EX-99 4 retsum-trowepricejuly05.htm PARTCIPANTS ACCOUNT SUMMARY

Exhibit 99

 

COSTCO 401(K)

RETIREMENT PLAN

c/o T. Rowe Price, PO Box 17349

Baltimore MD 21297-1349

 

[Name and Address of Participant]

 

Account At a Glance

 

Beginning Balance

$5,280.22

+ Cash In

$3,901.40

- Cash Out

-$2,550.00

+ Gain/Loss

$664.24

Ending Balance

$7,295.86

+ Outstanding Loan Balance

$2,328.20

Total Account Value

$9,624.06

 

 

Vested Balance

$7,295.86

Change this Period

$2,015.64

 

Cash In is the total of all contributions or payments made to your account; Cash Out is the total of all amounts taken out.

 

Gain/Loss is the total of increases and/or reductions in value for all investments in your account.

 

Account Growth

 

[Graph - Line Graph]

 

 

Ending Balance

Employee + Employer Contributions

Employee Contributions

 

This chart tracks the growth over time of your investments and contributions. Any balance transferred from a previous recordkeeper will be shown as a "conversion in."

 

_______________________

Retirement Account Summary

 

November 16, 2003 to November 17, 2004

 

Review your account online: http://rps.troweprice.com or call: 1-800-922-9945

 

To change your name/address: If active: contact payroll; If terminated: contact T. Rowe Price.

 

Please review your statement and report any errors to T. Rowe Price within 6

days.

 

 

Account Allocation

 

[Graph - Pie Chart]

 

12.4% Growth

 

87.6% Income

 

Percentages are rounded

 

Account Allocation shows how the money you've previously invested is distributed over different investment categories.

Future Investments (shown in subsequent modules) shows how any new contributions will be distributed.

 

 

 

Page 1 of 8

 

 

 

[Name of participant] Retirement Account Summary

November 16, 2003 to November 17, 2004

 

 

 

 

About Your Retirement Plan

 

This statement includes payroll dates of 7/9, 7/23, 8/6, 8/20, 9/3, and 9/17. A convenient way to automatically increase your plan contributions each year is now available. Experts suggest increasing your contributions with each salary increase so the effect on your take-home pay is not as noticeable. When the auto-increase service is activated, your payroll deductions increase automatically for you, so you don't ever have to worry about it. Simply call the Plan Account Line at 1-800-922-9945, or log in to myRetirementPlan at rps.troweprice.com, click the My Services tab, and select Auto-Increase.

 

 

Contributions

 


Contribution Type


This Period

Since Joining
T. Rowe Price

Employee Contributions per Pay Period
Salary Deferral


1%

Pre Tax

$1,102.09

$1,923.81

 

 

Employee Total

$1,102.09

$1,923.81

 

 

Company Match

$546.62

$957.50

 

 

Profit Sharing

$2,036.13

$5,525.50

 

 

Employer Total

$2,582.75

$6,483.00

 

 

 

This section shows contributions made to your account, net of any contributions that may have been returned to you as an excess. It does not reflect any money you may have taken out of your account

 

Investment Summary

 

 

Current Allocation
as of November 17, 2004

 

Future Investments
as of November 24, 2004

Investment

Number of
Shares

Share
Price

Ending
Balance

% of
Assets

 


Pre-tax

Growth

 

 

 

 

 

 

 

Costco Stock

6.8642

$48.97

$336.14

4.6%

 

10%

T. Rowe Price Equity Index 500

8.7624

$31.92

$279.69

3.8%

 

10%

T. Rowe Price Mid Cap Growth

5.9799

$48.91

$292.48

4.0%

 

10%

Total Growth

 

 

 

12.4%

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

T. Rowe Price Spectrum Income

529.2090

$12.07

$6,387.55

87.6%

 

70%

Total Income

 

 

 

87.6%

 

 

 

 

 

 

 

 

 

Total

 

 

$7,295.86

100%

 

100.0%

 

 

 

 

 

 

 

Outstanding Loan Balance

 

 

$2,328.20

 

 

 

 

 

 

 

 

 

 

Total Account Value

 

 

$9,624.06

 

 

 

 

 

The percent of assets column reflects how your current assets are allocated. Future investments percentages show how new money will be allocated to your account as of the date in the section heading.

Costco Stock

average cost : $38.7

cost basis : $266.11

At the point of distribution, there is no tax implication of cost basis for investments other than company stock held in a retirement account.

 

Activity by Investment

 

 

 

 

 

Gain/Loss

 

Investment

Beginning
Balance

Cash In and Transfers In

Cash Out and
Transfer Out


Dividends

Market
Fluctuation

Ending
Balance

Growth

 

 

 

 

 

 

Costco Stock

$0.00

$354.63

-$95.04

$1.23

$75.32

$336.14

T. Rowe Price Equity Index 50

$0.00

$354.52

-$90.87

$2.41

$13.63

$279.69

T. Rowe Price Mid Cap Growth

$0.00

$354.61

-$92.32

$0.00

$30.19

$292.48

 

 

 

 

 

 

 

 

 

 

 

Page 2 of 8

 

 

 

[Name of participant] Retirement Account Summary

November 16, 2003 to November 17, 2004

 

 

 

 

Income

 

 

 

 

 

 

T. Rowe Price Spectrum Income

$5,280.22

$2,837.64

-$2,271.77

$296.85

$244.61

$6,387.55

Total

$5,280.22

$3,901.40

-$2,550.00

$300.49

$363.75

$7,295.86

 

 

 

 

 

 

 

Outstanding Loan Balance

 

 

 

 

 

$2,328.20

 

 

 

 

 

 

 

Total Account Value

 

 

 

 

 

$9,624.06

 

 

What has your fund earned? Don't be misled by the market fluctuation number, which shows only the change in the fund's share price since your last statement. It does not reflect the fund's payment of dividends and interest, nor the reinvestment of dividends and interest into your account. When reviewing gain/loss, look at both the market fluctuation and the dividends and interest paid to determine performance.

 

Loan Summary

 

 

 

 

 

 

 

This Period

 

Loan
Number

Loan
Amount

Loan
Rate

Loan
Date

Estimated
Payoff Date

Principal
Payment

Interest
Payment

Outstanding
Balance

 

 

 

 

 

 

 

 

Loan 01

$2,500.00

6.000%

07/20/2004

07/2008

$171.80

$44.76

$2,328.20

 

 

The payoff date is estimated and may change if you make pre-payments on your loan.

 

Your outstanding loan balance represents 24.19% of your total account value.

 

Beneficiary Information

 

You have not designated a beneficiary for your retirement account. Federal law generally dictates that your spouse is automatically the beneficiary of all or a portion of your savings plan if you die. Contact T. Rowe Price if you need a beneficiary form or if you want to designate a new beneficiary.

 

Transaction Detail

 

 

 

Transaction Information

 

Running Balance


Fund/Date


Transaction


Amount

Share
Price

Number of
Shares

 

Shares
Owned

 

 

 

 

 

 

 

Growth

 

 

 

 

 

Costco Stock (Average cost per share $38.77)

 

 

 

 

 

11/15/2003

Beginning Balance

$0.00

$34.16

0.0000

 

0.0000

01/27/2004

Contribution

$6.27

$37.15

0.1688

 

0.1688

02/10/2004

Contribution

$7.10

$38.80

0.1830

 

0.3518

02/24/2004

Contribution

$5.90

$38.59

0.1528

 

0.5046

03/10/2004

Contribution

$7.05

$37.85

0.1863

 

0.6909

03/12/2004

Contribution

$203.61

$37.76

5.3915

 

6.0824

03/24/2004

Contribution

$6.27

$36.56

0.1715

 

6.2539

05/04/2004

Contribution

$11.62

$37.69

0.3083

 

6.5622

05/18/2004

Contribution

$10.50

$36.49

0.2877

 

6.8499

06/01/2004

Dividend

$0.66

$38.02

0.0174

 

6.8673

06/02/2004

Contribution

$11.88

$38.47

0.3088

 

7.1761

06/15/2004

Contribution

$8.04

$41.58

0.1934

 

7.3695

06/29/2004

Contribution

$10.99

$40.93

0.2685

 

7.6380

07/13/2004

Contribution

$11.33

$41.15

0.2754

 

7.9134

07/20/2004

Loan Withdrawal

-$92.05

$40.97

-2.2465

 

5.6669

07/21/2004

Fee

-$2.99

$41.46

-0.0721

 

5.5948

07/27/2004

Contribution

$12.09

$40.96

0.2952

 

5.8900

08/10/2004

Contribution

$2.40

$40.72

0.0589

 

5.9489

 

Loan Repayment

$2.71

$40.72

0.0665

 

6.0154

 

 

 

 

Page 3 of 8

 

 

 

[Name of participant] Retirement Account Summary

November 16, 2003 to November 17, 2004

 

Transaction Detail (continued)

 

 

 

Transaction Information

 

Running Balance


Fund/Date


Transaction


Amount

Share
Price

Number of
Shares

 

Shares
Owned

 

 

 

 

 

 

 

 

 

 

 

08/24/2004

Contribution

$2.15

$42.09

0.0511

 

6.0665

 

Loan Repayment

$2.71

$42.09

0.0644

 

6.1309

08/27/2004

Dividend

$0.57

$42.14

0.0135

 

6.1444

09/08/2004

Contribution

$2.38

$40.45

0.0588

 

6.2032

 

Loan Repayment

$2.71

$40.45

0.0669

 

6.2701

09/21/2004

Contribution

$2.19

$41.34

0.0530

 

6.3231

 

Loan Repayment

$2.71

$41.34

0.0656

 

6.3887

10/05/2004

Contribution

$4.81

$43.43

0.1107

 

6.4994

 

Loan Repayment

$2.71

$43.43

0.0624

 

6.5618

10/19/2004

Contribution

$2.06

$46.24

0.0445

 

6.6063

 

Loan Repayment

$2.71

$46.24

0.0586

 

6.6649

11/02/2004

Contribution

$2.42

$48.72

0.0496

 

6.7145

 

Loan Repayment

$2.71

$48.72

0.0556

 

6.7701

11/17/2004

Contribution

$1.89

$48.90

0.0387

 

6.8088

 

Loan Repayment

$2.71

$48.90

0.0554

 

6.8642

 

T. Rowe Price Equity Index 500 (Average cost per share $30.22)

11/15/2003

Beginning Balance

$0.00

$28.35

0.0000

 

0.0000

01/27/2004

Contribution

$6.26

$30.82

0.2031

 

0.2031

02/10/2004

Contribution

$7.09

$30.88

0.2296

 

0.4327

02/24/2004

Contribution

$5.89

$30.73

0.1917

 

0.6244

03/10/2004

Contribution

$7.05

$30.34

0.2324

 

0.8568

03/12/2004

Contribution

$203.62

$30.26

6.7290

 

7.7988

03/29/2004

Dividend

$0.70

$30.23

0.0232

 

7.8220

05/04/2004

Contribution

$11.63

$30.18

0.3854

 

8.2074

05/18/2004

Contribution

$10.49

$29.45

0.3562

 

8.5636

06/02/2004

Contribution

$11.87

$30.38

0.3907

 

8.9543

06/15/2004

Contribution

$8.04

$30.58

0.2629

 

9.2172

06/28/2004

Dividend

$0.91

$30.52

0.0298

 

9.2470

06/29/2004

Contribution

$11.00

$30.60

0.3594

 

9.6064

07/13/2004

Contribution

$11.32

$30.05

0.3767

 

9.9831

07/20/2004

Loan Withdrawal

-$88.95

$29.88

-2.9769

 

7.0062

07/21/2004

Fee

-$1.92

$29.48

-0.0651

 

6.9411

07/27/2004

Contribution

$12.09

$29.51

0.4097

 

7.3508

08/10/2004

Contribution

$2.39

$29.10

0.0821

 

7.4329

 

Loan Repayment

$2.70

$29.10

0.0928

 

7.5257

08/24/2004

Contribution

$2.14

$29.59

0.0723

 

7.5980

 

Loan Repayment

$2.71

$29.59

0.0916

 

7.6896

09/08/2004

Contribution

$2.38

$30.16

0.0789

 

7.7685

 

Loan Repayment

$2.71

$30.16

0.0898

 

7.8583

09/21/2004

Contribution

$2.19

$30.52

0.0717

 

7.9300

 

Loan Repayment

$2.70

$30.52

0.0885

 

8.0185

09/28/2004

Dividend

$0.80

$29.91

0.0267

 

8.0452

10/05/2004

Contribution

$4.81

$30.57

0.1574

 

8.2026

 

Loan Repayment

$2.70

$30.57

0.0883

 

8.2909

10/19/2004

Contribution

$2.05

$29.74

0.0690

 

8.3599

 

Loan Repayment

$2.71

$29.74

0.0912

 

8.4511

11/02/2004

Contribution

$2.41

$30.49

0.0790

 

8.5301

 

Loan Repayment

$2.70

$30.49

0.0885

 

8.6186

11/17/2004

Contribution

$1.88

$31.92

0.0589

 

8.6775

 

Loan Repayment

$2.71

$31.92

0.0849

 

8.7624

11/17/2004

Ending Balance

$279.69

$31.92

8.7624

 

8.7624

 

 

T. Rowe Price Mid Cap Growth (Average cost per share $43.88)

11/15/2003

Beginning Balance

$0.00

$41.31

0.0000

 

0.0000

01/27/2004

Contribution

$6.26

$44.46

0.1408

 

0.1408

02/10/2004

Contribution

$7.10

$44.66

0.1590

 

.2998

02/24/2004

Contribution

$5.90

$43.77

0.1348

 

0.4346

03/10/2004

Contribution

$7.04

$43.54

0.1617

 

0.5963

03/12/2004

Contribution

$203.61

$43.70

4.6593

 

5.2556

 

 

Page 4 of 8

 

 

 

[Name of participant] Retirement Account Summary

November 16, 2003 to November 17, 2004

 

Transaction Detail (continued)

 

 

 

Transaction Information

 

Running Balance


Fund/Date


Transaction


Amount

Share
Price

Number of
Shares

 

Shares
Owned

 

 

 

 

 

 

 

 

 

 

 

03/24/2004

Contribution

$6.28

$42.52

0.1477

 

5.4033

05/04/2004

Contribution

$11.61

$44.39

0.2616

 

5.6649

05/18/2004

Contribution

$10.49

$43.12

0.2432

 

5.9081

06/02/2004

Contribution

$11.87

$45.09

0.2632

 

6.1713

06/15/2004

Contribution

$8.05

$45.09

0.1785

 

6.3498

06/29/2004

Contribution

$10.98

$45.79

0.2398

 

6.5896

07/13/2004

Contribution

$11.33

$44.36

0.2554

 

6.8450

07/20/2004

Loan Withdrawal

-$90.56

$44.40

-2.0396

 

4.8054

07/21/2004

Fee

-$1.76

$43.44

-0.0405

 

4.7649

07/27/2004

Contribution

$12.09

$42.95

0.2815

 

5.0464

08/10/2004

Contribution

$2.39

$41.82

0.0572

 

5.1036

 

Loan Repayment

$2.71

$41.82

0.0648

 

5.1684

08/24/2004

Contribution

$2.15

$42.76

0.0502

 

5.2186

 

Loan Repayment

$2.71

$42.76

0.0633

 

5.2819

09/08/2004

Contribution

$2.38

$43.82

0.0543

 

5.3362

 

Loan Repayment

$2.71

$43.82

0.0618

 

5.3980

09/21/2004

Contribution

$2.20

$45.36

0.0485

 

5.4465

 

Loan Repayment

$2.71

$45.36

0.0597

 

5.5062

10/05/2004

Contribution

$4.81

$46.13

0.1043

 

5.6105

 

Loan Repayment

$2.72

$46.13

0.0589

 

5.6694

10/19/2004

Contribution

$2.07

$44.97

0.0460

 

5.7154

 

Loan Repayment

$2.71

$44.97

0.0602

 

5.7756

11/02/2004

Contribution

$2.42

$46.52

0.0520

 

5.8276

 

Loan Repayment

$2.71

$46.52

0.0582

 

5.8858

11/17/2004

Contribution

$1.89

$48.91

0.0387

 

5.9245

 

Loan Repayment

$2.71

$48.91

0.0554

 

5.9799

11/17/2004

Ending Balance

$292.48

$48.91

5.9799

 

5.9799

 

 

Income

T. Rowe Price Spectrum Income (Average cost per share $11.17)

11/15/2003

Beginning Balance

$5,280.22

$11.54

457.5580

 

457.5580

11/19/2003

Contribution

$70.52

$11.53

6.1160

 

463.6740

11/28/2003

Dividend

$16.62

$11.54

1.4410

 

465.1150

12/03/2003

Contribution

$70.10

$11.58

6.0530

 

471.1680

12/17/2003

Contribution

$62.78

$11.66

5.3842

 

476.5522

 

Dividend

$28.28

$11.66

2.4254

 

478.9776

12/31/2003

Contribution

$72.92

$11.77

6.1954

 

485.1730

 

Dividend

$23.82

$11.77

2.0237

 

487.1967

01/13/2004

Contribution

$79.46

$11.91

6.6717

 

493.8684

01/27/2004

Contribution

$43.85

$11.94

3.6726

 

497.5410

01/30/2004

Dividend

$18.57

$11.84

1.5683

 

499.1093

02/10/2004

Contribution

$49.68

$11.90

4.1748

 

503.2841

02/24/2004

Contribution

$41.26

$11.89

3.4701

 

506.7542

02/27/2004

Dividend

$17.88

$11.88

1.5050

 

508.2592

03/10/2004

Contribution

$49.33

$11.88

4.1523

 

512.4115

03/12/2004

Contribution

$1,425.29

$11.86

120.1762

 

632.5877

03/24/2004

Contribution

$43.92

$11.84

3.7095

 

636.2972

03/31/2004

Dividend

$25.36

$11.89

2.1329

 

638.4301

04/30/2004

Dividend

$26.28

$11.61

2.2636

 

640.6937

05/04/2004

Contribution

$81.36

$11.63

6.9957

 

647.6894

05/18/2004

Contribution

$73.46

$11.42

6.4326

 

654.1220

05/28/2004

Dividend

$23.74

$11.55

2.0554

 

656.1774

06/02/2004

Contribution

$83.11

$11.54

7.2019

 

663.3793

06/15/2004

Contribution

$56.30

$11.55

4.8745

 

668.2538

06/29/2004

Contribution

$76.95

$11.59

6.6393

 

674.8931

06/30/2004

Dividend

$30.26

$11.62

2.6041

 

677.4972

07/13/2004

Contribution

$79.26

$11.65

6.8034

 

684.3006

07/20/2004

Loan Withdrawal

-$2,228.44

$11.68

-190.7911

 

493.5095

07/21/2004

Fee

-$43.33

$11.62

-3.7289

 

489.7806

07/27/2004

Contribution

$84.65

$11.57

7.3164

 

497.0970

07/30/2004

Dividend

$24.49

$11.61

2.1094

 

499.2064

08/10/2004

Contribution

$16.76

$11.66

1.4374

 

500.6438

 

 

 

 

Page 5 of 8

 

 

 

[Name of participant] Retirement Account Summary

November 16, 2003 to November 17, 2004

 

Transaction Detail (continued)

 

 

 

Transaction Information

 

Running Balance


Fund/Date


Transaction


Amount

Share
Price

Number of
Shares

 

Shares
Owned

 

 

 

 

 

 

 

 

 

 

 

 

Loan Repayment

$18.95

$11.66

1.6252

 

502.2690

08/24/2004

Contribution

$15.00

$11.69

1.2831

 

503.5521

 

Loan Repayment

$18.94

$11.69

1.6202

 

505.1723

08/31/2004

Dividend

$18.89

$11.76

1.6064

 

506.7787

09/08/2004

Contribution

$16.64

$11.77

1.4137

 

508.1924

 

Loan Repayment

$18.94

$11.77

1.6092

 

509.8016

09/21/2004

Contribution

$15.35

$11.86

1.2943

 

511.0959

 

Loan Repayment

$18.95

$11.86

1.5978

 

512.6937

09/30/2004

Dividend

$22.76

$11.82

1.9255

 

514.6192

10/05/2004

Contribution

$33.65

$11.84

2.8420

 

517.4612

 

Loan Repayment

$18.94

$11.84

1.5997

 

519.0609

10/19/2004

Contribution

$14.40

$11.84

1.2162

 

520.2771

 

Loan Repayment

$18.94

$11.84

1.5997

 

521.8768

10/29/2004

Dividend

$19.90

$11.95

1.6652

 

523.5420

11/02/2004

Contribution

$16.89

$11.93

1.4157

 

524.9577

 

Loan Repayment

$18.95

$11.93

1.5885

 

526.5462

11/17/2004

Contribution

$13.20

$12.07

1.0936

 

527.6398

 

Loan Repayment

$18.94

$12.07

1.5692

 

529.2090

11/17/2004

Ending Balance

$6,387.55

$12.07

529.2090

 

529.2090

 

 

A Word from T. Rowe Price

 

Announcing: Costco Common Stock Dividend Election

Your dividend on Costco stock held in your Plan account on a dividend record date will be used to purchase additional shares of Costco stock unless you elect to receive a check for the dividend. This change takes effect in Oct. 2004. If you choose to receive a dividend check, it will be taxed as ordinary income and will not be eligible for rollover to an IRA. If you would like to receive your dividend via check, you should contact T. Rowe Price after 10/15/2004 but no later than 4 p.m. Eastern time of the last business day before the dividend payment date. Your election to reinvest or receive a check will continue for future Costco stock dividends until you change your election by contacting T. Rowe Price by phone at the number on this statement.

 

Additional Investment Information

 

Prospectuses, annual and semi-annual reports for T. Rowe Price Mutual Funds are available online at rps.troweprice.com. For information on how to obtain prospectuses, annual and semi-annual reports for other plan investments, call your plan's toll-free number.

 

Effective 1/1/05, the T. Rowe Price Funds' Excessive Trading Policy will be modified to permit one "round trip" (one purchase and one sale or one sale and one purchase) in a T. Rowe Price Fund every 90 calendar days. The previous policy had a 120 day period. The policy applies to participant-directed exchanges. These changes will apply to all shares purchased prior to and after this date.

 

Performance September 30, 2004

 

Your
Funds


Investment

3 Months


Date

1 Year

3 Years

5 Years

10 Years

Since
Inception

Inception
Date

 

 

 

 

 

 

 

 

 

 

 

Your Account Return

1.55%

2.93%

7.71%

7.82%

-

-

7.56%

02/28/2001

 

Growth

 

 

 

 

 

 

 

 

 

American New Perspective

-1.19%

1.71%

17.65%

9.12%

3.95%

11.24%

-

03/13/1973

Þ

Costco Stock

1.05%

12.23%

33.95%

5.47%

3.00%

17.91%

-

10/22/1993

 

Davis New York Venture A Fund

-1.18%

3.23%

19.05%

8.02%

4.27%

13.28%

-

02/17/1969

 

Growth Fund of America

-2.34%

2.12%

14.56%

7.51%

4.53%

13.68%

-

11/01/1958

Þ

T. Rowe Price Equity Index 500

-1.95%

1.23%

13.48%

3.77%

-1.57%

10.78%

-

03/30/1990

 

 

 

 

Page 6 of 8

 

 

 

[Name of participant] Retirement Account Summary

November 16, 2003 to November 17, 2004

 

Performance September 30, 2004

 

Your
Funds


Investment

3 Months


Date

1 Year

3 Years

5 Years

10 Years

Since
Inception

Inception
Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

S&P 500 Index

-1.87%

1.51%

13.87%

4.05%

-1.31%

11.08% -

-

 

 

 

T. Rowe Price International Stock

-1.97%

-.35%

14.34%

5.54%

-2.91%

3.23%

-

05/09/1980

 

 

Lipper Int'l Large Cap Growth Funds Average

-1.57%

-.22%

15.36%

3.25%

-5.35%

1.74%

-

-

 

 

 

 

 

 

 

 

 

 

 

 

Þ

T. Rowe Price Mid Cap Growth

-2.14%

5.41%

18.44%

11.65%

7.93%

14.33%

-

06/30/1992

 

Lipper Mid-Cap Growth Fund Index

-4.81%

.22%

11.22%

4.98%

-.99%

8.49%

-

-

 

T. Rowe Price Small Cap Stock

-1.53%

5.54%

19.98%

12.66%

10.90%

12.99%

-

06/01/1956

 

Lipper Small-Cap Core Fund Index

-1.43%

6.22%

21.99%

13.77%

10.50%

11.64%

-

-

 

Vanguard Asset Allocation Fund

.00%

2.49%

12.75%

5.85%

2.70%

11.22%

-

11/03/1988

 

Asset Allocation Composite Index

-.06%

2.11%

9.91%

4.93%

2.03%

10.04%

-

-

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

 

 

 

 

 

 

Þ

T. Rowe Price Spectrum Income

2.79%

3.57%

8.39%

8.96%

7.54%

8.17%

-

06/29/1990

 

 

 

 

 

 

 

 

 

 

 

Stability

 

 

 

 

 

 

 

 

 

Lipper General Bond Funds Average

2.22%

2.45%

3.93%

5.10%

5.85%

7.16%

-

-

 

TRP Stable Value Fund Sch A

.99%

3.01%

4.09%

4.73%

5.27%

5.71%

-

09/12/1988

 

Citigroup 3-Mos Treasury Bill Index

.32%

.79%

1.03%

1.41%

2.96%

4.08%

-

-

 

 

 

 

 

Page 7 of 8

 

 

 

[Name of participant] Retirement Account Summary

November 16, 2003 to November 17, 2004

 

 

 

T. Rowe Price Market Review

 

Market Review: 3rd Quarter 2004

 

Stocks Fell, Bonds Rose Amid Period of Modest Growth

U.S. stocks fell in the third quarter as the economy moved through a period of softer-than-expected growth and investors grew concerned about a general slowdown of corporate earnings growth. The economic deceleration was partially attributable to rising oil prices - which neared $5 per barrel at the end of September - and higher short-term interest rates. The Federal Reserve, which raised the federal funds target rate from 1.00% to 1.25% on June 30, authorized two additional quarter-point rate increases in the last three months. These actions lifted the target rate to 1.75%.

 

Growth

Small- and mid-cap shares fared worse than their larger counterparts. For the quarter, the small-cap Russell 2000 Index and the S&P MidCap 400 Index returned -2.86% and -2.10% respectively, versus -1.87% for the large-cap S&P 500 Index. As measured by various Russell indexes, value stocks strongly outperformed growth across all market capitalizations. Among larger companies, most sectors declined, but information technology, consumer staples, and health care shares fared worst. On the plus side, energy shares surged, while utilities and telecommunications services stocks produced milder gains.

 

Income

U.S. bonds performed well in the third quarter. Short-term interest rates rose, tracking the Fed's rate increases, but long-term interest rates declined and finished the period near six-month lows. Consequently, long-term Treasuries fared best, but high-yield and investment-grade corporate and municipal bonds also performed well. Mortgage- and asset-backed securities trailed somewhat. The Lehman Brothers U.S. Aggregate Index, a broad measure of the domestic investment-grade bond market, returned 3.20% for the period.

 

Stability

During the quarter, money market rates rose - with increases ranging from a quarter to a half of a percentage point. For example, the three-month Treasury bill (T-bill) went from 1.26% to 1.70%; the six-month T-bill went from 1.64% to 1.99%; and 90-day commercial paper went from 1.51% to 1.90%.

 

 

 

 

Page 8 of 8