermediate	0.05
U.S. Treasury Long-Term	0.05
U.S. Treasury Money	0.00
Value	0.35
Virginia Tax-Free Bond	0.10

Fund	Fee %
Extended Equity Market Index	0.40%
Institutional Emerging Markets Equity	1.10
Institutional High Yield	0.50
International Equity Index	0.50
Summit Cash Reserves	0.45
Summit GNMA	0.60
Summit Municipal Money Market	0.45
Summit Municipal Intermediate	0.50
Summit Municipal Income	0.50
Total Equity Market Index	0.40
U.S. Bond Index	0.30

Fund	Fiscal Year Ended
	5/31/04	5/31/03	5/31/02
Corporate Income	$430,000	$297,000	$232,000
GNMA	6,366,000	6,528,000	5,287,000
Government Reserve Investment	(a)	(a)	(a)
High Yield(b)	22,485,000	14,527,000	10,173,000
Inflation Protected Bond	131,000	0	(c)
Institutional High Yield	3,407,000	796,000	(c)
New Income(d)	10,947,000	9,469,000	8,361,000
Personal Strategy Balanced	4,412,000	3,071,000	3,775,000
Personal Strategy Growth	3,079,000	1,561,000	1,908,000
Personal Strategy Income	1,390,000	747,000	1,092,000
Prime Reserve	19,470,000	21,177,000	21,485,000
Reserve Investment	(a)	(a)	(a)
Retirement 2005	(a)	(a)	(a)
Retirement 2010	(a)	(a)	(a)
Retirement 2015	(a)	(a)	(a)
Retirement 2020	(a)	(a)	(a)
Retirement 2025	(a)	(a)	(a)
Retirement 2030	(a)	(a)	(a)
Retirement 2035	(a)	(a)	(a)
Retirement 2040	(a)	(a)	(a)
Retirement 2045	(c)	(c)	(c)
Retirement Income	(a)	(a)	(a)
Short-Term Bond	5,440,000	3,014,000	1,881,000
U.S. Treasury Intermediate	1,315,000	1,404,000	1,001,000
U.S. Treasury Long-Term	951,000	1,094,000	1,147,000
U.S. Treasury Money	3,339,000	3,442,000	3,163,000

Fund	Fiscal Year Ended
	12/31/04	12/31/03	12/31/02
Balanced	$107,000	$107,000	$86,000
Blue Chip Growth	73,000	73,000	77,000
Blue Chip Growth Fund—Advisor Class	9,000	9,000	7,000
Blue Chip Growth Fund—R Class	(a)	(a)	0
Capital Appreciation	84,000	84,000	64,000
Capital Appreciation Fund—Advisor Class	(b)	(b)	(b)
Capital Opportunity	84,000	84,000	64,000
Capital Opportunity Fund—Advisor Class	(b)	(b)	(b)
Capital Opportunity Fund—R Class	(b)	(b)	(b)
Developing Technologies	64,000	64,000	64,000
Diversified Mid-Cap Growth	64,000	(b)	(b)
Diversified Small-Cap Growth	64,000	64,000	64,000
Dividend Growth	64,000	64,000	64,000
Emerging Markets Bond	125,000	105,000	105,000
Equity Income	72,000	73,000	98,000
Equity Income Fund—Advisor Class	10,000	8,000	5,000
Equity Income Fund—R Class	(a)	(a)	0
Equity Index 500	105,000	104,000	65,000
Extended Equity Market Index	104,000	104,000	64,000
Financial Services	64,000	64,000	64,000
Global Technology	84,000	84,000	84,000
Growth & Income	64,000	64,000	84,000
Growth Stock	98,000	101,000	124,000
Growth Stock Fund—Advisor Class	3,000	(a)	0
Growth Stock Fund—R Class	(a)	(a)	0
Health Sciences	104,000	104,000	64,000
Institutional Large-Cap Core Growth	64,000	16,000	(b)
Institutional Large-Cap Growth	64,000	64,000	64,000
Institutional Large-Cap Value	64,000	64,000	64,000
Institutional Mid-Cap Equity Growth	64,000	64,000	64,000
Institutional Small-Cap Stock	64,000	64,000	64,000
International Bond	128,000	111,000	119,000
International Bond Fund—Advisor Class	5,000	2,000	1,000
Media & Telecommunications	64,000	84,000	64,000
Mid-Cap Growth	79,000	80,000	83,000
Mid-Cap Growth Fund—Advisor Class	2,000	1,000	0
Mid-Cap Growth Fund—R Class	(a)	(a)	0
Mid-Cap Value	76,000	79,000	73,000
Mid-Cap Value Fund—Advisor Class	4,000	(a)	0
Mid-Cap Value Fund —R Class	2,000	(a)	0
New America Growth	64,000	64,000	64,000
New Era	64,000	64,000	64,000
New Horizons	84,000	84,000	84,000
Real Estate	64,000	64,000	64,000
Real Estate Fund—Advisor Class	(b)	(b)	(b)
Science & Technology	81,000	82,000	71,000
Science & Technology Fund—Advisor Class	12,000	11,000	8,000
Small-Cap Stock	68,000	69,000	97,000
Small-Cap Stock Fund—Advisor Class	5,000	4,000	2,000
Small-Cap Value	84,000	86,000	77,000
Small-Cap Value Fund—Advisor Class	9,000	7,000	2,000
Spectrum Growth	(c)	(c)	(c)
Spectrum Income	(c)	(c)	(c)
Spectrum International	(c)	(c)	(c)
Total Equity Market Index	104,000	104,000	64,000
Value	69,000	71,000	77,000
Value Fund—Advisor Class	4,000	3,000	2,000

Fund	Payment
Balanced	$236,891
Blue Chip Growth	793,169
Capital Appreciation	267,436
California Tax-Free Bond	697
California Tax-Free Money	1
Capital Opportunity	2,024
Corporate Income	289
Developing Technologies	97
Diversified Mid-Cap Growth	34
Diversified Small-Cap Growth	108
Dividend Growth	13,651
Emerging Europe & Mediterranean	448
Emerging Markets Bond	1,317
Emerging Markets Stock	54,537
Equity Income	1,234,019
Equity Index 500	68,113
European Stock	23,761
Extended Equity Market Index	0
Financial Services	13,800
Florida Intermediate Tax-Free	456
Georgia Tax-Free Bond	554
GNMA	9,495
Government Reserve Investment	0
Global Stock	775
Global Technology	257
Growth & Income	20,541
Growth Stock	260,319
Health Sciences	286,119
High Yield	169,341
Inflation Protected Bond	1,462
Institutional Emerging Markets Equity	0
Institutional Foreign Equity	0
Institutional High Yield	0
Institutional Large-Cap Core Growth	0
Institutional Large-Cap Growth	0
Institutional Large-Cap Value	0
Institutional Mid-Cap Equity Growth	0
Institutional Small-Cap Stock	0
International Bond	106,791
International Discovery	136,274
International Equity Index	0
International Growth & Income	264
International Stock	637,287
Japan	2,215
Latin America	21,451
Maryland Short-Term Tax-Free Bond	2,731
Maryland Tax-Free Bond	10,361
Maryland Tax-Free Money	0
Media & Telecommunications	10,413
Mid-Cap Growth	3,196,302
Mid-Cap Value	335,540
New America Growth	102,316
New Asia	45,804
New Era	71,213
New Horizons	419,914
New Income	31,067
New Jersey Tax-Free Bond	302
New York Tax-Free Bond	772
New York Tax-Free Money	62
Personal Strategy Balanced	132,089
Personal Strategy Growth	81,333
Personal Strategy Income	39,431
Prime Reserve	32,761
Real Estate	11,953
Reserve Investment	0
Retirement 2005	50
Retirement 2010	1,453
Retirement 2015	121
Retirement 2020	1,889
Retirement 2025	47
Retirement 2030	1,081
Retirement 2035	5
Retirement 2040	593
Retirement 2045	(a)
Retirement Income	429
Science & Technology	288,077
Short-Term Bond	4,675
Small-Cap Stock	1,871,505
Small-Cap Value	539,399
Spectrum Growth	114,016
Spectrum Income	1,039,260
Spectrum International	312
Summit Cash Reserves	0
Summit GNMA	0
Summit Municipal Money Market	0
Summit Municipal Intermediate	1,815
Summit Municipal Income	63
Tax-Efficient Balanced	201
Tax-Efficient Growth	0
Tax-Efficient Multi-Cap Growth	114
Tax-Exempt Money	525
Tax-Free High Yield	7,683
Tax-Free Income	8,305
Tax-Free Intermediate Bond	3,566
Tax-Free Short-Intermediate	7,045
Total Equity Market Index	0
U.S. Bond Index	0
U.S. Treasury Intermediate	11,322
U.S. Treasury Long-Term	491
U.S. Treasury Money	34,610
Value	244,899
Virginia Tax-Free Bond	3,806

Fund	Payment
Blue Chip Growth Fund—Advisor Class	$806,846
Blue Chip Growth Fund—R Class	4,878
Capital Appreciation Fund—Advisor Class	(a)
Capital Opportunity Fund—Advisor Class	(a)
Capital Opportunity Fund—R Class	(a)
Equity Income Fund—Advisor Class	1,664,919
Equity Income Fund—R Class	37,898
Growth Stock Fund—Advisor Class	198,223
Growth Stock Fund—R Class	45,823
High Yield Fund—Advisor Class	652,960
International Bond Fund—Advisor Class	19,371
International Growth & Income Fund—Advisor Class	25,710
International Growth & Income Fund— R Class	2,400
International Stock Fund—Advisor Class	2,102
International Stock Fund—R Class	901
Mid-Cap Growth Fund—Advisor Class	230,338
Mid-Cap Growth Fund—R Class	110,116
Mid-Cap Value Fund—Advisor Class	131,346
Mid-Cap Value Fund—R Class	81,763
New Income Fund—Advisor Class	16
New Income Fund—R Class	714
Real Estate Fund—Advisor Class	(a)
Retirement 2010 Fund—Advisor Class	6,313
Retirement 2010 Fund—R Class	1,255
Retirement 2020 Fund-—Advisor Class	2,476
Retirement 2020 Fund—R Class	1,280
Retirement 2030 Fund—Advisor Class	2,134
Retirement 2030 Fund—R Class	765
Retirement 2040 Fund—Advisor Class	559
Retirement 2040 Fund—R Class	174
Retirement Income Fund—Advisor Class	1,089
Retirement Income Fund—R Class	3
Science & Technology Fund—Advisor Class	605,275
Short-Term Bond Fund—Advisor Class	(a)
Small-Cap Stock Fund—Advisor Class	281,294
Small-Cap Value Fund—Advisor Class	424,518
Tax-Free Income Fund—Advisor Class	236,826
Value Fund—Advisor Class	91,739

Fund	Fiscal Year Ended 5/31/04
High Yield Fund—Advisor Class	$1,571,000
New Income Fund—Advisor Class	0
New Income Fund—R Class	6,000
Retirement 2010 Fund—Advisor Class	2,000
Retirement 2010 Fund—R Class	1,000
Retirement 2020 Fund—Advisor Class	0
Retirement 2020 Fund—R Class	2,000
Retirement 2030 Fund—Advisor Class	1,000
Retirement 2030 Fund—R Class	1,000
Retirement 2040 Fund—Advisor Class	1,000
Retirement 2040 Fund—R Class	1,000
Retirement Income Fund—Advisor Class	1,000
Retirement Income Fund—R Class	1,000
Short-Term Bond Fund—Advisor Class	(a)

Fund	Fiscal Year Ended 10/31/04
International Growth & Income Fund—Advisor Class	$46,000
International Growth & Income Fund— R Class	18,000
International Stock Fund—Advisor Class	65,000
International Stock Fund—R Class	7,000

Fund	Fiscal Year Ended 12/31/04
Blue Chip Growth Fund—Advisor Class	$2,050,000
Blue Chip Growth Fund—R Class	73,000
Capital Appreciation Fund—Advisor Class	(a)
Capital Opportunity Fund—Advisor Class	(a)
Capital Opportunity Fund—R Class	(a)
Equity Income Fund—Advisor Class	4,641,000
Equity Income Fund—R Class	219,000
Growth Stock Fund—Advisor Class	559,000
Growth Stock Fund—R Class	253,000
International Bond Fund—Advisor Class	143,000
Mid-Cap Growth Fund—Advisor Class	841,000
Mid-Cap Growth Fund—R Class	592,000
Mid-Cap Value Fund—Advisor Class	406,000
Mid-Cap Value Fund—R Class	433,000
Real Estate Fund—Advisor Class	(a)
Science & Technology Fund—Advisor Class	1,522,000
Small-Cap Stock Fund—Advisor Class	956,000
Small-Cap Value Fund—Advisor Class	1,085,000
Value Fund—Advisor Class	233,000

Fund	Fiscal Year Ended
	2/28/05	%	2/29/04	%	2/28/03	%
California Tax-Free Bond	$247,000	(a)	$150,000	(a)	$182,000	(a)
California Tax-Free Money	1,000	(a)	1,000	(a)	4,000	(a)
Florida Intermediate Tax-Free	8,000	(a)	17,000	(a)	24,000	(a)
Georgia Tax-Free Bond	98,000	(a)	39,000	(a)	52,000	(a)
Maryland Short-Term Tax-Free Bond	27,000	(a)	112,000	(a)	84,000	(a)
Maryland Tax-Free Bond	362,000	(a)	584,000	(a)	385,000	(a)
Maryland Tax-Free Money	1,000	(a)	0	(a)	3,000	(a)
New Jersey Tax-Free Bond	118,000	(a)	67,000	(a)	91,000	(a)
New York Tax-Free Bond	215,000	(a)	176,000	(a)	289,000	(a)
New York Tax-Free Money	0	(a)	0	(a)	4,000	(a)
Tax-Efficient Balanced	1,000	0.0	1,000	0.0	4,000	0.0
Tax-Efficient Growth	10,000	0.20	10,000	0.0	18,000	0.0
Tax-Efficient Multi-Cap Growth	5,000	3.01	5,000	0.0	15,000	0.0
Tax-Exempt Money	6,000	(a)	0	(a)	69,000	(a)
Tax-Free High Yield	842,000	(a)	1,003,000	(a)	1,148,000	(a)
Tax-Free Income	1,222,000	(a)	1,007,000	(a)	959,000	(a)
Tax-Free Intermediate Bond	76,000	(a)	80,000	(a)	87,000	(a)
Tax-Free Short-Intermediate	155,000	(a)	188,000	(a)	172,000	(a)
Virginia Tax-Free Bond	205,000	(a)	212,000	(a)	254,000	(a)

		Fiscal Year Ended 2/28/05
Fund	Broker	Value of Stock Holdings	Value of Bond Holdings
Tax-Efficient Balanced
	Citigroup	$506,000	—
	State Street	434,000	—
Tax-Efficient Growth
	Citigroup	$1,847,000	—
	State Street	1,574,000	—
Tax-Efficient Multi-Cap Growth
	Legg Mason	$109,000	—
	Lehman Brothers	69,000	—
	State Street	224,000	—

Service Provider	Service
PricewaterhouseCoopers LLP	Independent Registered Public Accounting Firm
JP Morgan Chase, London	Custodian
State Street Bank	Custodian
Charles River	Systems Vendor
Citigroup	Systems Vendor
COR	Systems Vendor
DSTI	Systems Vendor
GCom	Systems Vendor
Institutional Shareholder Services	Systems Vendor
Interactive Data	Systems Vendor
Investor Tools, Inc.	Systems Vendor
Lehman Brothers	Systems Vendor
Merant	Systems Vendor
Merrin Macgregor	Systems Vendor
Mosiki	Systems Vendor
Perot Systems	Systems Vendor
REMO	Systems Vendor
SmartStream Technologies	Systems Vendor
Vision	Systems Vendor
Wilshire	Systems Vendor
FT Interactive Data	Pricing Vendor
JP Morgan	Pricing Vendor
Reuters Fixed Income	Pricing Vendor
S&P/JJ Kenny	Pricing Vendor