----

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| 1 |  | About the Fund                                        |    |
|---|--|-------------------------------------------------------|----|
|   |  | Objective, Strategy, Risks, and Expenses              | 1  |
|   |  | Other Information About the Fund                      | 5  |
|   |  |                                                       |    |
| 2 |  | Information About Accounts in T. RowePrice Funds |    |
|   |  | Pricing Shares and Receiving Sale Proceeds            | 8  |
|   |  | Useful Information on Distributionsand Taxes          | 14 |
|   |  | Transaction Procedures and Special Requirements       | 20 |
|   |  | Account Maintenance and Small Account Fees            | 23 |
|   |  |                                                       |    |
| 3 |  | More About the Fund                                   |    |
|   |  | Organization and Management                           | 25 |
|   |  | Understanding Performance Information                 | 27 |
|   |  | Investment Policies and Practices                     | 28 |
|   |  | Disclosure of Fund Portfolio Information              | 33 |
|   |  | Financial Highlights                                  | 34 |
|   |  |                                                       |    |
| 4 |  | Investing With T. Rowe Price                          |    |
|   |  | Account Requirements and Transaction Information      | 36 |
|   |  | Opening a New Account                                 | 37 |
|   |  | Purchasing Additional Shares                          | 39 |
|   |  | Exchanging and Redeeming Shares                       | 40 |
|   |  | Rights Reserved by the Funds                          | 42 |
|   |  | Information About Your Services                       | 43 |
|   |  | T. Rowe Price Brokerage                          | 45 |
|   |  | Investment Information                                | 46 |
|   |  | T. Rowe Price Privacy Policy                     | 48 |

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|                                                              | Periods ended December 31, 2005 |        |        |  |
|--------------------------------------------------------------|---------------------------------|--------|--------|--|
||
| Small-Cap Value Fund                                         |                                 |        |        |  |
| Returns before taxes                                         | 8.74%                           | 17.44% | 14.21% |  |
| Returns after taxes on distributions                         | 7.95                            | 16.80  | 12.83  |  |
| Returns after taxes on distributions and sale of fund shares | 6.78                            | 15.20  | 11.96  |  |
| Russell 2000 Index                                           | 4.55                            | 8.22   | 9.26   |  |
| Lipper Small-Cap Core Funds Index                            | 7.56                            | 9.19   | 10.80  |  |

| Shareholder fees (fees paid directly from your investment) |       |  |
|------------------------------------------------------------|-------|--|
||
||
| Management fee                                             | 0.66% |  |
| Other expenses                                             | 0.18% |  |
| Total annual fund operating expenses                       | 0.84% |  |

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| 1 year | 3 years | 5 years | 10 years |
|-------------|--------------|--------------|---------------|
| $86         | $268         | $466         | $1,037        |

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| T. Rowe PriceFunds With Redemption Fees   |      |                  |  |
|------------------------------------------------|------|------------------|--|
||
| Developing Technologies                        | 1%   | 90 days/3 months |  |
| Diversified Small-Cap Growth                   | 1%   | 90 days/3 months |  |
| Emerging Europe & Mediterranean            | 2%   | 90 days/3 months |  |
| Emerging Markets Bond                          | 2%   | 90 days/3 months |  |
| Emerging Markets Stock                         | 2%   | 90 days/3 months |  |
| Equity Index 500                               | 0.5% | 90 days/3 months |  |
| European Stock                                 | 2%   | 90 days/3 months |  |
| Extended Equity Market Index                   | 0.5% | 90 days/3 months |  |
| Global Stock                                   | 2%   | 90 days/3 months |  |
| High Yield                                     | 1%   | 90 days/3 months |  |
| International Bond                             | 2%   | 90 days/3 months |  |
| International Discovery                        | 2%   | 90 days/3 months |  |
| International Equity Index                     | 2%   | 90 days/3 months |  |
| International Growth & Income              | 2%   | 90 days/3 months |  |
| International Stock                            | 2%   | 90 days/3 months |  |
| Japan                                          | 2%   | 90 days/3 months |  |
| Latin America                                  | 2%   | 90 days/3 months |  |
| New Asia                                       | 2%   | 90 days/3 months |  |
| Real Estate                                    | 1%   | 90 days/3 months |  |
| Small-Cap Value                                | 1%   | 90 days/3 months |  |
| Spectrum International                         | 2%   | 90 days/3 months |  |
| Tax-Efficient Balanced                         | 1%   | 1 year           |  |
| Tax-Efficient Growth                           | 1%   | 1 year           |  |
| Tax-Efficient Multi-Cap Growth                 | 1%   | 1 year           |  |
| Total Equity Market Index                      | 0.5% | 90 days/3 months |  |
| U.S. Bond Index                                | 0.5% | 90 days/3 months |  |

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| Fund                       | Dividends                                                                                                                                                                                                       |  |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|
| Money market funds         | Purchases received by T. Rowe Price by noon ET via wire begin to earn dividends on that day. Other shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. |  |
|                            | Declared daily and paid on the first business day of each month.                                                                                                                                                |  |
| Bond funds                 | Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price.                                                                                                         |  |
|                            | Declared daily and paid on the first business day of each month.                                                                                                                                                |  |
| These stock funds only:    | Declared quarterly, if any, in March, June, September, and December.                                                                                                                                            |  |
| Balanced                   | Must be a shareholder on the dividend record date.                                                                                                                                                              |  |
| Dividend Growth            |                                                                                                                                                                                                                 |  |
| Equity Income              |                                                                                                                                                                                                                 |  |
| Equity Index 500           |                                                                                                                                                                                                                 |  |
| Growth & Income        |                                                                                                                                                                                                                 |  |
| Personal Strategy Balanced |                                                                                                                                                                                                                 |  |
| Personal Strategy Income   |                                                                                                                                                                                                                 |  |
| Real Estate                |                                                                                                                                                                                                                 |  |
| Retirement Funds:          |                                                                                                                                                                                                                 |  |
| Retirement Income          | Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price.                                                                                                         |  |
|                            | Paid on the first business day of each month.                                                                                                                                                                   |  |
| All others                 | Declared annually, if any, generally in December.                                                                                                                                                               |  |
|                            | Must be a shareholder on the dividend record date.                                                                                                                                                              |  |
| Tax-Efficient Balanced     | Municipal Portion                                                                                                                                                                                               |  |
|                            | Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price.                                                                                                         |  |
|                            | Paid on the last business day of March, June, September, and December.                                                                                                                                          |  |
|                            | Equity Portion                                                                                                                                                                                                  |  |
|                            | Declared annually, if any, generally in December.                                                                                                                                                               |  |
|                            | Must be a shareholder on the dividend record date.                                                                                                                                                              |  |
| Other stock funds          | Declared annually, if any, generally in December.                                                                                                                                                               |  |
|                            | Must be a shareholder on the dividend record date.                                                                                                                                                              |  |

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| Tax-Free and Municipal Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|
| Regular monthly dividends (including those from the state-specific tax-free funds) are expected to be exempt from federal income taxes.Exemption is not guaranteed, since the fund has the right under certain conditions to invest in nonexempt securities.You must report your total tax-free income on IRS Form 1040. The IRS uses this information to help determine the tax status of any Social Security payments you may have received during the year.Tax-exempt dividends paid to Social Security recipients may increase the portion of benefits that is subject to tax.For state-specific funds, the monthly dividends you receive are expected to be exempt from state and local income tax. For other funds, a small portion of your income dividend may be exempt from state and local income taxes.If the funds invest in certain "private activity" bonds, shareholders who are subject to the alternative minimum tax (AMT) must include income generated by those bonds in their AMT calculation. The portion of the fund`s income dividend that should be included in your AMT calculation, if any, will be reported to you in January. |  |
| Tax-Efficient Balanced Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |
| The fund intends to invest a sufficient portion of its assets in municipal bonds and notes so that it may qualify to pay tax-exempt dividends, which will be exempt from federal income tax. The fund may not always qualify to pay tax-exempt dividends.The amount of such dividends will be reported to you on your calendar year-end statement.You must report your total tax-exempt income on IRS Form 1040. This information is used by the IRS to help determine the tax status of any Social Security payments you may have received during the year.Tax-exempt dividends paid to Social Security recipients may increase the portion of benefits that are subject to tax.A small portion of your income dividend may also be exempt from state and local income taxes.                                                                                                                                                                                                                                                                                                                                                                             |  |
| Tax-Efficient Balanced Fund (continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |
| If the fund invests in certain "private activity" bonds, shareholders who are subject to the AMT must include income generated by those bonds in their AMT calculation. The portion of the fund`s income dividends that should be included in your AMT calculation, if any, will be reported to you in January.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |
| Florida Intermediate Tax-Free Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  |
| Florida does not have a state income tax but does impose an intangibles property tax that applies to shares of mutual funds.A fund organized as a business trust and invested at least 90% in Florida municipal obligations, U.S. government obligations, and certain other designated securities on January 1 is exempt from the tax.If a fund`s portfolio is less than 90% invested in exempt securities on January 1, the exemption applies only to the portion of assets (if any) invested in U.S. government obligations.The fund is organized as a business trust and will make every effort to have at least 90% of its portfolio invested in exempt securities on January 1 and expects that the entire value of all fund shares will be exempt from the intangibles tax.Exemption is not guaranteed, since the fund has the right under certain conditions to invest in nonexempt securities.                                                                                                                                                                                                                                      |  |

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| Tax-Free and Municipal Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|
| Gains realized on the sale of market discount bonds with maturities beyond one year may be treated as ordinary income and cannot be offset by other capital losses.To the extent the fund invests in these securities, the likelihood of a taxable gain distribution will be increased.                                                                                                                                                                                                                  |  |
| Tax-Efficient Balanced Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  |
| Gains realized on the sale of market discount bonds with maturities beyond one year may be treated as ordinary income and cannot be offset by other capital losses.To the extent the fund invests in these securities, the likelihood of a taxable gain distribution will be increased.                                                                                                                                                                                                                  |  |
| Inflation Protected Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |
| Inflation adjustments on Treasury inflation-protected securities exceeding deflation adjustments for the year will be distributed to you as a short-term capital gain resulting in ordinary income.In computing the distribution amount, the fund cannot reduce inflation adjustments by short- or long-term capital losses from the sales of securities.Net deflation adjustments for a year may result in all or a portion of dividends paid earlier in the year being treated as a return of capital. |  |
| Retirement and Spectrum Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |
| Distributions by the underlying fundsand changes in asset allocations may result in taxable distributions of ordinary income or capital gains.                                                                                                                                                                                                                                                                                                                                                           |  |

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| 0.334%* | First $50 billion |
|---------|-------------------|
|         |                   |
| 0.305%  | Next $30 billion  |
|         |                   |
| 0.300%  | Next $40 billion  |
|         |                   |
| 0.295%  | Next $40 billion  |
|         |                   |
| 0.290%  | Thereafter        |

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|                                                                  | Year ended December 31 |         |        |        |        |  |
|------------------------------------------------------------------|------------------------|---------|--------|--------|--------|--|
||
|                                                                  |                        |         |        |        |        |  |
| Net asset value,beginning of period                              | $19.14                 | $22.66  | $21.94 | $29.39 | $35.68 |  |
| Income From Investment Operations                                |                        |         |        |        |        |  |
| Net investment income                                            | 0.17                   | 0.15    | 0.12   | 0.16   | 0.19   |  |
| Net gains or losses on securities (both realized and unrealized) | 4.00                   | (0.56)  | 7.86   | 7.37   | 2.97   |  |
| Total from investment operations                                 | 4.17                   | (0.41)  | 7.98   | 7.53   | 3.16   |  |
| Less Distributions                                               |                        |         |        |        |        |  |
| Dividends (from net investment income)                           | (0.17)                 | (0.14)  | (0.12) | (0.16) | (0.17) |  |
| Distributions (fromcapital gains)                                | (0.48)                 | (0.18)  | (0.41) | (1.08) | (1.76) |  |
| Returns of capital                                               | —                 | —  | — | — | — |  |
| Total distributions                                              | (0.65)                 | (0.32)  | (0.53) | (1.24) | (1.93) |  |
| Redemption fees added to paid-in-capital                         | —                 | 0.01    | — | — | — |  |
| Net asset value,end of period                                    | $22.66                 | $21.94  | $29.39 | $35.68 | $36.91 |  |
| Total return                                                     | 21.94%                 | (1.76)% | 36.43% | 25.69% | 8.74%  |  |
| Ratios/Supplemental Data                                         |                        |         |        |        |        |  |
| Net assets, end of period (in millions)                          | $2,012                 | $2,395  | $3,287 | $4,489 | $4,712 |  |
| Ratio of expenses to average net assets                          | 0.89%                  | 0.89%   | 0.88%  | 0.86%  | 0.84%  |  |
| Ratio of net income to average net assets                        | 0.88%                  | 0.66%   | 0.48%  | 0.53%  | 0.52%  |  |
| Portfolio turnover rate                                          | 16.8%                  | 12.2%   | 10.3%  | 8.5%   | 11.9%  |  |

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| 1 |  | About the Fund                                              |    |
|---|--|-------------------------------------------------------------|----|
|   |  | Objective, Strategy, Risks, and Expenses                    | 1  |
|   |  | Other Information About the Fund                            | 5  |
|   |  |                                                             |    |
| 2 |  | Information About Accounts in T. RowePrice Funds       |    |
|   |  | Pricing Shares and Receiving Sale Proceeds                  | 8  |
|   |  | Useful Information on Distributionsand Taxes                | 12 |
|   |  | Transaction Procedures and Special Requirements             | 15 |
|   |  | Distribution, Shareholder Servicing, and Recordkeeping Fees | 18 |
|   |  |                                                             |    |
| 3 |  | More About the Fund                                         |    |
|   |  | Organization and Management                                 | 19 |
|   |  | Understanding Performance Information                       | 21 |
|   |  | Investment Policies and Practices                           | 22 |
|   |  | Disclosure of Fund Portfolio Information                    | 27 |
|   |  | Financial Highlights                                        | 28 |
|   |  |                                                             |    |
| 4 |  | Investing With T. Rowe Price                                |    |
|   |  | Account Requirements and Transaction Information            | 29 |
|   |  | Purchasing Additional Shares                                | 31 |
|   |  | Exchanging and Redeeming Shares                             | 31 |
|   |  | Rights Reserved by the Funds                                | 31 |
|   |  | T. Rowe Price Privacy Policy                           | 33 |

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|                                                              | Periods endedDecember 31, 2005 |        |        |  |
|--------------------------------------------------------------|--------------------------------|--------|--------|--|
||
| Small-Cap Value Fund—Advisor Class                      |                                |        |        |  |
| Returns before taxes                                         | 8.56%                          | 17.24% | 17.78% |  |
| Returns after taxes on distributions                         | 7.80                           | 16.61  | 16.80  |  |
| Returns after taxes on distributions and sale of fund shares | 6.62                           | 15.02  | 15.34  |  |
| Russell 2000 Index                                           | 4.55                           | 8.22   | 5.28   |  |
| Lipper Small-Cap Core Funds Index                            | 7.56                           | 9.19   | 7.36   |  |

| Shareholder fees (fees paid directly from your investment) |       |
|------------------------------------------------------------|-------|
||
||
| Management fee                                             | 0.66% |
| Distribution and service (12b-1) fees                      | 0.25% |
| Other expenses                                             | 0.12% |
| Total annual fund operating expenses                       | 1.03% |

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| 1 year | 3 years | 5 years | 10 years |
|-------------|--------------|--------------|---------------|
| $105        | $328         | $569         | $1,259        |

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| T. Rowe PriceFunds With Redemption Fees         |    |                  |  |
|------------------------------------------------------|----|------------------|--|
||
| Global Stock—Advisor Class                      | 2% | 90 days/3 months |  |
| High Yield—Advisor Class                        | 1% | 90 days/3 months |  |
| International Bond—Advisor Class                | 2% | 90 days/3 months |  |
| International Growth & Income—Advisor Class | 2% | 90 days/3 months |  |
| International Stock—Advisor Class               | 2% | 90 days/3 months |  |
| Real Estate—Advisor Class                       | 1% | 90 days/3 months |  |
| Small-Cap Value—Advisor Class                   | 1% | 90 days/3 months |  |

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| Fund                                 | Dividends                                                                                                    |  |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------|--|
| Bond funds                           | Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price.      |  |
|                                      | Declared daily and paid on the first business day of each month.                                             |  |
| These stock funds only:              |                                                                                                              |  |
| Dividend Growth — Advisor Class | Declared quarterly, if any, in March, June, September, and December.                                         |  |
| Equity Income— Advisor Class    | Must be a shareholder on the dividend record date.                                                           |  |
| Real Estate— Advisor Class      |                                                                                                              |  |
| Retirement Funds:                    |                                                                                                              |  |
| Retirement Income—Advisor Class | Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. |  |
|                                      | Paid on the first business day of each month.                                                                |  |
| All others                           | Declared annually, if any, generally in December.                                                            |  |
|                                      | Must be a shareholder on the dividend record date.                                                           |  |
| Other stock funds                    | Declared annually, if any, generally in December.                                                            |  |
|                                      | Must be a shareholder on the dividend record date.                                                           |  |

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| 0.334%* | First $50 billion |
|---------|-------------------|
|         |                   |
| 0.305%  | Next $30 billion  |
|         |                   |
| 0.300%  | Next $40 billion  |
|         |                   |
| 0.295%  | Next $40 billion  |
|         |                   |
| 0.290%  | Thereafter        |

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|                                                                  | Year ended December 31 |          |          |          |          |  |
|------------------------------------------------------------------|------------------------|----------|----------|----------|----------|--|
||
|                                                                  |                        |          |          |          |          |  |
| Net asset value,beginning of period                              | $19.14                 | $22.64   | $21.86   | $29.27   | $35.50   |  |
| Income From Investment Operations                                |                        |          |          |          |          |  |
| Net investment income                                            | 0.10                   | 0.14     | 0.10     | 0.12     | 0.12     |  |
| Net gains or losses on securities (both realized and unrealized) | 4.05                   | (0.60)   | 7.81     | 7.31     | 2.96     |  |
| Total from investment operations                                 | 4.15                   | (0.46)   | 7.91     | 7.43     | 3.08     |  |
| Less Distributions                                               |                        |          |          |          |          |  |
| Dividends (from net investment income)                           | (0.17)                 | (0.14)   | (0.09)   | (0.12)   | (0.09)   |  |
| Distributions (fromcapital gains)                                | (0.48)                 | (0.18)   | (0.41)   | (1.08)   | (1.76)   |  |
| Returns of capital                                               | —                 | —   | —   | —   | —   |  |
| Total distributions                                              | (0.65)                 | (0.32)   | (0.50)   | (1.20)   | (1.85)   |  |
| Net asset value,end of period                                    | $22.64                 | $21.86   | $29.27   | $35.50   | $36.73   |  |
| Total return                                                     | 21.84%                 | (2.02)%  | 36.24%   | 25.45%   | 8.56%    |  |
| Ratios/Supplemental Data                                         |                        |          |          |          |          |  |
| Net assets, end of period(in thousands)                          | $25,296                | $159,030 | $307,484 | $612,195 | $608,608 |  |
| Ratio of expenses to average net assets                          | 1.05%                  | 1.06%    | 1.04%    | 1.03%    | 1.03%    |  |
| Ratio of net income to average net assets                        | 0.86%                  | 0.64%    | 0.34%    | 0.36%    | 0.32%    |  |
| Portfolio turnover rate                                          | 16.8%                  | 12.2%    | 10.3%    | 8.5%     | 11.9%    |  |

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| TABLE OF CONTENTS                             |     |  |                                                          |     |
|-----------------------------------------------|-----|--|----------------------------------------------------------|-----|
||
||
||
| Capital Stock                                 | 202 |  | Net Asset Value per Share                                | 198 |
| Code of Ethics                                | 194 |  | Organization of the Funds                                | 206 |
| Custodian                                     | 194 |  | Other Shareholder Services                               | 106 |
| Disclosure of Fund Portfolio Information      | 194 |  | Portfolio Management Practices                           | 170 |
| Distributor for the Funds                     | 110 |  | Portfolio Transactions                                   | 112 |
| Dividends and Distributions                   | 199 |  | Pricing of Securities                                    | 196 |
| Federal Registration of Shares                | 209 |  | Principal Holders of Securities                          | 67  |
| Independent Registered Public Accounting Firm | 132 |  | Ratings of Commercial Paper                              | 210 |
| Investment Management Agreements              | 89  |  | Ratings of Corporate and Municipal Debt Securities       | 210 |
| Investment Objectives and Policies            | 132 |  | Ratings of Municipal Notes and Variable Rate Securities  | 212 |
| Investment Program                            | 154 |  | Risk Factors                                             | 133 |
| Investment Restrictions                       | 188 |  | Special Considerations                                   | 188 |
| Legal Counsel                                 | 210 |  | T. Rowe Price Proxy Voting —Policies and Procedures | 207 |
| Management of the Funds                       | 10  |  | Tax Status                                               | 199 |

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| 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                                | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| Blue Chip Growth Portfolio—II                        | EquityVariable 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           |
| Dividend Growth Fund—Advisor Class                   | 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                                   | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| Equity Income Portfolio—II                           | EquityVariable 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 EquityVariable 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 Stock Fund—Advisor Class                      | 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           |
| TRP 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                                 | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| Health Sciences Portfolio—II                         | EquityVariable 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                               | BondVariable Annuity                  | Dec 31          | Dec 31             | June 30                | May 1           |
| Limited-Term BondPortfolio—II                        | BondVariable 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                                  | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| Mid-Cap Growth Portfolio—II                          | EquityVariable 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 Fund—Advisor Class                | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| New America Growth Portfolio                              | EquityVariable 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                      | BlendedVariable Annuity               | Dec 31          | Dec 31             | June 30                | May 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                                   | MoneyVariable Annuity                 | Dec 31          | Dec 31             | June30                 | May 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           |
| TRP 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          |

----

----

----

----

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| Name, Year of Birth, and Numberof Portfolios in Fund ComplexOverseen by Director | Principal Occupation(s)During Past 5 Years                                                                                                                                                                                                                                                                                                                                                          | Other Directorshipsof Public Companies                                                   |
|----------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|
| Jeremiah E. Casey1940113 portfolios                                              | Director, Allfirst Financial Inc. (previously First Maryland Bankcorp) (1983 to 2002); Director, National Life Insurance (2001 to 2005); Director, The Rouse Company, real estate developers (1990 to 2004)                                                                                                                                                                                         | None                                                                                     |
| Anthony W. Deering1945113 portfolios                                             | Chairman, Exeter Capital, LLC, a private investment firm (2004 to present); Director, Vornado Real Estate Investment Trust (3/04 to present); Director, Mercantile Bankshares (4/03 to present); Member, Advisory Board, Deutsche Bank North America (2004 to present); Director, Chairman of the Board, and Chief Executive Officer, The Rouse Company, real estate developers (1997 to 2004) | Vornado Real Estate Investment Trust, Mercantile Bankshares, Deutsche Bank North America |
| Donald W. Dick, Jr.1943113 portfolios                                            | Principal, EuroCapital Advisors, LLC, an acquisition and management advisory firm; Chairman, President, and Chief Executive Officer, The Haven Group, a custom manufacturer of modular homes (1/04 to present)                                                                                                                                                                                      | None                                                                                     |
| David K. Fagin1938113 portfolios                                                 | Chairman and President, Nye Corporation (6/88 to present); Director, Canyon Resources Corp.and Golden Star Resources Ltd. (5/92 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. Horn1943113 portfolios                                                  | Managing Director and President, Global Private Client Services, Marsh Inc. (1999 to2003); Managing Director and Head of International Private Banking, Bankers Trust (1996 to 1999); Director, Georgia Pacific (5/04 to 12/05)                                                                                                                                                                     | Georgia Pacific, Eli Lilly and Company, and Simon Property Group                         |
| F. Pierce Linaweaver(b)1934                                                      | President, F. Pierce Linaweaver & Associates, Inc., consulting environmental and civil engineers                                                                                                                                                                                                                                                                                                | None                                                                                     |
| Theo C. Rodgers1941113 portfolios                                                | President, A&R Development Corporation                                                                                                                                                                                                                                                                                                                                                          | None                                                                                     |
| John G. Schreiber1946113 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 Numberof Portfolios in Fund ComplexOverseen by Director | Principal Occupation(s)During Past 5 Years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Other Directorshipsof Public Companies |
|----------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|
| Edward C. Bernard1956113 portfolios                                              | Director and Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Chairman of the Board, Director, and President, T. Rowe Price Investment Services, Inc.; Chairman of the Board and Director, T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Savings Bank; Director, T. Rowe Price Global Asset Management Limited and T. Rowe Price Global Investment Services Limited; Chief Executive Officer, Chairman of the Board, Director, and President, T. Rowe Price Trust CompanyChairman of the Board, all funds | None                                   |
| John H. Laporte; CFA194515 portfolios                                            | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust CompanyPresident, 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; CFA195537 portfolios                                             | Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc.President, California Tax-Free Income Trust,Institutional Income Funds, State Tax-Free Income Trust, 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, TRP 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                                   |
| Brian C. Rogers; CFA, CIC195560 portfolios                                       | Chief Investment Officer, Director, and Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Trust CompanyPresident, Equity Income Fund and Institutional Equity Funds; Vice President, Capital Appreciation Fund, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and Value Fund                                                                                                                                                                                                                                                                  | None                                   |

----

----

| Fund/Corporation/Trust           | Independent Directors |      |      |      |      |        |      |
|----------------------------------|-----------------------|------|------|------|------|--------|------|
||
| Balanced                         | 2005                  | 2001 | 1991 | 1991 | 2003 | 2005   | 2001 |
| Blue Chip Growth                 | 2005                  | 2001 | 1993 | 1993 | 2003 | 2005   | 2001 |
| California Tax-Free Income Trust | 2006                  | 1986 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Capital Appreciation             | 2005                  | 2001 | 1986 | 1988 | 2003 | 2005   | 2001 |
| Capital Opportunity              | 2005                  | 2001 | 1994 | 1994 | 2003 | 2005   | 2001 |
| Corporate Income                 | 2006                  | 1995 | 2001 | 2001 | 2003 | 2005   | 1995 |
| Developing Technologies          | 2005                  | 2001 | 2000 | 2000 | 2003 | 2005   | 2001 |
| Diversified Mid-Cap Growth       | 2005                  | 2003 | 2003 | 2003 | 2003 | 2005   | 2003 |
| Diversified Small-Cap Growth     | 2005                  | 2001 | 1997 | 1997 | 2003 | 2005   | 2001 |
| Dividend Growth                  | 2005                  | 2001 | 1992 | 1992 | 2003 | 2005   | 2001 |
| Equity Income                    | 2005                  | 2001 | 1994 | 1988 | 2003 | 2005   | 2001 |
| Equity Series                    | 2005                  | 2001 | 1994 | 1994 | 2003 | 2005   | 2001 |
| Financial Services               | 2005                  | 2001 | 1996 | 1996 | 2003 | 2005   | 2001 |
| Fixed Income Series              | 2006                  | 1994 | 2001 | 2001 | 2003 | 2005   | 1994 |
| Global Technology                | 2005                  | 2001 | 2000 | 2000 | 2003 | 2005   | 2001 |
| GNMA                             | 2006                  | 1985 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Growth & Income              | 2005                  | 2001 | 1982 | 1994 | 2003 | 2005   | 2001 |
| Growth Stock                     | 2005                  | 2001 | 1980 | 1994 | 2003 | 2005   | 2001 |
| Health Sciences                  | 2005                  | 2001 | 1995 | 1995 | 2003 | 2005   | 2001 |
| High Yield                       | 2006                  | 1984 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Index Trust                      | 2005                  | 2001 | 1994 | 1994 | 2003 | 2005   | 2001 |
| Inflation Protected Bond         | 2006                  | 2002 | 2002 | 2002 | 2003 | 2005   | 2002 |
| Institutional Equity             | 2005                  | 2001 | 1996 | 1996 | 2003 | 2005   | 2001 |
| Institutional Income             | 2006                  | 2002 | 2002 | 2002 | 2003 | 2005   | 2002 |
| Institutional International      | 2006                  | 1991 | 1989 | 2001 | 2003 | — | 2001 |
| International                    | 2006                  | 1991 | 1988 | 2001 | 2003 | — | 2001 |
| International Index              | 2006                  | 2000 | 2000 | 2001 | 2003 | — | 2001 |
| International Series             | 2006                  | 1994 | 1994 | 2001 | 2003 | — | 2001 |
| Media & Telecommunications   | 2005                  | 2001 | 1997 | 1997 | 2003 | 2005   | 2001 |
| Mid-Cap Growth                   | 2005                  | 2001 | 1992 | 1992 | 2003 | 2005   | 2001 |
| Mid-Cap Value                    | 2005                  | 2001 | 1996 | 1996 | 2003 | 2005   | 2001 |
| New America Growth               | 2005                  | 2001 | 1985 | 1994 | 2003 | 2005   | 2001 |
| New Era                          | 2005                  | 2001 | 1994 | 1988 | 2003 | 2005   | 2001 |
| New Horizons                     | 2005                  | 2001 | 1994 | 1988 | 2003 | 2005   | 2001 |
| New Income                       | 2006                  | 1980 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Personal Strategy                | 2005                  | 2001 | 1994 | 1994 | 2003 | 2005   | 2001 |
| Prime Reserve                    | 2006                  | 1979 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Real Estate                      | 2005                  | 2001 | 1997 | 1997 | 2003 | 2005   | 2001 |
| TRP Reserve Investment           | 2006                  | 1997 | 2001 | 2001 | 2003 | 2005   | 1997 |
| Retirement                       | 2005                  | 2002 | 2002 | 2002 | 2003 | 2005   | 2002 |
| Science & Technology         | 2005                  | 2001 | 1994 | 1994 | 2003 | 2005   | 2001 |
| Short-Term Bond                  | 2006                  | 1983 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Small-Cap Stock                  | 2005                  | 2001 | 1992 | 1992 | 2003 | 2005   | 2001 |
| Small-Cap Value                  | 2005                  | 2001 | 1994 | 1994 | 2003 | 2005   | 2001 |
| Spectrum                         | 2005                  | 2001 | 1999 | 1999 | 2003 | 2005   | 2001 |
| State Tax-Free Income Trust      | 2006                  | 1986 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Summit                           | 2006                  | 1993 | 2001 | 2001 | 2003 | 2005   | 1993 |
| Summit Municipal                 | 2006                  | 1993 | 2001 | 2001 | 2003 | 2005   | 1993 |
| Tax-Efficient                    | 2005                  | 2001 | 1997 | 1997 | 2003 | 2005   | 2001 |
| Tax-Exempt Money                 | 2006                  | 1983 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Tax-Free High Yield              | 2006                  | 1984 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Tax-Free Income                  | 2006                  | 1983 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Tax-Free Intermediate            | 2006                  | 1992 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Tax-Free Short-Intermediate      | 2006                  | 1983 | 2001 | 2001 | 2003 | 2005   | 1992 |
| U.S. Bond Index                  | 2006                  | 2000 | 2001 | 2001 | 2003 | 2005   | 2000 |
| U.S. Treasury                    | 2006                  | 1989 | 2001 | 2001 | 2003 | 2005   | 1992 |
| Value                            | 2005                  | 2001 | 1994 | 1994 | 2003 | 2005   | 2001 |

----

| Fund/Corporation/Trust           | Inside Directors |        |        |        |
|----------------------------------|------------------|--------|--------|--------|
||
| Balanced                         | 2006             | — | — | 2006   |
| Blue Chip Growth                 | 2006             | — | — | 2006   |
| California Tax-Free Income Trust | 2006             | — | 2004   | — |
| Capital Appreciation             | 2006             | — | — | 2006   |
| Capital Opportunity              | 2006             | 1994   | — | — |
| Corporate Income                 | 2006             | — | 2004   | — |
| Developing Technologies          | 2006             | — | — | 2006   |
| Diversified Mid-Cap Growth       | 2006             | — | — | 2006   |
| Diversified Small-Cap Growth     | 2006             | 1997   | — | — |
| Dividend Growth                  | 2006             | — | — | 2006   |
| Equity Income                    | 2006             | — | — | 2006   |
| Equity Series                    | 2006             | 1994   | — | — |
| Financial Services               | 2006             | — | — | 2006   |
| Fixed Income Series              | 2006             | — | 2004   | — |
| Global Technology                | 2006             | — | — | 2006   |
| GNMA                             | 2006             | — | 2004   | — |
| Growth & Income              | 2006             | — | — | 2006   |
| Growth Stock                     | 2006             | — | — | 2006   |
| Health Sciences                  | 2006             | 1995   | — | — |
| High Yield                       | 2006             | — | 2004   | — |
| Index Trust                      | 2006             | — | — | 2006   |
| Inflation Protected Bond         | 2006             | — | 2004   | — |
| Institutional Equity             | 2006             | — | — | 2006   |
| Institutional Income             | 2006             | — | 2004   | — |
| Institutional International      | 2006             | — | — | 2006   |
| International                    | 2006             | — | — | 2006   |
| International Index              | 2006             | — | — | 2006   |
| International Series             | 2006             | — | — | 2006   |
| Media & Telecommunications   | 2006             | — | — | 2006   |
| Mid-Cap Growth                   | 2006             | — | — | 2006   |
| Mid-Cap Value                    | 2006             | — | — | 2006   |
| New America Growth               | 2006             | 1985   | — | — |
| New Era                          | 2006             | — | — | 2006   |
| New Horizons                     | 2006             | 1988   | — | — |
| New Income                       | 2006             | — | 2004   | — |
| Personal Strategy                | 2006             | — | — | 2006   |
| Prime Reserve                    | 2006             | — | 2004   | — |
| Real Estate                      | 2006             | — | — | 2006   |
| TRP Reserve Investment           | 2006             | — | 2004   | — |
| Retirement                       | 2006             | — | — | 2006   |
| Science & Technology         | 2006             | 1988   | — | — |
| Short-Term Bond                  | 2006             | — | 2004   | — |
| Small-Cap Stock                  | 2006             | 1994   | — | — |
| Small-Cap Value                  | 2006             | 1994   | — | — |
| Spectrum                         | 2006             | — | — | 2006   |
| State Tax-Free Income Trust      | 2006             | — | 2004   | — |
| Summit                           | 2006             | — | 2004   | — |
| Summit Municipal                 | 2006             | — | 2004   | — |
| Tax-Efficient                    | 2006             | — | — | 2006   |
| Tax-Exempt Money                 | 2006             | — | 2004   | — |
| Tax-Free High Yield              | 2006             | — | 2004   | — |
| Tax-Free Income                  | 2006             | — | 2004   | — |
| Tax-Free Intermediate            | 2006             | — | 2004   | — |
| Tax-Free Short-Intermediate      | 2006             | — | 2004   | — |
| U.S. Bond Index                  | 2006             | — | 2004   | — |
| U.S. Treasury                    | 2006             | — | 2004   | — |
| Value                            | 2006             | — | — | 2006   |

----

| Fund      | Name                                                                                                                     | Position HeldWith Fund                                                                             |
|-----------|--------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|
| All funds | Roger L. Fiery IIIGregory S. GolczewskiHenry H. HopkinsJulie L. WaplesJoseph A. CarrierPatricia B. LippertJohn R. Gilner | Vice PresidentVice PresidentVice PresidentVice PresidentTreasurerSecretaryChief Compliance Officer |

| Fund                                                                                                                                                                                                                                                                                                         | Name                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | Position HeldWith Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Balanced                                                                                                                                                                                                                                                                                                     | Edmund M. Notzon IIIRichard T. WhitneyE. Frederick BairStephen W. BoeselWendy R. DiffenbaughRaymond A. MillsMark J. Vaselkiv(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                             | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Blue Chip Growth                                                                                                                                                                                                                                                                                             | Larry J. PugliaP. Robert BartoloPeter J. BatesD. Kyle CerminaraDonald J. EasleyHenry M. EllenbogenThomas J. HuberKris H. JennerJason NogueiraTimothy E. ParkerKaren M. ReganRobert W. SharpsRobert W. SmithJoshua K. Spencer(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                             | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                           |
| California Tax-Free Income Trust     California Tax-Free Bond     California Tax-Free Money                                                                                                                                                                                                                  | Mary J. MillerJoseph K. LynaghKonstantine B. MallasHugh D. McGuirkSteven G. BrooksG. Richard DentAlan D. LevensonJames M. McDonaldLinda A. MurphyM. Helena CondezT. Dylan JonesTimothy G. Taylor(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                         | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                           |
| Capital Appreciation                                                                                                                                                                                                                                                                                         | Stephen W. BoeselJeffrey W. ArricaleDavid R. GirouxAndrew M. BrooksPatrick S. CassidyMark S. FinnDavid M. LeeJohn D. LinehanSudhir NandaBrian C. RogersWilliam J. StrombergDavid J. Wallack(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                              | PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                   |
| Capital Opportunity                                                                                                                                                                                                                                                                                          | William J. StrombergKennard W. AllenJeffrey W. ArricaleLaurie M. BertnerD. Kyle CerminaraDavid J. EiswertMark S. FinnAnn M. HolcombMichael W. HoltonPhilip A. NesticoCharles G. PepinRobert T. QuinnJoshua K. SpencerRichard T. Whitney(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                  | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                           |
| Corporate Income                                                                                                                                                                                                                                                                                             | David A. TiberiiMark J. VaselkivSteven G. BrooksJennifer A. CallaghanPatrick S. CassidyVernon A. Reid, Jr.Thea N. Williams(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                               | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Developing Technologies                                                                                                                                                                                                                                                                                      | Jeffrey RottinghausKennard W. AllenLaurie M. BertnerChristopher W. CarlsonDavid J. EiswertHenry M. EllenbogenHugh M. Evans IIIMichael F. SolaJoshua K. SpencerChirag VasavadaWenhua Zhang(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                     |
| Diversified Mid-Cap Growth                                                                                                                                                                                                                                                                                   | Donald J. PetersDonald J. EasleySudhir NandaPhilip A. NesticoJohn F. WakemanMark R. Weigman(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Diversified Small-Cap Growth                                                                                                                                                                                                                                                                                 | Paul W. WojcikRichard T. WhitneyE. Frederick BairDonald J. EasleyChristopher W. EdgeJohn H. LaporteSudhir NandaPhilip A. NesticoDonald J. Peters(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                         | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                       |
| Dividend Growth                                                                                                                                                                                                                                                                                              | Thomas J. HuberP. Robert BartoloDavid R. GirouxMichael W. HoltonDavid M. LeeJason NogueiraTimothy E. ParkerDonald J. PetersKaren M. ReganWilliam J. Stromberg(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                            | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                   |
| Equity Income                                                                                                                                                                                                                                                                                                | Brian C. RogersJeffrey W. ArricaleStephen W. BoeselAndrew M. BrooksMark S. FinnDavid R. GirouxMichael W. HoltonJohn D. LinehanWilliam J. Stromberg(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                       | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Financial Services                                                                                                                                                                                                                                                                                           | Michael W. HoltonJeffrey W. ArricaleD. Kyle CerminaraAnna M. DopkinChristopher T. FortunePhilip A. NesticoHwee J. NgJoseph RohmFederico SantilliGabriel SolomonEric L. VeielJ. David Wagner(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                              | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                       |
| Global Technology                                                                                                                                                                                                                                                                                            | Robert N. GenslerJeffrey RottinghausKennard W. AllenR. Scott BergDavid J. EiswertMay FooPhilip A. NesticoHiroaki OwakiMichael F. SolaJoshua K. SpencerChirag VasavadaWenhua Zhang(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                        | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                             |
| GNMA                                                                                                                                                                                                                                                                                                         | Connice A. BavelyKeir R. JoyceAlan D. LevensonMary J. MillerJohn D. Wells(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Growth & Income                                                                                                                                                                                                                                                                                          | Anna M. DopkinFrancisco AlonsoTimothyF.BeiLaurie M. BertnerDavid R. GirouxMichael W. HoltonDavid M. LeeSudhir NandaKaren M. ReganRobert W. SharpsJoshua K. Spencer(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                       | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                     |
| Growth Stock                                                                                                                                                                                                                                                                                                 | Robert W. SmithRobert W. SharpsP. Robert BartoloD. Kyle CerminaraAnna M. DopkinHenry M. EllenbogenJoseph B. FathRobert N. GenslerKris H. JennerD. James Prey IIILarry J. PugliaMichael F. SolaJoshua K. Spencer(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                          | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                               |
| Health Sciences                                                                                                                                                                                                                                                                                              | Kris H. JennerLaurie M. BertnerG. Mark BussardSusan J. KleinJohn H. LaporteJay S. MarkowitzJason NogueiraCharles G. PepinGregory S. PinskyJohn C.A. ShermanTaymourR. Tamaddon(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                            | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                     |
| High Yield                                                                                                                                                                                                                                                                                                   | Mark J. VaselkivAndrew M. BrooksPaul A. KarpersKevin P. LoomeMichael J. McGonigleWalter P. Stuart IIIThomas E. TewksburyThea N. WilliamsDavid C. BeersJustin T. GerbereuxPaul M. MassaroBrian A. Rubin(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                   | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                               |
| Index Trust     Equity Index 500     Extended Equity Market Index     Total Equity Market Index                                                                                                                                                                                                              | E. Frederick BairKen D. UematsuWendy R. DiffenbaughSudhir NandaRichard T. WhitneyPaul W. Wojcik(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Inflation Protected Bond                                                                                                                                                                                                                                                                                     | Daniel O. ShackelfordConnice A. BavelyBrian J. BrennanAlan D. LevensonCheryl A. MickelMary J. MillerEdmund M. Notzon IIIVernon A. Reid, Jr.Jennifer A. CallaghanMichael J. Grogan(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                        | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant 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. RogersBrian W.H. BerghuisJohn D. LinehanGregory A. McCrickardLarry J. PugliaRobert W. SharpsRobert W. SmithPreston G. AtheyStephen W. BoeselAnna M. DopkinDavid R. GirouxM. Campbell GunnThomas J. HuberJoseph M. MilanoCharles G. PepinJohn F. WakemanDavid J. WallackRichard T. Whitney(See preceding table for remaining officers)                                                                                                                                                                                                                                                                       | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                       |
| Institutional Income Funds    Institutional Core Plus    Institutional High Yield                                                                                                                                                                                                                            | Mary J. MillerBrian J. BrennanMark J. VaselkivConnice A. BavelyAndrew M. BrooksMichael J. ConeliusPaul A. KarpersIan D. KelsonKevin P. LoomeMichael J. McGonigleDaniel O. ShackelfordWalter P. Stuart IIIThomas E. TewksburyDavid A. TiberiiThea N. WilliamsDavid C. BeersJustin T. GerbereuxPaul M. MassaroBrian A. Rubin(See preceding table for remaining officers)                                                                                                                                                                                                                                               | PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                         |
| Institutional International Funds     Institutional Emerging Markets Equity     Institutional Foreign Equity                                                                                                                                                                                                 | David J.L. WarrenChristopher D. AldersonP. Robert BartoloR. Scott BergMark C.J. Bickford-SmithHenry M. EllenbogenRobert N. GenslerM.Campbell GunnRaymond A. MillsR. Todd RuppertRobert W. SharpsMichael F. SolaDean TenerelliWilliam F. Wendler IIEdward A. Wiese(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                        | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice 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. WarrenMark C.J. Bickford-SmithFrances DydascoRobert N. GenslerRaymond A. MillsChristopher D. AldersonM. Kamran BaigP. Robert BartoloR. Scott BergBrian J. BrennanMichael J. ConeliusMark J.T. EdwardsHenry M. EllenbogenM. Campbell GunnMichael W. HoltonKris H. JennerIan D. KelsonJohn D. LinehanAnh LuDavid OestreicherPhilip A. NesticoCharles M. OberGonzalo Px87 ngaroChristopher J. RotheryRobert W. SharpsRobert W. SmithMichael F. SolaDean TenerelliJustin ThomsonWilliam F. WendlerIIRichard T. WhitneyEdward A. WieseClive WilliamsAnn B. Cranmer(See preceding table for remaining officers) | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice President |
| International Equity Index                                                                                                                                                                                                                                                                                   | E. Frederick BairNeil SmithKen D. UematsuRichard T. WhitneyPaul W. Wojcik(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Media & Telecommunications                                                                                                                                                                                                                                                                               | Robert N. GenslerP. Robert BartoloHenry M. EllenbogenUlle AdamsonKara ChesebyDavid J. EiswertMay FooJoseph B. FathJean MedecinCurt J. OrgantD. James Prey IIIRobert W. SmithChristopher S. WhitehouseErnest C. YeungWenhua Zhang(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                         | PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                         |
| Mid-Cap Growth                                                                                                                                                                                                                                                                                               | Brian W.H. BerghuisJohn F. WakemanKennard W. AllenP. Robert BartoloTimothy F. BeiR. Scott BergHenry M. EllenbogenKris H. JennerRobert J. MarcotteJoseph M. MilanoJeffrey RottinghausTaymour R. Tamaddon(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                  | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                             |
| Mid-Cap Value                                                                                                                                                                                                                                                                                                | David J. WallackP. Robert BartoloLaurie M. BertnerChristopher W. CarlsonKara ChesebyHenry M. EllenbogenGregory A. McCrickardHeather K. McPhersonJoseph M. MilanoJ. David Wagner(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                          | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                   |
| New America Growth                                                                                                                                                                                                                                                                                           | Joseph M. MilanoFrancisco AlonsoJeffrey W. ArricaleR. Scott BergBrian W.H. BerghuisRobert J. MarcotteJason NogueiraJeffrey RottinghausRobert W. SharpsRobert W. SmithEric L. Veiel(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                       | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                     |
| New Era                                                                                                                                                                                                                                                                                                      | Charles M. OberMark S. FinnSusan J. KleinDavid M. LeeJohn D. LinehanHeather K. McPhersonChristian M. O`NeillTimothy E. ParkerDavid J. Wallack(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                            | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                 |
| New Horizons                                                                                                                                                                                                                                                                                                 | John H. LaporteKennard W. AllenFrancisco AlonsoP. Robert BartoloR. Scott BergBrian W.H. BerghuisChristopher W. CarlsonHugh M. EvansIIIJoseph B. FathKris H. JennerJay S. MarkowitzJason NogueiraTimothy E. ParkerGregory S. PinskyJeffrey RottinghausMichael F. SolaWenhua ZhangFrancies W. Hawks(See preceding table for remaining officers)                                                                                                                                                                                                                                                                        | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice President                                                                                                                                                                                                                                                                         |
| New Income                                                                                                                                                                                                                                                                                                   | Daniel O. ShackelfordConnice A. BavelyBrian J. BrennanPatrick S. CassidyAlan D. LevensonEdmund M. Notzon IIIVernon A. Reid, Jr.David A. TiberiiJennifer A. CallaghanMichael J. Grogan(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                    | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                               |
| Personal Strategy Funds     Personal Strategy Balanced     Personal Strategy Growth     Personal Strategy Income                                                                                                                                                                                             | Edmund M. Notzon IIIStephen W. BoeselLarry J. PugliaKenneth D. FullerJohn H. LaporteMary J. MillerRaymond A. MillsBrian C. RogersCharles M. ShriverMark J. VaselkivRichard T. Whitney(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                    | PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                 |
| Prime Reserve                                                                                                                                                                                                                                                                                                | James M. McDonaldSteven G. BrooksBrian E. BurnsPatrick S. CassidyAlisa FiumaraAlan D. LevensonJoseph K. LynaghMary J. MillerSusan G. TrollEdward A. WieseTerri L. Hett(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                   | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                           |
| Real Estate                                                                                                                                                                                                                                                                                                  | David M. LeeRichard T. ClattenburgAnna M. DopkinJoseph B. FathThomas J. HuberPhilip A. NesticoCharles M. OberTheodore E. Robson(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                          | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                               |
| TRP Reserve Investment FundsTRP Government Reserve InvestmentTRP Reserve Investment                                                                                                                                                                                                                          | James M. McDonaldSteven G. BrooksBrian E. BurnsPatrick S. CassidyAlan D. LevensonJoseph K. LynaghMary J. MillerEdward A. WieseTerri L. Hett(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                              | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                       |
| Retirement Funds     Retirement 2005     Retirement 2010     Retirement 2015     Retirement 2020     Retirement 2025     Retirement 2030     Retirement 2035     Retirement 2040Retirement 2045     Retirement Income                                                                                        | Edmund M. Notzon IIIStephen W. BoeselBrian W.H. BerghuisJerome A. ClarkKenneth D. FullerJohn H. LaporteDavid M. LeeGregory A. McCrickardMary J. MillerLarry J. PugliaBrian C. RogersMark J. VaselkivDavid J.L. WarrenRichard T. WhitneyEdward A. Wiese(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                   | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                   |
| Science & Technology                                                                                                                                                                                                                                                                                     | Michael F. SolaKennard W. AllenDonald J. EasleyDavid J. EiswertHenry M. EllenbogenRobert N. GenslerJill L. HauserD. James Prey IIIJeffrey RottinghausJoshua K. SpencerChirag VasavadaWenhua Zhang(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                        | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                       |
| Short-Term Bond                                                                                                                                                                                                                                                                                              | Edward A. WieseConnice A. BavelyBrian J. BrennanSteven G. BrooksJennifer A. CallaghanPatrick S. CassidyCharles B. HillCheryl A. MickelVernon A. Reid, Jr.Daniel O. ShackelfordJohn D. WellsBridget A. EbnerMichael J. GroganKeir R. Joyce(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                             |
| Small-Cap Stock                                                                                                                                                                                                                                                                                              | Gregory A. McCrickardFrancisco AlonsoPreston G. AtheyIra W. CarnahanHugh M. Evans IIIRobert J. MarcotteJay S. MarkowitzJoseph M. MilanoCurt J. OrgantJeffrey RottinghausJ. David WagnerWenhua Zhang(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                      | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                       |
| Small-Cap Value                                                                                                                                                                                                                                                                                              | Preston G. AtheyHugh M. Evans IIISusan J. KleinGregory A. McCrickardCurt J. OrgantJ. David WagnerDavid J. WallackWenhua Zhang(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                            | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Spectrum Funds     Spectrum Growth     Spectrum Income     Spectrum International                                                                                                                                                                                                                            | Edmund M. Notzon IIIJohn H. LaporteMary J. MillerDavid J.L. WarrenMark C.J. Bickford-SmithKenneth D. FullerRaymond A. MillsBrian C. RogersCharles M. Shriver(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                             | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice 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. MillerCharles B. HillJoseph K. LynaghKonstantine B. MallasHugh D. McGuirkSteven G. BrooksJonathan M. ChirungaG. Richard DentMarcy M. LashAlan D. LevensonJames M. McDonaldLinda A. MurphyM. Helena CondezT. Dylan JonesPhilip J. KligmanTimothy G. Taylor(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                        | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                               |
| Summit Funds     Summit Cash Reserves     Summit GNMA                                                                                                                                                                                                                                                        | Edward A. WieseConnice A. BavelyJames M. McDonaldSteven G. BrooksBrian E. BurnsPatrick S. CassidyAlisa FiumaraKeir R. JoyceAlan D. LevensonJoseph K. LynaghCheryl A. MickelMary J. MillerSusan G. TrollJohn D. WellsTerri L. Hett(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                        | PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                               |
| Summit Municipal Funds     Summit Municipal Money Market     Summit Municipal Intermediate     Summit Municipal Income                                                                                                                                                                                       | Mary J. MillerCharles B. HillJoseph K. LynaghKonstantine B. MallasSteven G. BrooksG. Richard DentAlan D. LevensonJames M. McDonaldHugh D. McGuirkJames M. MurphyEdward A. WieseM. Helena CondezT. Dylan JonesPhilip J. KligmanTimothy G. Taylor(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                          | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                       |
| Tax-Efficient Funds     Tax-Efficient Balanced     Tax-Efficient Growth     Tax-Efficient Multi-Cap Growth                                                                                                                                                                                                   | Donald J. PetersHugh D. McGuirkDonald J. EasleyJill L. HauserMary J. MillerWilliam J. StrombergMark R. WeigmanPhilip J. Kligman(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                          | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                           |
| Tax-Exempt Money                                                                                                                                                                                                                                                                                             | Joseph K. LynaghSteven G. BrooksG. Richard DentMarcy M. LashAlan D. LevensonJames M. McDonaldMary J. MillerEdward A. WieseM. Helena CondezT. Dylan Jones(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                 | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                               |
| Tax-Free High Yield                                                                                                                                                                                                                                                                                          | James M. MurphyR. Lee Arnold, Jr.G. Richard DentCharles B. HillMarcy M. LashKonstantine B. MallasHugh D. McGuirkMary J. MillerPhilip J. KligmanTimothy G. Taylor(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                         | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                     |
| Tax-Free Income                                                                                                                                                                                                                                                                                              | Mary J. MillerJonathan M. ChirungaG. Richard DentCharles B. HillMarcy M. LashKonstantine B. MallasHugh D. McGuirkJames M. MurphyTimothy G. Taylor(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                        | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                       |
| Tax-Free Intermediate Bond                                                                                                                                                                                                                                                                                   | Charles B. HillKonstantine B. MallasHugh D. McGuirkEdward A. WiesePhilip J. KligmanTimothy G. Taylor(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Tax-Free Short-Intermediate                                                                                                                                                                                                                                                                                  | Charles B. HillMarcy M. LashKonstantine B. MallasHugh D. McGuirkMary J. MillerEdward A. WiesePhilip J. KligmanTimothy G. Taylor(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                          | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                           |
| U.S. Bond Index                                                                                                                                                                                                                                                                                              | Edmund M. Notzon IIICharles M. ShriverRobert M. Larkins(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | PresidentExecutive Vice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| U.S. Treasury Funds     U.S. Treasury Intermediate     U.S. Treasury Long-Term     U.S. Treasury Money                                                                                                                                                                                                       | Mary J. MillerBrian J. BrennanJames M. McDonaldCheryl A. MickelSteven G. BrooksBrian E. BurnsAlan D. LevensonJoseph K. LynaghVernon A. Reid, Jr.Daniel O. ShackelfordMichael J. GroganTerri L. Hett(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                      | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                     |
| Value                                                                                                                                                                                                                                                                                                        | John D. LinehanJeffrey W. ArricaleStephen W. BoeselAndrew M. BrooksKara ChesebyDavid R. GirouxMichael W. HoltonHeather K. McPhersonBrian C. Rogers(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                       | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                 |

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| Name, Year of Birth, and Principal Occupation(s)                                                                                                                                                                                                                                                                                                 | Position(s) Held With Fund(s)                                                                                                                                                                                                                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ulle Adamson,1979Assistant Vice President, T. Rowe Price International, Inc.;formerly student, Sussex University and Stuckholm School of Economics (to 2003); CFA                                                                                                                                                                           | Vice President, Media & Telecommunications Fund                                                                                                                                                                                                                                                                |
| Christopher D. Alderson, 1962Vice 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, 1977Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                      | Vice President, Capital Opportunity Fund, Developing Technologies Fund, Global Technology Fund, Mid-Cap Growth Fund, New Horizons Fund, and Science & Technology Fund                                                                                                                                          |
| Francisco Alonso, 1978Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                      | Vice President, Growth & Income Fund, New America Growth Fund, New Horizons Fund, and Small-Cap Stock Fund                                                                                                                                                                                                     |
| R. Lee Arnold, Jr., 1970Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Assistant Vice President, T. Rowe Price International, Inc.                                                                                                                                                                                                 | Executive Vice President, Tax-Free High Yield Fund                                                                                                                                                                                                                                                                 |
| Jeffrey W. Arricale, 1971Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA                                                                                                                                                                                                                                              | Executive Vice President, Capital Appreciation Fund; Vice President, Capital Opportunity Fund, Equity Income Fund, Financial Services Fund, New America Growth Fund, and Value Fund                                                                                                                                |
| Preston G. Athey, 1949Vice 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, 1962Vice 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, 1969Vice 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, 1972Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA                                                                                                                                                                                                                                                | Executive Vice President, Media & Telecommunications Fund; Vice President, Blue Chip Growth Fund, Dividend Growth Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, Mid-Cap Value Fund, and New Horizons Fund                                              |
| Peter J. Bates, 1974Employee, T. Rowe Price; formerly intern, T. Rowe Price (to 2004) and Vice President of Finance, Rent-A-Center, Inc. (to 2003); CFA                                                                                                                                                                                          | Vice President, Blue Chip Growth Fund                                                                                                                                                                                                                                                                              |
| David C. Beers,1970formerly, High Yield Analyst, Chartwell Investment Partners and Business Analyst/Software Developer, Morgan Stanley Investment Management (to 2004); CFA                                                                                                                                                                      | Assistant Vice President, High Yield Fund and Institutional Income Funds                                                                                                                                                                                                                                           |
| Timothy F. Bei, 1973Vice President, T. Rowe Price; formerly student, University ofVirginia (to 2003)                                                                                                                                                                                                                                             | Vice President, Growth & Income Fundand Mid-Cap Growth Fund                                                                                                                                                                                                                                                    |
| R. Scott Berg, 1972Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, Stanford Graduate School of Business (to 2002)                                                                                                                                                                                       | Vice President, Financial Services Fund, Global Technology Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, and New Horizons Fund                                                                                                                       |
| Brian W.H. Berghuis, 1958Vice 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                                                                                                                                             |
| Laurie M. Bertner, 1977Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                     | Vice President, Capital Opportunity Fund, Developing Technologies Fund, Growth & Income Fund, Health Sciences Fund, and Mid-Cap Value Fund                                                                                                                                                                     |
| Mark C.J. Bickford-Smith, 1962Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                          | Executive Vice President, International Funds; Vice President, Institutional International Fundsand Spectrum Funds                                                                                                                                                                                                 |
| Stephen W. Boesel, 1944Vice 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, 1964Vice 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, 1956Vice 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                                                                                                                                                                                         |
| Steven G. Brooks, 1954Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                 | Vice President, California Tax-Free Funds, Corporate Income Fund, Prime Reserve Fund, TRP 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, 1960Assistant Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                 | Vice President, Prime Reserve Fund, TRP Reserve Investment Funds, Summit Funds, and U.S. Treasury Funds                                                                                                                                                                                                            |
| G. Mark Bussard,1972Employee, T. Rowe Price; formerly Co-founder and Chief Operating Officer, Rivanna Pharmaceuticals; Summer Associate, Harris Williams & Co.; M.D.                                                                                                                                                                         | Vice President, Health Sciences Fund                                                                                                                                                                                                                                                                               |
| Jennifer A. Callaghan, 1969Vice 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, 1967Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                | Vice President, Developing Technologies Fund, Mid-Cap Value Fund, and New Horizons Fund                                                                                                                                                                                                                            |
| Ira W. Carnahan,1963Employee, T. Rowe Price; formerly Associate Editor, Forbes Magazine (to 2005); Economics Reporter, Investor`s Business Daily; and Executive Editor, Public Interest                                                                                                                                                          | Vice President, Small-Cap Stock Fund                                                                                                                                                                                                                                                                               |
| Joseph A. Carrier, 1960Vice 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, 1964Vice 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, TRP Reserve Investment Funds, Short-Term Bond Fund, and Summit Funds                                                                                                                                         |
| D. Kyle Cerminara, 1977Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                | Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Financial Services Fund, and Growth Stock Fund                                                                                                                                                                                                    |
| Kara Cheseby, 1963Vice 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, 1966Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                     | Vice President, State Tax-Free Funds and Tax-Free Income Fund                                                                                                                                                                                                                                                      |
| Richard T. Clattenburg,1979Employee, T. Rowe Price; formerly Financial Analyst, Goldman Sachs (to 2005)                                                                                                                                                                                                                                          | Vice President, Real Estate Fund                                                                                                                                                                                                                                                                                   |
| Jerome A. Clark, 1961Vice 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, 1962Assistant 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, 1964Vice 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, 1947Vice 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, 1960Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                       | 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, 1953Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                     | Vice President, Balanced Fund and Index Trust                                                                                                                                                                                                                                                                      |
| Anna M. Dopkin, 1967Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; 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, 1966Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                   | Executive Vice President, International Funds                                                                                                                                                                                                                                                                      |
| Donald J. Easley, 1971Vice 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, 1970Employee, T. Rowe Price                                                                                                                                                                                                                                                                                               | Assistant Vice President, Short-Term Bond Fund                                                                                                                                                                                                                                                                     |
| Christopher W. Edge, 1969Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                      | Vice President, Diversified Small-Cap Growth Fund                                                                                                                                                                                                                                                                  |
| Mark J.T. Edwards, 1957Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                 | Vice President, International Funds                                                                                                                                                                                                                                                                                |
| David J. Eiswert, 1972Vice President, T. Rowe Price; formerly Analyst, Mellon Growth Advisors and Fidelity Management and Research (to 2003); CFA                                                                                                                                                                                           | Vice President, Capital Opportunity Fund, Developing Technologies Fund, Global Technology Fund, Media & Telecommunications Fund, and Science & Technology Fund                                                                                                                                             |
| Henry M. Ellenbogen, 1971Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                   | Executive Vice President, Media & Telecommunications Fund; Vice President, Blue Chip Growth Fund, Developing Technologies Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, Mid-Cap Value Fund, and Science & Technology Fund                          |
| Hugh M. Evans III, 1966Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                | Vice President, Developing Technologies Fund, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund                                                                                                                                                                                                    |
| Joseph B. Fath, 1971Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA                                                                                                                                                                                                                                                   | Vice President, Growth Stock Fund, Media & Telecommunications Fund, New Horizons Fund, and Real Estate Fund                                                                                                                                                                                                    |
| Roger L. Fiery III, 1959Vice 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, 1963Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA                                                                                                                                                                                                                                                | Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Equity Income Fund,and New Era Fund                                                                                                                                                                                                           |
| Alisa Fiumara, 1974Assistant Vice President, T. Rowe Price; CFA                                                                                                                                                                                                                                                                             | Vice President, Prime Reserve Fund and Summit Funds                                                                                                                                                                                                                                                                |
| May Foo,1977Employee, T. Rowe Price; CFA                                                                                                                                                                                                                                                                                                         | Vice President, Global Technology Fund and Media & Telecommunications Fund                                                                                                                                                                                                                                     |
| Christopher T. Fortune, 1973Employee, T. Rowe Price; formerly intern, Hillman Capital Management                                                                                                                                                                                                                                                 | Vice President, Financial Services Fund                                                                                                                                                                                                                                                                            |
| Kenneth D. Fuller, 1958Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                     | Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds                                                                                                                                                                                                                                      |
| Robert N. Gensler, 1957Vice 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, Institutional International Funds, and Science & Technology Fund                             |
| Justin T. Gerbereux, 1975Assistant Vice President, T. Rowe Price; formerly, Equity Research Intern, Mellon Growth Advisors, LLC. and Senior Investment Associate and Investment Performance Analyst, Cambridge Associates, LLC.; CFA                                                                                                             | Assistant Vice President, High Yield Fund and Institutional Income Funds                                                                                                                                                                                                                                           |
| John R. Gilner, 1961Chief Compliance Officer and Vice President, T. Rowe Price;Vice President, T. Rowe Price Group, Inc. and T. Rowe PriceInvestment Services, Inc.                                                                                                                                                                         | Chief Compliance Officer, all funds                                                                                                                                                                                                                                                                                |
| David R. Giroux, 1975Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                  | Executive Vice President, Capital Appreciation Fund; Vice President, Capital Opportunity Fund, Dividend Growth Fund, Equity Income Fund, Growth & Income Fund, Institutional Equity Funds, and Value Fund                                                                                                      |
| Gregory S. Golczewski, 1966Vice President, T. Rowe Price and T. Rowe Price Trust Company                                                                                                                                                                                                                                               | Vice President, all funds                                                                                                                                                                                                                                                                                          |
| Michael J. Grogan, 1971Assistant 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, 1956Vice President, T. Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.                                                                                                                                                                          | Vice President, Institutional Equity Funds, Institutional International Funds, and International Funds                                                                                                                                                                                                             |
| Jill L. Hauser, 1958Vice 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, 1944Assistant Vice President, T. Rowe Price                                                                                                                                                                                                                                                                              | Assistant Vice President, New Horizons Fund and Small-Cap Value Fund                                                                                                                                                                                                                                               |
| Terri L. Hett, 1959Employee, T. Rowe Price                                                                                                                                                                                                                                                                                                  | Assistant Vice President, Prime Reserve Fund, TRP Reserve Investment Funds, Summit Funds, and U.S. Treasury Funds                                                                                                                                                                                                  |
| Charles B. Hill, 1961Vice 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, 1972Vice President, T. Rowe Price and T. Rowe Price TrustCompany; CFA                                                                                                                                                                                                                                                  | Vice President, Capital Opportunity Fund                                                                                                                                                                                                                                                                           |
| Michael W. Holton, 1968Vice 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, 1942Director 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, 1966Vice 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, 1962Vice 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                                                                                                                                   |
| T. Dylan Jones, 1971Assistant 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, 1972Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                            | Vice President, GNMA Fund and Summit Funds; Assistant Vice President, Short-Term Bond Fund                                                                                                                                                                                                                         |
| Paul A. Karpers, 1967Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                  | Vice President, High Yield Fund and Institutional Income Funds                                                                                                                                                                                                                                                     |
| Ian D. Kelson, 1956Vice 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, 1950Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                           | Vice President, Health Sciences Fund, New Era Fund, and Small-Cap Value Fund                                                                                                                                                                                                                                       |
| Philip J. Kligman, 1974Assistant Vice President, T. Rowe Price; CFA                                                                                                                                                                                                                                                                         | Assistant Vice President, State Tax-Free Funds, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Intermediate Bond Fund, and Tax-Free Short-Intermediate Fund                                                                                                                                            |
| Robert M. Larkins,1973Assistant Vice President, T. Rowe Price                                                                                                                                                                                                                                                                               | Vice President, U.S. Bond Index Fund                                                                                                                                                                                                                                                                               |
| Marcy M. Lash, 1963Vice 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, 1962Vice 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, 1958Vice 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, TRP Reserve Investment Funds, State Tax-Free Funds, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds                                            |
| John D. Linehan, 1965Vice 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, 1953Assistant Vice President, T. Rowe Price and T. Rowe Price Investment Services, Inc.                                                                                                                                                                                                                           | Secretary, all funds                                                                                                                                                                                                                                                                                               |
| Kevin P. Loome, 1967Vice 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, 1968Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                            | Vice President, Global Technology Fund, International Funds, and Science & Technology Fund                                                                                                                                                                                                                     |
| Joseph K. Lynagh, 1958Vice 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, TRP Reserve Investment Funds, Summit Funds, and U.S. Treasury Funds                                                                   |
| Konstantine B. Mallas, 1963Vice 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, 1962Vice 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, 1962Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; M.D.                                                                                                                                                                                                                                                | Vice President, Health Sciences Fund, New Horizons Fund, and Small-Cap Stock Fund                                                                                                                                                                                                                                  |
| Paul M. Massaro, 1975Assistant Vice President, T. Rowe Price; formerly, Equity Research Employee, Banc of America Securities and J.P. Morgan Chase; CFA                                                                                                                                                                                     | Assistant Vice President, High Yield Fund and Institutional Income Funds                                                                                                                                                                                                                                           |
| Gregory A. McCrickard, 1958Vice 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, 1949Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company                                                                                                                                                                                                                  | President, Prime Reserve Fund and TRP 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, 1966Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                  | Vice President, High Yield Fund and Institutional Income Funds                                                                                                                                                                                                                                                     |
| Hugh D. McGuirk, 1960Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                  | Executive Vice President, California Tax-Free Funds, 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, 1967Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA                                                                                                                                                                                                                                             | Vice President, Mid-Cap Value Fund, New Era Fund, and Value Fund                                                                                                                                                                                                                                                   |
| Jean Medecin, 1971Vice President, T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                              | Vice President, Media & Telecommunications Fund                                                                                                                                                                                                                                                                |
| Cheryl A. Mickel, 1967Vice 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, 1972Vice 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, 1960Vice 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, Institutional International Funds, Personal Strategy Funds, and Spectrum Funds                                                                                                                                                       |
| James M. Murphy, 1967Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                  | President, Tax-Free High Yield Fund; Vice President, Summit Municipal Funds and Tax-Free Income Fund                                                                                                                                                                                                               |
| Linda A. Murphy, 1959Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                       | Vice President, California Tax-Free Funds and State Tax-Free Funds                                                                                                                                                                                                                                                 |
| Sudhir Nanda, 1959Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA                                                                                                                                                                                                                                              | Vice President, Capital Appreciation Fund, Diversified Mid-Cap Growth Fund, Diversified Small-Cap Growth Fund, Growth & Income Fund, and Index Trust                                                                                                                                                           |
| Philip A. Nestico, 1976Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                        | Vice President, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Diversified Small-Cap Growth Fund, Financial Services Fund, Global Technology Fund, International Funds, and Real Estate Fund                                                                                                           |
| Hwee J. Ng, 1966Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Vice President of Equity Research, Merrill Lynch Investment Managers in Singapore (to 2005); CFA                                                                                                                             | Vice President, Financial Services Fund                                                                                                                                                                                                                                                                            |
| Jason Nogueira, 1974Employee, T. Rowe Price; formerly Healthcare Equity Analyst, Putnam Investments (to 2004); student, Harvard BusinessSchool (to 2003); CFA                                                                                                                                                                               | Vice President, Blue Chip Growth Fund, Dividend Growth Fund,Health Sciences Fund, New America Growth Fund, and New Horizons Fund                                                                                                                                                                                   |
| Edmund M. Notzon III, 1945Vice 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, 1950Vice 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,1967Vice President, T. Rowe Price, T. Rowe Price Global AssetManagement Limited, T. Rowe Price Global InvestmentServices Limited,T. Rowe Price Group, Inc., T. Rowe PriceInternational, Inc., T. Rowe Price Investment Services, Inc.,and T. Rowe Price Trust Company                            | Vice President, International Funds                                                                                                                                                                                                                                                                                |
| Christian M. O`Neill, 1969Employee, T. Rowe Price; formerly Equity Research Analyst, Morgan Stanley and Trader and Operations Scheduler, Exxon Mobile Corporation (to 2006)                                                                                                                                                                      | Vice President, New Era Fund                                                                                                                                                                                                                                                                                       |
| Curt J. Organt, 1968Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                        | Vice President, Media & Telecommunications Fund, Small-Cap Stock Fund and Small-Cap Value Fund                                                                                                                                                                                                                 |
| Hiroaki Owaki, 1962Vice 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, 1968Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; CFA                                                                                                                                                                                                                           | Vice President, International Funds                                                                                                                                                                                                                                                                                |
| Timothy E. Parker, 1974Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                     | Vice President, Blue Chip Growth Fund, Dividend Growth Fund, New Era Fund, and New Horizons Fund                                                                                                                                                                                                                   |
| Charles G. Pepin, 1966Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Director, T. Rowe Price Trust Company                                                                                                                                                                                                               | Vice President, Capital Opportunity Fund, Health Sciences Fund, Institutional Equity Funds, and Small-Cap Stock Fund                                                                                                                                                                                               |
| Donald J. Peters, 1959Vice 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, 1975Employee, T. Rowe Price; formerly student, University ofChicago Graduate School of Business and intern, T. Rowe Price (to 2004); Associate, One Equity Partners (to 2002); CPA                                                                                                                                       | Vice President, Health Sciences Fundand New Horizons Fund                                                                                                                                                                                                                                                          |
| D. James Prey III, 1959Vice 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, 1960Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; 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                                                                                                                                         |
| Robert T. Quinn, Jr., 1972Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Director of Investment Banking, UBS Investment Bank (to 2004)                                                                                                                                                                          | Vice President, Capital Opportunity Fund                                                                                                                                                                                                                                                                           |
| Karen M. Regan, 1967Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                           | Vice President, Blue Chip Growth Fund, Dividend Growth Fund, and Growth & Income Fund                                                                                                                                                                                                                          |
| Vernon A. Reid, Jr., 1954Vice 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                                                                                                                                                                               |
| Theodore E. Robson, 1965Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.; CFA                                                                                                                                                                                                      | Vice President, Real Estate Fund                                                                                                                                                                                                                                                                                   |
| Joseph Rohm, 1969Vice President, T. Rowe Price International, Inc.; formerly Equity Analyst, Insight Investment (to 2005)                                                                                                                                                                                                                   | Vice President, Financial Services Fund                                                                                                                                                                                                                                                                            |
| Christopher J. Rothery, 1963Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                            | Vice President, International Funds                                                                                                                                                                                                                                                                                |
| Jeffrey Rottinghaus, 1970Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA                                                                                                                                                                                                                                              | President, Developing Technologies Fund; Executive Vice President, Global Technology Fund; Vice President, Blue Chip Growth Fund,Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, Science & Technology Fund, and Small-Cap Stock Fund                                                          |
| Brian A. Rubin, 1974Employee, T. Rowe Price; CPA                                                                                                                                                                                                                                                                                                 | Assistant Vice President, High Yield Fund and Institutional Income Funds                                                                                                                                                                                                                                           |
| R. Todd Ruppert, 1956Chief 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, 1974Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; CFA                                                                                                                                                                                                                            | Vice President, Financial Services Fund                                                                                                                                                                                                                                                                            |
| Daniel O. Shackelford, 1958Vice 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, 1971Vice 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, Institutional International Funds, International Funds, and New America Growth Fund                                                          |
| John C.A. Sherman, 1972Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                 | Vice President, Health Sciences Fund                                                                                                                                                                                                                                                                               |
| Charles M. Shriver, 1967Vice President, T. Rowe Price; CFA                                                                                                                                                                                                                                                                                  | Executive Vice President, U.S. Bond Index Fund; Vice President, Personal Strategy Funds andSpectrum Funds                                                                                                                                                                                                          |
| Neil Smith, 1972Vice President, T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                           | Executive Vice President, International Index Fund                                                                                                                                                                                                                                                                 |
| Robert W. Smith, 1961Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Trust Company                                                                                                                                                                            | 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, 1969Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                  | President, Science & Technology Fund; Vice President, Developing Technologies Fund, Global Technology Fund, Growth Stock Fund, Institutional International Funds, International Funds, New Horizons Fund, and Small-Cap Stock Fund                                                                             |
| Gabriel Solomon, 1977Employee, T. Rowe Price; formerly student, Wharton BusinessSchool (to 2004); Equity Analyst Intern, Wellington Management Company, LLP (to 2003); consultant, SibsonManagement Consulting (to 2002)                                                                                                                         | Vice President, Financial Services Fund                                                                                                                                                                                                                                                                            |
| Joshua K. Spencer, 1973Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Research Analyst and Sector Fund Portfolio Manager, Fidelity Investments (to 2004); 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, 1960Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                          | President, Capital Opportunity Fund; Vice President, Capital Appreciation Fund, Dividend Growth Fund, Equity Income Fund, and Tax-Efficient Funds                                                                                                                                                                  |
| Walter P. Stuart III, 1960Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                             | Vice President, High Yield Fund and Institutional Income Funds                                                                                                                                                                                                                                                     |
| Taymour R. Tamaddon, 1976Employee, T. Rowe Price; formerly intern, T. Rowe Price (to 2004)                                                                                                                                                                                                                                             | Vice President, Health Sciences Fund and Mid-Cap Growth Fund                                                                                                                                                                                                                                                       |
| Timothy G. Taylor, 1975Assistant Vice President, T. Rowe Price; CFA                                                                                                                                                                                                                                                                         | Assistant Vice President, California Tax-Free Funds, State Tax-Free Funds, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Intermediate Bond Fund, and Tax-Free Short-Intermediate Fund                                                                                           |
| Dean Tenerelli, 1964Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                    | Vice President, Institutional International Funds and International Funds                                                                                                                                                                                                                                          |
| Thomas E. Tewksbury, 1961Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                   | Vice President, High Yield Fund and Institutional Income Funds                                                                                                                                                                                                                                                     |
| Justin Thomson, 1968Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                    | Vice President, International Funds                                                                                                                                                                                                                                                                                |
| David A. Tiberii, 1965Vice 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, 1966Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA                                                                                                                                                                                                                                                   | Vice President, Prime Reserve Fund and Summit Funds                                                                                                                                                                                                                                                                |
| Ken D. Uematsu, 1966Assistant Vice President, T. Rowe Price; CFA                                                                                                                                                                                                                                                                            | Executive Vice President, Index Trust; Vice President,International Index Fund                                                                                                                                                                                                                                     |
| Chirag Vasavada, 1972Employee, T. Rowe Price; formerly Senior Manager in the Corporate Strategy and Development Group, Microsoft Corporation (to 2005); Senior Associate, Grameen Fund; and Strategy Consultant, Accenture                                                                                                                       | Vice President, Developing Technologies Fund, Global Technology Fund, and Science & Technology Fund                                                                                                                                                                                                            |
| Mark J. Vaselkiv, 1958Vice 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                                                                                                                           |
| Eric L. Veiel, 1972Vice President, T. Rowe Price; formerly Senior Equity Analyst, Wachovia Securities (to 2005); CFA                                                                                                                                                                                                                             | Vice President, Financial Services Fund and New America Growth Fund                                                                                                                                                                                                                                                |
| J. David Wagner, 1974Vice 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, 1962Vice 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, 1960Vice 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, 1970Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                          | Vice President, all funds                                                                                                                                                                                                                                                                                          |
| David J.L. Warren, 1957Vice President, T. Rowe Price and 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, 1962Vice 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, 1960Vice President, T. Rowe Price,T. Rowe Price Group, Inc., andT. Rowe Price Savings Bank                                                                                                                                                                                                                         | Vice President, GNMA Fund, Short-Term Bond Fund, and Summit Funds                                                                                                                                                                                                                                                  |
| William F. Wendler II, 1962Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                            | Vice President, Institutional International Funds and International Funds                                                                                                                                                                                                                                          |
| Christopher S. Whitehouse, 1972Vice President, T. Rowe Price International, Inc.; formerly Telecoms Analyst and Fund Manager, Deutsche Asset Management (to 2005)                                                                                                                                                                           | Vice President, Media & Telecommunications Fund                                                                                                                                                                                                                                                                |
| Richard T. Whitney, 1958Vice 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, 1959Vice 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, TRP Reserve Investment Funds, Retirement Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free Intermediate Bond Fund, and Tax-Free Short-Intermediate Fund |
| CliveM. Williams, 1961Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                       | Vice President, International Funds                                                                                                                                                                                                                                                                                |
| Thea N. Williams, 1961Vice 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, 1970Vice 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, 1979Assistant Vice President, T. Rowe Price International, Inc.;CFA                                                                                                                                                                                                                                                        | Vice President, Media & Telecommunications Fund                                                                                                                                                                                                                                                                |
| Wenhua Zhang, 1970Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; 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                                                                                                        |

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| Directors  | Total Compensation |
|------------|--------------------|
| Casey      | $38,306            |
| Deering    | 150,000            |
| Dick       | 160,750            |
| Fagin      | 159,500            |
| Horn       | 156,250            |
| Linaweaver | 216,500            |
| Rodgers    | 125,000            |
| Schreiber  | 152,000            |

----

| Fund                                  | Aggregate Compensation From Fund |        |        |        |        |        |        |        |
|---------------------------------------|----------------------------------|--------|--------|--------|--------|--------|--------|--------|
||
| Balanced                              | $938                             | $1,774 | $1,898 | $1,871 | $1,844 | $2,603 | $1,797 | $1,793 |
| Blue Chip Growth                      | 938                              | 3,223  | 3,454  | 3,401  | 3,348  | 4,634  | 3,203  | 3,257  |
| California Tax-Free Bond              | 0                                | 870    | 926    | 931    | 907    | 1,234  | 779    | 883    |
| California Tax-Free Money             | 0                                | 754    | 810    | 818    | 786    | 1,049  | 605    | 767    |
| Capital Appreciation                  | 938                              | 2,875  | 3,082  | 3,017  | 2,989  | 4,182  | 2,923  | 2,899  |
| Capital Opportunity                   | 364                              | 737    | 791    | 798    | 770    | 1,027  | 619    | 750    |
| Corporate Income                      | 0                                | 839    | 900    | 903    | 874    | 1,181  | 733    | 852    |
| Developing Technologies               | 182                              | 688    | 739    | 743    | 713    | 948    | 540    | 701    |
| Diversified Mid-Cap Growth            | 211                              | 695    | 744    | 751    | 725    | 957    | 552    | 708    |
| Diversified Small-Cap Growth          | 267                              | 716    | 769    | 773    | 748    | 987    | 584    | 728    |
| Dividend Growth                       | 740                              | 1,178  | 1,262  | 1,254  | 1,228  | 1,727  | 1,192  | 1,193  |
| Emerging Europe & Mediterranean   | 0                                | 1,182  | 1,263  | 1,252  | 1,231  | 1,719  | 0      | 1,195  |
| Emerging Markets Bond                 | 0                                | 1,014  | 1,086  | 1,088  | 1,057  | 1,452  | 0      | 1,028  |
| Emerging Markets Stock                | 0                                | 1,507  | 1,609  | 1,590  | 1,569  | 2,233  | 0      | 1,522  |
| Equity Income                         | 938                              | 4,484  | 4,820  | 4,828  | 4,676  | 6,269  | 4,275  | 4,566  |
| Equity Index 500                      | 941                              | 2,667  | 2,862  | 2,805  | 2,776  | 3,894  | 2,815  | 2,698  |
| European Stock                        | 0                                | 1,313  | 1,405  | 1,395  | 1,369  | 1,921  | 0      | 1,329  |
| Extended Equity Market Index          | 599                              | 819    | 879    | 883    | 854    | 1,162  | 744    | 832    |
| Financial Services                    | 632                              | 918    | 982    | 982    | 958    | 1,310  | 882    | 932    |
| Florida IntermediateTax-Free          | 0                                | 758    | 810    | 816    | 788    | 1,058  | 610    | 770    |
| Georgia Tax-Free Bond                 | 0                                | 751    | 805    | 810    | 784    | 1,045  | 605    | 764    |
| Global Stock                          | 0                                | 832    | 891    | 899    | 868    | 1,161  | 0      | 845    |
| Global Technology                     | 326                              | 734    | 788    | 791    | 767    | 1,023  | 615    | 750    |
| GNMA                                  | 0                                | 1,468  | 1,569  | 1,554  | 1,526  | 2,166  | 1,407  | 1,485  |
| TRP Government Reserve Investment     | 0                                | 1,402  | 1,503  | 1,485  | 1,461  | 2,069  | 1,355  | 1,421  |
| Growth & Income                   | 938                              | 1,569  | 1,680  | 1,664  | 1,633  | 2,309  | 1,550  | 1,589  |
| Growth Stock                          | 938                              | 3,359  | 3,608  | 3,562  | 3,500  | 4,816  | 3,383  | 3,406  |
| Health Sciences                       | 932                              | 1,438  | 1,538  | 1,523  | 1,496  | 2,125  | 1,404  | 1,455  |
| High Yield                            | 0                                | 2,294  | 2,462  | 2,421  | 2,387  | 3,351  | 2,603  | 2,323  |
| Inflation Protected Bond              | 0                                | 751    | 807    | 810    | 783    | 1,045  | 602    | 763    |
| Institutional Core Plus               | 0                                | 702    | 757    | 759    | 734    | 969    | 528    | 714    |
| Institutional Emerging Markets Equity | 0                                | 835    | 893    | 899    | 872    | 1,158  | 0      | 848    |
| Institutional Foreign Equity          | 0                                | 977    | 1,051  | 1,051  | 1,023  | 1,385  | 0      | 992    |
| Institutional High Yield              | 0                                | 989    | 1,057  | 1,057  | 1,030  | 1,417  | 946    | 1,003  |
| Institutional Large-Cap Core Growth   | 169                              | 679    | 732    | 737    | 712    | 944    | 535    | 691    |
| Institutional Large-Cap Growth        | 443                              | 740    | 793    | 798    | 771    | 1,032  | 618    | 752    |
| Institutional Large-Cap Value         | 350                              | 741    | 795    | 798    | 774    | 1,032  | 625    | 753    |
| Institutional Mid-Cap Equity Growth   | 649                              | 947    | 1,016  | 1,014  | 988    | 1,359  | 931    | 960    |
| Institutional Small-Cap Stock         | 650                              | 950    | 1,019  | 1,019  | 991    | 1,374  | 936    | 964    |
| International Bond                    | 0                                | 1,797  | 1,921  | 1,898  | 1,873  | 2,662  | 0      | 1,815  |
| International Discovery               | 0                                | 1,576  | 1,685  | 1,664  | 1,639  | 2,340  | 0      | 1,593  |
| International Equity Index            | 0                                | 845    | 903    | 909    | 879    | 1,176  | 0      | 857    |
| International Growth & Income     | 0                                | 1,416  | 1,510  | 1,497  | 1,473  | 2,085  | 0      | 1,430  |
| International Stock                   | 0                                | 2,867  | 3,076  | 3,017  | 2,986  | 4,210  | 0      | 2,899  |
| Japan                                 | 0                                | 918    | 982    | 985    | 955    | 1,295  | 0      | 935    |
| Latin America                         | 0                                | 1,201  | 1,284  | 1,273  | 1,250  | 1,737  | 0      | 1,214  |
| Maryland Short-Term Tax-Free Bond     | 0                                | 810    | 869    | 871    | 844    | 1,139  | 687    | 823    |
| Maryland Tax-Free Bond                | 0                                | 1,459  | 1,560  | 1,545  | 1,519  | 2,155  | 1,400  | 1,480  |
| Maryland Tax-Free Money               | 0                                | 768    | 821    | 828    | 799    | 1,077  | 629    | 780    |
| Media & Telecommunications        | 804                              | 1,285  | 1,374  | 1,362  | 1,337  | 1,891  | 1,251  | 1,300  |
| Mid-Cap Growth                        | 938                              | 3,785  | 4,070  | 4,045  | 3,945  | 5,374  | 3,757  | 3,848  |
| Mid-Cap Value                         | 938                              | 2,774  | 2,977  | 2,918  | 2,888  | 4,045  | 2,873  | 2,805  |
| New America Growth                    | 768                              | 1,254  | 1,342  | 1,333  | 1,305  | 1,853  | 1,226  | 1,270  |
| New Asia                              | 0                                | 1,605  | 1,713  | 1,693  | 1,669  | 2,389  | 0      | 1,621  |
| New Era                               | 938                              | 1,991  | 2,133  | 2,094  | 2,073  | 2,929  | 2,096  | 2,011  |
| New Horizons                          | 938                              | 2,832  | 3,043  | 2,983  | 2,949  | 4,128  | 2,891  | 2,867  |
| New Income                            | 0                                | 2,067  | 2,215  | 2,177  | 2,151  | 3,032  | 2,129  | 2,096  |
| New Jersey Tax-Free Bond              | 0                                | 797    | 856    | 859    | 833    | 1,123  | 675    | 810    |
| New York Tax-Free Bond                | 0                                | 848    | 909    | 910    | 884    | 1,205  | 745    | 861    |
| New York Tax-Free Money               | 0                                | 760    | 813    | 818    | 792    | 1,062  | 614    | 772    |
| Personal Strategy Balanced            | 855                              | 1,366  | 1,461  | 1,445  | 1,421  | 2,024  | 1,321  | 1,382  |
| Personal Strategy Growth              | 777                              | 1,222  | 1,305  | 1,294  | 1,270  | 1,796  | 1,219  | 1,236  |
| Personal Strategy Income              | 657                              | 959    | 1,026  | 1,026  | 999    | 1,379  | 954    | 973    |
| Prime Reserve                         | 0                                | 2,548  | 2,736  | 2,686  | 2,652  | 3,716  | 2,782  | 2,579  |
| Real Estate                           | 785                              | 1,219  | 1,302  | 1,294  | 1,269  | 1,794  | 1,221  | 1,233  |
| TRP Reserve Investment                | 0                                | 3,191  | 3,428  | 3,357  | 3,323  | 4,631  | 3,051  | 3,228  |
| Retirement 2005                       | 620                              | 859    | 922    | 923    | 898    | 1,227  | 809    | 872    |
| Retirement 2010                       | 912                              | 1,383  | 1,479  | 1,463  | 1,441  | 2,051  | 1,358  | 1,398  |
| Retirement 2015                       | 737                              | 1,081  | 1,158  | 1,148  | 1,126  | 1,577  | 1,146  | 1,094  |
| Retirement 2020                       | 938                              | 1,464  | 1,565  | 1,545  | 1,522  | 2,166  | 1,458  | 1,479  |
| Retirement 2025                       | 694                              | 997    | 1,068  | 1,062  | 1,041  | 1,444  | 1,019  | 1,010  |
| Retirement 2030                       | 812                              | 1,239  | 1,323  | 1,313  | 1,289  | 1,826  | 1,237  | 1,253  |
| Retirement 2035                       | 553                              | 793    | 849    | 852    | 828    | 1,118  | 705    | 805    |
| Retirement 2040                       | 652                              | 913    | 976    | 975    | 951    | 1,306  | 889    | 926    |
| Retirement 2045(a)                    | 124                              | 367    | 389    | 383    | 382    | 522    | 386    | 367    |
| Retirement Income                     | 657                              | 934    | 1,001  | 1,000  | 974    | 1,343  | 920    | 947    |
| Science & Technology              | 938                              | 2,248  | 2,416  | 2,376  | 2,342  | 3,284  | 2,581  | 2,278  |
| Short-Term Bond                       | 0                                | 1,462  | 1,565  | 1,550  | 1,521  | 2,158  | 1,391  | 1,480  |
| Small-Cap Stock                       | 938                              | 3,005  | 3,232  | 3,170  | 3,132  | 4,368  | 3,007  | 3,043  |
| Small-Cap Value                       | 938                              | 2,634  | 2,827  | 2,772  | 2,740  | 3,843  | 2,806  | 2,665  |
| Spectrum Growth                       | 938                              | 1,849  | 1,982  | 1,955  | 1,924  | 2,717  | 1,890  | 1,871  |
| Spectrum Income                       | 938                              | 2,419  | 2,598  | 2,555  | 2,521  | 3,540  | 2,708  | 2,448  |
| Spectrum International                | 388                              | 751    | 802    | 808    | 780    | 1,047  | 634    | 763    |
| Summit Cash Reserves                  | 0                                | 2,183  | 2,343  | 2,298  | 2,275  | 3,203  | 2,535  | 2,208  |
| Summit GNMA                           | 0                                | 738    | 793    | 796    | 771    | 1,019  | 582    | 751    |
| Summit Municipal Income               | 0                                | 774    | 828    | 833    | 806    | 1,083  | 636    | 787    |
| Summit Municipal Intermediate         | 0                                | 826    | 882    | 885    | 859    | 1,163  | 710    | 838    |
| Summit Municipal Money Market         | 0                                | 1,041  | 1,116  | 1,111  | 1,086  | 1,504  | 1,027  | 1,056  |
| Tax-Efficient Balanced                | 186                              | 689    | 739    | 745    | 719    | 942    | 543    | 702    |
| Tax-Efficient Growth                  | 240                              | 709    | 759    | 766    | 739    | 978    | 573    | 721    |
| Tax-Efficient Multi-Cap Growth        | 168                              | 679    | 732    | 736    | 712    | 946    | 535    | 691    |
| Tax-Exempt Money                      | 0                                | 1,364  | 1,460  | 1,442  | 1,420  | 2,026  | 1,303  | 1,379  |
| Tax-Free High Yield                   | 0                                | 1,457  | 1,560  | 1,542  | 1,516  | 2,149  | 1,400  | 1,474  |
| Tax-Free Income                       | 0                                | 1,585  | 1,699  | 1,679  | 1,652  | 2,341  | 1,549  | 1,604  |
| Tax-Free Intermediate Bond            | 0                                | 808    | 862    | 868    | 839    | 1,132  | 679    | 821    |
| Tax-Free Short-Intermediate           | 0                                | 1,047  | 1,121  | 1,116  | 1,092  | 1,505  | 1,041  | 1,061  |
| Total Equity Market Index             | 629                              | 908    | 972    | 973    | 947    | 1,296  | 872    | 921    |
| U.S. Bond Index                       | 0                                | 794    | 852    | 854    | 830    | 1,113  | 666    | 807    |
| U.S. Treasury Intermediate            | 0                                | 870    | 930    | 934    | 907    | 1,227  | 778    | 883    |
| U.S. Treasury Long-Term               | 0                                | 845    | 905    | 908    | 881    | 1,193  | 740    | 858    |
| U.S. Treasury Money                   | 0                                | 1,283  | 1,372  | 1,360  | 1,335  | 1,893  | 1,236  | 1,299  |
| Value                                 | 938                              | 1,964  | 2,105  | 2,070  | 2,044  | 2,890  | 2,044  | 1,986  |
| Virginia Tax-Free Bond                | 0                                | 991    | 1,060  | 1,056  | 1,032  | 1,424  | 955    | 1,005  |

----

----

----

| Aggregate Holdings,All Funds                              | Independent Directors |                  |                  |                  |                  |                     |                  |
|-----------------------------------------------------------|-----------------------|------------------|------------------|------------------|------------------|---------------------|------------------|
||
||
| Balanced                                                  | over $100,000         | None             | None             | None             | None             | None                | None             |
| Blue Chip Growth                                          | None                  | None             | $10,001-$50,000  | over $100,000    | $50,001-$100,000 | None                | None             |
| Blue Chip Growth Fund—Advisor Class                  | None                  | None             | None             | None             | None             | None                | None             |
| Blue Chip Growth Fund—R Class                        | None                  | None             | None             | None             | None             | None                | None             |
| Blue Chip Growth Portfolio                                | None                  | None             | None             | None             | None             | None                | None             |
| Blue Chip Growth Portfolio—II                        | None                  | None             | None             | None             | None             | None                | None             |
| California Tax-Free Bond                                  | None                  | None             | None             | None             | None             | None                | None             |
| California Tax-Free Money                                 | None                  | None             | None             | None             | None             | None                | None             |
| Capital Appreciation                                      | None                  | None             | over $100,000    | None             | None             | $10,001-$50,000     | None             |
| Capital Appreciation Fund—Advisor Class              | None                  | None             | None             | None             | None             | None                | None             |
| Capital Opportunity                                       | None                  | None             | None             | None             | None             | None                | None             |
| Capital Opportunity Fund—Advisor Class               | None                  | None             | None             | None             | None             | None                | None             |
| Capital Opportunity Fund—R Class                     | None                  | None             | None             | None             | None             | None                | None             |
| Corporate Income                                          | None                  | None             | None             | None             | None             | None                | None             |
| Developing Technologies                                   | None                  | None             | None             | None             | None             | None                | None             |
| Diversified Mid-Cap Growth                                | None                  | None             | None             | $50,001-$100,000 | None             | None                | None             |
| Diversified Small-Cap Growth                              | None                  | None             | None             | None             | None             | None                | None             |
| Dividend Growth                                           | None                  | None             | None             | $50,001-$100,000 | $50,001-$100,000 | None                | None             |
| Dividend Growth Fund—Advisor Class                   | None                  | None             | None             | None             | None             | None                | None             |
| Emerging Europe & Mediterranean                       | None                  | None             | None             | None             | None             | None                | None             |
| Emerging Markets Bond                                     | None                  | None             | None             | None             | None             | None                | None             |
| Emerging Markets Stock                                    | None                  | over $100,000    | None             | None             | None             | $50,001-$100,000(a) | None             |
| Equity Income                                             | over $100,000         | over $100,000    | $50,001-$100,000 | over $100,000    | None             | None                | None             |
| Equity Income Fund—Advisor Class                     | None                  | None             | None             | None             | None             | None                | None             |
| Equity Income Fund—R Class                           | None                  | None             | None             | None             | None             | None                | None             |
| Equity Income Portfolio                                   | None                  | None             | None             | None             | None             | None                | None             |
| Equity Income Portfolio—II                           | None                  | None             | None             | None             | None             | None                | None             |
| Equity Index 500                                          | over $100,000         | None             | None             | None             | None             | None                | None             |
| Equity Index 500 Portfolio                                | None                  | None             | None             | None             | None             | None                | None             |
| European Stock                                            | None                  | over $100,000    | $10,001-$50,000  | $10,001-$50,000  | None             | None                | None             |
| Extended Equity Market Index                              | None                  | None             | None             | None             | None             | None                | None             |
| Financial Services                                        | None                  | None             | $10,001-$50,000  | None             | None             | None                | None             |
| Florida IntermediateTax-Free                              | None                  | None             | None             | None             | None             | None                | None             |
| Georgia Tax-Free Bond                                     | None                  | None             | None             | None             | None             | None                | None             |
| Global Stock                                              | None                  | None             | $50,001-$100,000 | $10,001-$50,000  | None             | None                | None             |
| Global Technology                                         | None                  | None             | None             | None             | None             | None                | None             |
| GNMA                                                      | None                  | None             | None             | None             | None             | None                | over $100,000    |
| TRP Government Reserve Investment                         | None                  | None             | None             | None             | None             | None                | None             |
| Growth & Income                                       | None                  | None             | $1-$10,000       | None             | None             | None                | over $100,000    |
| Growth Stock                                              | over $100,000         | over $100,000    | $10,001-$50,000  | None             | None             | None                | None             |
| Growth Stock Fund—Advisor Class                      | None                  | None             | None             | None             | None             | None                | None             |
| Growth Stock Fund—R Class                            | None                  | None             | None             | None             | None             | None                | None             |
| Health Sciences                                           | None                  | None             | $10,001-$50,000  | $50,001-$100,000 | None             | None                | None             |
| Health Sciences Portfolio                                 | None                  | None             | None             | None             | None             | None                | None             |
| Health Sciences Portfolio—II                         | None                  | None             | None             | None             | None             | None                | None             |
| High Yield                                                | None                  | None             | $50,001-$100,000 | None             | $1-$10,000       | None                | over $100,000    |
| High Yield Fund—Advisor Class                        | None                  | None             | None             | None             | None             | None                | None             |
| Inflation Protected Bond                                  | None                  | None             | None             | None             | None             | None                | None             |
| Institutional Core Plus                                   | None                  | None             | None             | None             | None             | None                | None             |
| Institutional Emerging Markets Equity                     | None                  | None             | None             | None             | None             | None                | None             |
| Institutional Foreign Equity                              | None                  | None             | None             | None             | None             | None                | None             |
| Institutional High Yield                                  | None                  | None             | None             | None             | None             | None                | None             |
| Institutional Large-Cap Core Growth                       | None                  | None             | None             | None             | None             | None                | None             |
| Institutional Large-Cap Growth                            | None                  | None             | None             | None             | None             | None                | None             |
| Institutional Large-Cap Value                             | None                  | None             | None             | None             | None             | None                | None             |
| Institutional Mid-Cap Equity Growth                       | None                  | None             | None             | None             | None             | None                | None             |
| Institutional Small-Cap Stock                             | None                  | None             | None             | None             | None             | None                | None             |
| International Bond                                        | None                  | $50,001-$100,000 | over $100,000    | None             | None             | None                | None             |
| International Bond Fund—Advisor Class                | None                  | None             | None             | None             | None             | None                | None             |
| International Discovery                                   | None                  | $50,001-$100,000 | $10,001-$50,000  | None             | None             | $50,001-$100,000(a) | None             |
| International Equity Index                                | None                  | None             | None             | None             | None             | None                | None             |
| International Growth & Income                         | None                  | None             | None             | None             | None             | None                | None             |
| International Growth & Income Fund—Advisor Class | None                  | None             | None             | None             | None             | None                | None             |
| International Growth & Income Fund—R Class       | None                  | None             | None             | None             | None             | None                | None             |
| International Stock                                       | None                  | over $100,000    | None             | over $100,000    | None             | None                | None             |
| International Stock Fund—Advisor Class               | None                  | None             | None             | None             | None             | None                | None             |
| International Stock Fund—R Class                     | None                  | None             | None             | None             | None             | None                | None             |
| International Stock Portfolio                             | None                  | None             | None             | None             | None             | None                | None             |
| Japan                                                     | None                  | over $100,000    | None             | None             | None             | None                | None             |
| Latin America                                             | None                  | None             | None             | None             | None             | None                | None             |
| Limited-Term Bond Portfolio                               | None                  | None             | None             | None             | None             | None                | None             |
| Limited-Term Bond Portfolio—II                       | None                  | None             | None             | None             | None             | None                | None             |
| Maryland Short-TermTax-Free Bond                          | None                  | None             | None             | None             | None             | None                | None             |
| Maryland Tax-Free Bond                                    | None                  | None             | None             | None             | None             | None                | None             |
| Maryland Tax-Free Money                                   | None                  | None             | None             | None             | None             | None                | None             |
| Media & Telecommunications                            | $10,001-$50,000       | over $100,000    | None             | None             | None             | None                | None             |
| Mid-Cap Growth                                            | None                  | over $100,000    | $10,001-$50,000  | over $100,000    | None             | None                | None             |
| Mid-Cap Growth Fund—Advisor Class                    | None                  | None             | None             | None             | None             | None                | None             |
| Mid-Cap Growth Fund—R Class                          | None                  | None             | None             | None             | None             | None                | None             |
| Mid-Cap Growth Portfolio                                  | None                  | None             | None             | None             | None             | None                | None             |
| Mid-Cap GrowthPortfolio—II                           | None                  | None             | None             | None             | None             | None                | None             |
| Mid-Cap Value                                             | None                  | None             | None             | over $100,000    | None             | None                | None             |
| Mid-Cap Value Fund—Advisor Class                     | None                  | None             | None             | None             | None             | None                | None             |
| Mid-Cap Value Fund—R Class                           | None                  | None             | None             | None             | None             | None                | None             |
| New America Growth                                        | None                  | None             | None             | None             | None             | $50,001-$100,000    | None             |
| New America Growth Fund—Advisor Class                | None                  | None             | None             | None             | None             | None                | None             |
| New America Growth Portfolio                              | None                  | None             | None             | None             | None             | None                | None             |
| New Asia                                                  | None                  | None             | None             | $10,001-$50,000  | None             | $50,001-$100,000(a) | None             |
| New Era                                                   | None                  | None             | None             | None             | None             | None                | None             |
| New Horizons                                              | over $100,000         | over $100,000    | $10,001-$50,000  | $1-$10,000       | None             | over $100,000(a)    | None             |
| New Income                                                | None                  | None             | $50,001-$100,000 | None             | None             | None                | over $100,000    |
| New Income Fund—Advisor Class                        | None                  | None             | None             | None             | None             | None                | None             |
| New Income Fund—R Class                              | None                  | None             | None             | None             | None             | None                | None             |
| New Jersey Tax-Free Bond                                  | None                  | None             | None             | None             | None             | None                | None             |
| New York Tax-Free Bond                                    | None                  | None             | None             | None             | None             | None                | None             |
| New York Tax-Free Money                                   | None                  | None             | None             | None             | None             | None                | None             |
| Personal Strategy Balanced                                | None                  | None             | None             | None             | None             | None                | None             |
| Personal Strategy Balanced Portfolio                      | None                  | None             | None             | None             | None             | None                | None             |
| Personal Strategy Growth                                  | None                  | None             | None             | None             | None             | None                | None             |
| Personal Strategy Income                                  | None                  | None             | None             | None             | None             | None                | None             |
| Prime Reserve                                             | None                  | None             | over $100,000    | None             | None             | $10,001-$50,000     | $10,001-$50,000  |
| Prime Reserve Portfolio                                   | None                  | None             | None             | None             | None             | None                | None             |
| Real Estate                                               | $10,001-$50,000       | None             | None             | None             | None             | None                | None             |
| Real Estate Fund—Advisor Class                       | None                  | None             | None             | None             | None             | None                | None             |
| TRP Reserve Investment                                    | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2005                                           | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2010                                           | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2010 Fund—Advisor Class                   | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2010 Fund—R Class                         | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2015                                           | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2020                                           | None                  | None             | None             | None             | $10,001-$50,000  | None                | None             |
| Retirement 2020 Fund—Advisor Class                   | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2020 Fund—R Class                         | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2025                                           | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2030                                           | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2030 Fund—Advisor Class                   | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2030 Fund—R Class                         | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2035                                           | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2040                                           | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2040 Fund—Advisor Class                   | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2040 Fund—R Class                         | None                  | None             | None             | None             | None             | None                | None             |
| Retirement 2045                                           | None                  | None             | None             | None             | None             | None                | None             |
| Retirement Income                                         | None                  | None             | None             | None             | None             | None                | None             |
| Retirement Income Fund—Advisor Class                 | None                  | None             | None             | None             | None             | None                | None             |
| Retirement Income Fund—R Class                       | None                  | None             | None             | None             | None             | None                | None             |
| Science & Technology                                  | None                  | None             | None             | None             | None             | None                | None             |
| Science & Technology Fund—Advisor Class          | None                  | None             | None             | None             | None             | None                | None             |
| Short-Term Bond                                           | None                  | None             | None             | $50,001-$100,000 | None             | None                | over $100,000    |
| Short-Term Bond Fund—Advisor Class                   | None                  | None             | None             | None             | None             | None                | None             |
| Small-Cap Stock                                           | None                  | None             | $10,001-$50,000  | over $100,000    | None             | None                | None             |
| Small-Cap Stock Fund—Advisor Class                   | None                  | None             | None             | None             | None             | None                | None             |
| Small-Cap Value                                           | over $100,000         | None             | $10,001-$50,000  | None             | None             | None                | None             |
| Small-Cap Value Fund—Advisor Class                   | None                  | None             | None             | None             | None             | None                | None             |
| Spectrum Growth                                           | None                  | None             | None             | None             | None             | over $100,000(a)    | None             |
| Spectrum Income                                           | None                  | None             | None             | None             | None             | None                | None             |
| Spectrum International                                    | None                  | None             | None             | None             | None             | None                | None             |
| Summit Cash Reserves                                      | None                  | None             | over $100,000    | over $100,000    | over $100,000    | None                | $1-$10,000       |
| Summit GNMA                                               | None                  | None             | None             | None             | None             | None                | None             |
| Summit Municipal Income                                   | None                  | None             | None             | None             | None             | None                | over $100,000    |
| Summit Municipal Intermediate                             | None                  | None             | None             | over $100,000    | None             | None                | over $100,000    |
| Summit Municipal Money Market                             | None                  | None             | None             | $10,001-$50,000  | None             | None                | $50,001-$100,000 |
| Tax-Efficient Balanced                                    | None                  | None             | None             | None             | None             | None                | None             |
| Tax-Efficient Growth                                      | None                  | None             | None             | None             | None             | None                | None             |
| Tax-Efficient Multi-Cap Growth                            | None                  | None             | None             | None             | None             | None                | None             |
| Tax-Exempt Money                                          | None                  | None             | None             | None             | None             | None                | $1-$10,000       |
| Tax-Free High Yield                                       | None                  | None             | None             | $10,001-$50,000  | None             | None                | over $100,000    |
| Tax-Free Income                                           | None                  | None             | None             | None             | None             | None                | over $100,000    |
| Tax-Free Income Fund—Advisor Class                   | None                  | None             | None             | None             | None             | None                | None             |
| Tax-Free Intermediate Bond                                | None                  | None             | None             | None             | None             | None                | None             |
| Tax-Free Short-Intermediate                               | None                  | over $100,000    | None             | over $100,000    | None             | None                | over $100,000    |
| Total Equity Market Index                                 | None                  | None             | None             | None             | None             | None                | None             |
| U.S. Bond Index                                           | None                  | None             | None             | None             | None             | None                | None             |
| U.S. Treasury Intermediate                                | None                  | None             | $50,001-$100,000 | None             | None             | None                | over $100,000    |
| U.S. Treasury Long-Term                                   | None                  | None             | None             | None             | None             | None                | over $100,000    |
| U.S. Treasury Money                                       | None                  | None             | None             | None             | None             | None                | $1-$10,000       |
| Value                                                     | None                  | None             | $10,001-$50,000  | over $100,000    | None             | None                | over $100,000    |
| Value Fund—Advisor Class                             | None                  | None             | None             | None             | None             | None                | None             |
| Virginia Tax-Free Bond                                    | None                  | None             | None             | None             | None             | None                | None             |

----

----

----

----

----

----

| Aggregate Holdings,All Funds                              | Inside Directors |                  |                  |                  |
|-----------------------------------------------------------|------------------|------------------|------------------|------------------|
||
||
| 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             |
| Dividend Growth Fund—Advisor Class                   | None             | 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             |
| TRP 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             |
| Limited-Term Bond Portfolio—II                       | 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 Fund—Advisor Class                | None             | None             | 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             |
| TRP 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 2045                                           | 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 Holdingsas of Fund`s Fiscal Year a | All FundsRange as of12/31/05                               |
|-------------------------------------|---------------------------------------------------------------------------|-------------------------------------------------------|------------------------------------------------------------|
||
| Balanced                            | Edmund M. Notzon III                                                      | none                                                  | $500,001—$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                    | David A. Tiberii                                                          | $1—$10,000                                       | $100,001—$500,000                                     |
| Developing Technologies             | Jeffrey Rottinghaus                                                       | $10,001—$50,000                                  | $500,001—$1,000,000                                   |
| Diversified Mid-Cap Growth          | Donald J. Peters                                                          | $500,001—$1,000,000                              | 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 | Christopher D. Alderson                                                   | none                                                  | over $1,000,000                                            |
| Emerging Markets Bond               | Michael J. Conelius                                                       | $100,001—$500,000                                | $500,001—$1,000,000                                   |
| Emerging Markets Stock              | Christopher D. AldersonFrances DydascoMark J.T. EdwardsGonzalo Px87 ngaro | $100,001—$500,000nonenone$50,001—$100,000   | over $1,000,000none$500,001—$1,000,000over $1,000,000 |
| Equity Income                       | Brian C. Rogers                                                           | over $1,000,000                                       | over $1,000,000                                            |
| Equity Index 500                    | E. Frederick Bair                                                         | $50,001—$100,000                                 | $100,001—$500,000                                     |
| European Stock                 | Dean Tenerelli                                                            | none                                                  | none                                                       |
| Extended Equity Market Index        | E. Frederick Bair                                                         | $10,001—$50,000                                  | $100,001—$500,000                                     |
| Financial Services                  | Michael W. Holton                                                         | $50,001—$100,000                                 | $100,001—$500,000                                     |
| Global Stock                        | Robert N. Gensler                                                         | $500,001—$1,000,000                              | over $1,000,000                                            |
| Global Technology                   | Jeffrey Rottinghaus                                                       | none                                                  | $500,001-$1,000,000                                        |
| GNMA                                | Connice A. Bavely                                                         | $10,001—$50,000                                  | $100,001—$500,000                                     |
| Growth & Income                 | Anna M. Dopkin                                                            | $500,001—$1,000,000                              | over $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                          | Mark J. Vaselkiv                                                          | $100,001—$500,000                                | over $1,000,000                                            |
| Inflation Protected Bond            | 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        | M. Campbell GunnAnh LuJustin Thomson                                      | nonenone$100,001—$500,000                        | nonenone$100,001—$500,000                             |
| International Equity Index          | E. Frederick BairNeil Smith                                               | $1—$10,000none                                   | $100,001—$500,000none                                 |
| International Growth & Income   | Raymond A. Mills, Ph.D.                                                   | $100,001—$500,000                                | $500,001—$1,000,000                                   |
| International Stock            | Mark C.J. Bickford-SmithDean TenerelliDavid J.L. Warren                   | $100,001—$500,000none$100,001—$500,000      | $100,001—$500,000none$100,001—$500,000           |
| Japan                               | M. Campbell GunnDavid J.L. Warren                                         | none$50,001—$100,000                             | none$100,001—$500,000                                 |
| Latin America                       | 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                                  | over $1,000,000                                            |
| Maryland Tax-Free Money             | Joseph K. Lynagh                                                          | $1—$10,000                                       | over $1,000,000                                            |
| Media & Telecommunications      | P. Robert BartoloHenry M. Ellenbogen                                      | $50,001—$100,000$50,001—$100,000            | $100,001—$500,000$500,001—$1,000,000             |
| 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                                                          | $500,001—$1,000,000                              | over $1,000,000                                            |
| New Asia                            | Frances Dydasco                                                           | none                                                  | 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                          | Daniel O. Shackelford                                                     | $10,001—$50,000                                  | $500,001—$1,000,000                                   |
| Personal Strategy Balanced          | Edmund M. Notzon III                                                      | $10,001—$50,000                                  | $500,001—$1,000,000                                   |
| Personal Strategy Growth            | Edmund M. Notzon III                                                      | $10,001—$50,000                                  | $500,001—$1,000,000                                   |
| Personal Strategy Income            | Edmund M. Notzon III                                                      | $10,001—$50,000                                  | $500,001—$1,000,000                                   |
| Prime Reserve                       | James M. McDonald                                                         | $100,001—$500,000                                | over $1,000,000                                            |
| Real Estate                         | David M. Lee                                                              | $100,001—$500,000                                | over $1,000,000                                            |
| Retirement 2005                     | Jerome A. ClarkEdmund M. Notzon III                                       | nonenone                                              | $500,001—$1,000,000$500,001—$1,000,000           |
| Retirement 2010                | Jerome A. ClarkEdmund M. Notzon III                                       | nonenone                                              | $500,001—$1,000,000$500,001—$1,000,000           |
| Retirement 2015                     | Jerome A. ClarkEdmund M. Notzon III                                       | nonenone                                              | $500,001—$1,000,000$500,001—$1,000,000           |
| Retirement 2020                | Jerome A. ClarkEdmund M. Notzon III                                       | nonenone                                              | $500,001—$1,000,000$500,001—$1,000,000           |
| Retirement 2025                     | Jerome A. ClarkEdmund M. Notzon III                                       | nonenone                                              | $500,001—$1,000,000$500,001—$1,000,000           |
| Retirement 2030                     | Jerome A. ClarkEdmund M. Notzon III                                       | nonenone                                              | $500,001—$1,000,000$500,001—$1,000,000           |
| Retirement 2035                     | Jerome A. ClarkEdmund M. Notzon III                                       | nonenone                                              | $500,001—$1,000,000$500,001—$1,000,000           |
| Retirement 2040                     | Jerome A. ClarkEdmund M. Notzon III                                       | $100,001—$500,000none                            | $500,001—$1,000,000$500,001—$1,000,000           |
| Retirement 2045                     | Jerome A. ClarkEdmund M. Notzon III                                       | nonenone                                              | $500,001—$1,000,000$500,001—$1,000,000           |
| Retirement Income                   | Jerome A. ClarkEdmund M. Notzon III                                       | nonenone                                              | $500,001—$1,000,000$500,001—$1,000,000           |
| Science & Technology            | Michael F. Sola                                                           | $100,001—$500,000                                | over $1,000,000                                            |
| Short-Term Bond                     | Edward A. Wiese                                                           | $100,001—$500,000                                | 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              | David J.L. Warren                                                         | none                                                  | $100,001—$500,000                                     |
| Summit Cash Reserves                | James M. McDonald                                                         | $10,001—$50,000                                  | over $1,000,000                                            |
| Summit GNMA                         | Connice A. Bavely                                                         | none                                                  | $100,001—$500,000                                     |
| Summit Municipal Income             | Konstantine B. Mallas                                                     | $10,001—$50,000                                  | $500,001—$1,000,000                                   |
| Summit Municipal Intermediate       | Charles B. Hill                                                           | $10,001—$50,000                                  | $500,001—$1,000,000                                   |
| Summit Municipal Money Market       | Joseph K. Lynagh                                                          | none                                                  | over $1,000,000                                            |
| Tax-Efficient Balanced              | Hugh D. McGuirkDonald J. Peters                                           | $1—$10,000$100,001—$500,000                 | over $1,000,000over $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                                                  | over $1,000,000                                            |
| Tax-Free High Yield                 | James M. Murphy                                                           | $10,001—$50,000                                  | $500,001—$1,000,000                                   |
| 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           | E. Frederick BairKen D. Uematsu                                           | $1—$10,000none                                   | $100,001—$500,000$50,001—$100,000                |
| U.S. Bond Index                     | Edmund M. Notzon III                                                      | $10,001—$50,000                                  | $500,001—$1,000,000                                   |
| U.S. Treasury Intermediate          | Cheryl A. Mickel                                                          | $10,001—$50,000                                  | $100,001—$500,000                                     |
| U.S. Treasury Long-Term             | Brian J. Brennan                                                          | $10,001—$50,000                                  | $100,001—$500,000                                     |
| U.S. Treasury Money                 | James M. McDonald                                                         | none                                                  | over $1,000,000                                            |
| Value                               | John D. Linehan                                                           | $100,001—$500,000                                | over $1,000,000                                            |

----

----

----

| Fund                                        |                                                                                            | Range of Fund Holdingsasof Fund`s Fiscal Year a | AllFundsRange as of12/31/05                                                      |
|---------------------------------------------|--------------------------------------------------------------------------------------------|------------------------------------------------------|----------------------------------------------------------------------------------|
||
| Institutional Emerging Markets Equity  | Christopher D. AldersonFrances DydascoMark J.T. EdwardsGonzalo Px87 ngaroDavid J.L. Warren | nonenonenonenonenone                                 | over $1,000,000none$500,001—$1,000,000over $1,000,000$100,001—$500,000 |
| Institutional Foreign Equity                | Mark C.J. Bickford-SmithDean TenerelliDavid J.L. Warren                                    | nonenonenone                                         | $100,001—$500,000none$100,001—$500,000                                 |
| Institutional Core Plus                | Brian J. Brennan                                                                           | none                                                 | $100,001—$500,000                                                           |
| Institutional High Yield               | 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                                                 | over $1,000,000                                                                  |
| Institutional Large-Cap Value               | David GirouxJohn D. LinehanBrian C. Rogers                                                 | nonenonenone                                         | $500,001-$1,000,000over $1,000,000over $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 Holdingsasof Fund`s Fiscal Yeara | AllFundsRange as of12/31/05                      |
|--------------------------------------|---------------------------------------------------------|------------------------------------------------|--------------------------------------------------|
||
| 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           | E. Frederick Bair                                       | none                                           | $100,001—$500,000                           |
| Health Sciences Portfolio            | Kris H. Jenner                                          | none                                           | $100,001—$500,000                           |
| International Stock Portfolio        | Mark C.J. Bickford-SmithDean TenerelliDavid J.L. Warren | nonenonenone                                   | $100,001—$500,000none$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                                           | over $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 Holdingsasof Fund`s Fiscal Year a | AllFundsRange as of12/31/05 |
|---------------------------------|-----------------------|------------------------------------------------------|-----------------------------|
||
| California Tax-Free Bond        | Konstantine B. Mallas | none                                                 | $500,001—$1,000,000    |
| California Tax-Free Money  | Joseph K. Lynagh      | none                                                 | over $1,000,000             |
| Florida Intermediate Tax-Free   | Charles B. Hill       | none                                                 | $500,001—$1,000,000    |
| Georgia Tax—Free Bond      | Hugh D. McGuirk       | none                                                 | over $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                                                 | over $1,000,000             |
| Virginia Tax-Free Bond          | Hugh D. McGuirk       | none                                                 | over $1,000,000             |

----

|                          | Registered InvestmentCompanies | Other Pooled InvestmentVehicles | Other Accounts |                |        |               |
|--------------------------|--------------------------------|---------------------------------|----------------|----------------|--------|---------------|
||
| Christopher D. Alderson  | 8                              | $3,022,014,523                  | 3              | $2,484,694,058 | 3      | $498,299,221  |
| Preston G. Athey         | 7                              | 6,966,880,190                   | 3              | 37,968,683     | 9      | 838,520,541   |
| E. Frederick Bair        | 9                              | 6,947,884,558                   | 2              | 3,394,160,400  | 1      | 498,751,311   |
| P. Robert Bartolo        | 1                              | 438,133,385                     | —         | —         | — | —        |
| Connice A. Bavely        | 5                              | 1,524,280,195                   | 1              | 60,020,049     | 1      | 208,019,543   |
| Brian W.H. Berghuis      | 8                              | 19,758,863,428                  | 1              | 45,768,661     | 4      | 290,032,855   |
| Mark C.J. Bickford-Smith | 3                              | 1,218,687,415                   | 3              | 128,367,636    | 6      | 2,080,552,514 |
| Stephen W. Boesel        | 3                              | 11,023,176,950                  | —         | —         | 7      | 94,489,202    |
| Brian J. Brennan         | 2                              | 259,228,060                     | 5              | 3,211,994,334  | 7      | 532,173,115   |
| Jerome A. Clark          | 9                              | 3,618,054,776                   | —         | —         | — | —        |
| Michael J. Conelius      | 2                              | 497,421,206                     | 3              | 274,683,449    | 1      | —        |
| Anna M. Dopkin           | 1                              | 1,740,796,781                   | —         | —         | — | —        |
| Frances Dydasco          | 1                              | 1,285,001,815                   | —         | —         | — | —        |
| Mark J.T. Edwards        | 2                              | 1,699,568,786                   | —         | —         | — | —        |
| Henry M. Ellenbogen      | 1                              | 438,133,385                     | —         | —         | — | —        |
| Robert N. Gensler        | 2                              | 301,208,812                     | 2              | 1,055,733,519  | 1      | 35,657,558    |
| David Giroux             | 1                              | 160,461,930                     | —         | —         | — | —        |
| M. Campbell Gunn         | 2                              | 626,122,479                     | —         | —         | — | —        |
| Charles B. Hill          | 5                              | 1,223,094,301                   | —         | —         | 17     | 931,455,538   |
| Michael W. Holton        | 1                              | 394,151,170                     | —         | —         | — | —        |
| Thomas J. Huber          | 1                              | 773,625,439                     | —         | —         | — | —        |
| Kris H. Jenner           | 6                              | 2,610,514,850                   | 2              | 112,912,980    | 1      | 29,731,124    |
| Ian D. Kelson            | 13                             | 2,354,817,404                   | 22             | 377,449,441    | 3      | 45,298,994    |
| John H. Laporte          | 2                              | 6,964,704,705                   | 1              | 39,038,940     | 6      | 535,411,994   |
| David M. Lee             | 1                              | 961,693,647                     | —         | —         | — | —        |
| John D. Linehan          | 5                              | 4,624,253,891                   | 2              | 358,554,035    | 14     | 1,134,966,892 |
| Anh Lu                   | 1                              | 1,290,810,405                   | —         | —         | — | —        |
| Joseph K. Lynagh         | 5                              | 1,926,898,162                   | —         | —         | 14     | 341,645,208   |
| Konstantine B. Mallas    | 4                              | 850,429,326                     | —         | —         | 4      | 48,026,204    |
| Gregory A. McCrickard    | 4                              | 8,171,827,968                   | 2              | 230,778,306    | 8      | 1,019,325,355 |
| James M. McDonald        | 6                              | 17,983,748,414                  | 1              | 454,128,786    | — | —        |
| Hugh D. McGuirk          | 4                              | 1,834,258,240                   | —         | —         | 10     | 277,660,977   |
| Cheryl A. Mickel         | 1                              | 283,557,073                     | 1              | 3,117,785,821  | 17     | 2,826,835,594 |
| Joseph M. Milano         | 2                              | 960,202,894                     | —         | —         | — | —        |
| Mary J. Miller           | 1                              | 1,725,348,613                   | —         | —         | 2      | 198,199,428   |
| Raymond A. Mills, Ph.D.  | 3                              | 1,115,309,653                   | —         | —         | 1      | 29,288,893    |
| James M. Murphy          | 1                              | 1,248,139,135                   | —         | —         | — | —        |
| Edmund M. Notzon III     | 21                             | 12,298,704,814                  | 6              | 1,055,778,449  | 13     | 1,082,881,496 |
| Charles M. Ober          | 2                              | 4,166,754,711                   | —         | —         | 4      | 601,781,869   |
| Gonzalo Px87 ngaro       | 3                              | 1,233,309,699                   | —         | —         | — | —        |
| Donald J. Peters         | 13                             | 2,708,791,415                   | —         | —         | 19     | 1,930,163,590 |
| Larry J. Puglia          | 10                             | 13,670,710,486                  | 1              | 115,465,244    | 12     | 1,184,539,686 |
| Brian C. Rogers          | 13                             | 29,524,951,128                  | 2              | 207,117,655    | 17     | 1,420,354,309 |
| Jeffrey Rottinghaus      | 2                              | 163,850,169                     | 2              | 13,954,386     | — | —        |
| Daniel O. Shackelford    | 4                              | 3,511,248,502                   | —         | —         | 6      | 1,488,724,977 |
| Robert W. Sharps         | 7                              | 2,030,320,450                   | 3              | 1,633,412,910  | 9      | 1,159,806,193 |
| Neil Smith               | 1                              | 137,643,452                     | —         | —         | — | —        |
| Robert W. Smith          | 13                             | 16,249,509,613                  | —         | —         | 4      | 254,784,351   |
| Michael F. Sola          | 4                              | 5,242,879,182                   | —         | —         | — | —        |
| William J. Stromberg     | 3                              | 1,161,625,064                   | 4              | 1,189,854,244  | 22     | 3,763,638,059 |
| Dean Tenerelli           | 4                              | 2,831,737,011                   | 3              | 223,733,249    | 1      | 24,843,069    |
| Justin Thomson           | 1                              | 471,145,797                     | —         | —         | — | —        |
| David A. Tiberii         | 1                              | 237,571,835                     | 2              | 435,349,471    | 11     | 1,746,863,395 |
| Ken D. Uematsu           | 1                              | 382,230,184                     | —         | —         | — | —        |
| Mark J. Vaselkiv         | 6                              | 4,900,492,102                   | 11             | 3,044,593,166  | 14     | 2,062,951,872 |
| David J. Wallack         | 3                              | 6,330,378,523                   | 1              | 36,947,675     | 1      | 89,613,546    |
| David J.L. Warren        | 4                              | 6,726,075,342                   | 1              | 127,544,987    | 1      | 42,108,928    |
| Edward A. Wiese          | 2                              | 1,392,100,511                   | —         | —         | 10     | 1,349,726,295 |
| Paul W. Wojcik           | 4                              | 832,110,948                     | —         | —         | 1      | 28,266,606    |

----

----

| Fund                                                      | Shareholder                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | %                               |
|-----------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
| Balanced                                                  | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control DepartmentP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 48.36(c)                        |
| Blue Chip Growth                                          | Fidelity InvestmentsInstitutional Operations CompanyFIIOC as Agent for Merck & Co. Inc.100 Magellan Way (KW1C)Covington, Kentucky 41015Pirateline & Co.T. Rowe Price AssociatesAttn.: Fund Accounting Department100 East Pratt StreetBaltimore, Maryland 21202-1009T. Rowe Price Retirement Plan Services TRBlue Chip Growth FundAttn.: Asset ReconciliationsP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 5.346.2131.37(b)                |
| Blue Chip Growth Fund—Advisor Class                  | John Hancock Life Insurance Company USAAttn.: Laura Ross SRS Accounting250 Bloor Street East,Floor 7EToronto Ontario Canada M4W1E5Mercer Trust Company TRFBO Reuters 401(k) Pension Plan1 Investors WayNorwood, Massachusetts 02062-1599National Financial Services for the Exclusive Benefit of Our Customers200 Liberty StreetOne Financial Center, 4th FloorNew York, New York 10281-1015                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 41.95(a)7.1011.09               |
| Blue Chip Growth Fund—R Class                        | American United LifeSeparate Account IIAttn.: Dan SchlugeP.O. Box 1995Indianapolis, Indiana 46206-9102Massachusetts Mutual Life Insurance Co.1295 State StreetFund OperationsSpringfield, Massachusetts 01111-0002Nationwide Trust Company FSBc/o IPO Portfolio AccountingP.O. Box 182029Columbus, Ohio 43218-2029                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 23.4817.2219.16                 |
| California Tax-Free Money                                 | Georgette O`Connor Day TRGeorgette O`Connor Day TrustLos Angeles, California                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 9.94                            |
| Capital Appreciation                                      | Charles Schwab & Co., Inc.Reinvest AccountAttn.: Mutual Fund Department101 Montgomery StreetSan Francisco, California 94104-4122National Financial Services for the Exclusive Benefit of Our CustomersT. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 9.368.938.24                    |
| Capital Appreciation Fund—Advisor Class              | National Financial Services for the Exclusive Benefit of Our Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 42.78(a)                        |
| Capital Opportunity                                       | McWood & Co.c/o First Citizens Bank & TrustP.O. Box 29522Raleigh, North Carolina 27626-0522Swebak & Co.c/o Amcore Investment GroupP.O. Box 4599Rockford, Illinois 61110-4599                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 28.22(a)19.68                   |
| Capital Opportunity Fund—Advisor Class               | FTC & Co.DatalynxP.O. Box 173736Denver, Colorado 80217-3736T. Rowe Price AssociatesAttn.: Financial Reporting Department100 East Pratt StreetBaltimore, Maryland 21202-1009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 15.0379.18(e)                   |
| Capital Opportunity Fund—R Class                     | T. Rowe Price AssociatesAttn.: Financial Reporting Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 100.00(e)                       |
| Corporate Income                                          | Yachtcrew & Co.T. Rowe Price AssociatesAttn.: Fund Accounting Department100 East Pratt StreetBaltimore, Maryland 21202-1009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 44.50(d)                        |
| Developing Technologies                                   | Trustees of T. Rowe PriceU.S. Retirement ProgramAttn.: Financial Reporting DepartmentP.O. Box 89000Baltimore, Maryland 21289-0001                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 8.46                            |
| Dividend Growth                                           | T. Rowe Price Trust CompanyDividend Growth Fund (DGF)Attn.: Asset ReconciliationP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 15.85                           |
| Emerging Europe & Mediterranean                       | National Financial Services for the Exclusive Benefit of Our Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 23.89                           |
| Emerging Markets Bond                                     | Charles Schwab & Co., Inc.National Financial Services for the Exclusive Benefit of Our CustomersYachtcrew & Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 7.829.6617.93                   |
| Emerging Markets Stock                                    | Charles Schwab & Co., Inc.National Financial Services for the Exclusive Benefit of OurCustomersT. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 11.178.955.98                   |
| Equity Income                                             | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 20.63                           |
| Equity Income Fund—Advisor Class                     | Citigroup Global Markets Inc.333 West 34th Street, 3rd FloorNew York, New York 10001-2402John Hancock Life Insurance Company USANational Financial Services for the Exclusive Benefit of Our CustomersPRIACFBO Various Retirement Plans801 Pennsylvania AvenueKansas City, Missouri 64105-1307                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 9.2213.0736.80(a)7.11           |
| Equity Income Fund—R Class                           | American United LifeSeparate Account IIEmjay Corporation Cust.FBO Plans for RPSA Customersc/o Great West8515 East Orchard Road #2T2Englewood, Colorado 80111-5002Nationwide Trust Company FSBUnified Trust Company NAAttn.: Christina Redmon2353 Alexandria Drive, Suite 100Lexington, Kentucky 40504-3208Wachovia BankFBO Various Retirement Plans1525 West W.T. Harris BoulevardCharlotte, North Carolina 28288-0001                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 12.566.2010.137.5514.45         |
| Equity Index 500                                          | Retirement Portfolio 2010T. Rowe Price AssociatesAttn.: Fund Accounting Department100 East Pratt StreetBaltimore, Maryland 21202-1009Retirement Portfolio 2020T. Rowe Price AssociatesAttn.: Fund Accounting Department100 East Pratt StreetBaltimore, Maryland 21202-1009T. Rowe Price Trust CompanyAttn.: RPS Control Department10090 Red Run BoulevardOwings Mills, Maryland 21117-4842                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 7.667.0517.58                   |
| European Stock                                            | Bobstay & Co.T. Rowe Price AssociatesAttn.: Fund Accounting Department100 East Pratt StreetBaltimore, Maryland 21202-1009Charles Schwab & Co., Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 6.788.00                        |
| Extended Equity Market Index                              | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 23.06                           |
| Financial Services                                        | Charles Schwab & Co., Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 5.50                            |
| Georgia Tax-Free Bond                                     | Charles Schwab & Co., Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 6.58                            |
| Global Stock                                              | Charles Schwab & Co., Inc.National Financial Services for the Exclusive Benefit of Our CustomersT. Rowe Price Retirement Plan Services, Inc.Omnibus PlanInstall TeamP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 7.696.717.44                    |
| Global Technology                                         | National Financial Services for the Exclusive Benefit of Our Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 5.47                            |
| GNMA                                                      | Yachtcrew & Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 39.51(d)                        |
| TRP Government Reserve Investment                         | Bridgesail & Co.c/o. T. Rowe Price AssociatesAttn.: Science & Technology Fund100 East Pratt StreetBaltimore, Maryland 21202-1009Barnaclesailc/o T. Rowe Price AssociatesAttn.: Mid-Cap Growth Fund100 East Pratt StreetBaltimore, Maryland 21202-1009T. Rowe Price Retirement Plan Services, Inc.Attn.: RPS Cash Group4555 Painters Mill RoadOwings Mills, Maryland 21117-4903                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 8.6969.20(a)8.80                |
| Growth & Income                                       | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 26.08(c)                        |
| Growth Stock                                              | Charles Schwab & Co., Inc.Saxon and Co.Omnibus AccountP.O. Box 7780-1888Philadelphia, Pennsylvania 19182-0001T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 5.145.0214.48                   |
| Growth Stock Fund—Advisor Class                      | National Financial Services for the Exclusive Benefit of Our CustomersPFPC Brokerage Inc.PFPC Wrap ServicesFBO Neuberger Berman760 Moore RoadKing of Prussia, Pennsylvania 19406-1212U.S. BankFBO Private Asset DepartmentOA PlatformP.O. Box 1787Milwaukee, Wisconsin 53201-1787                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 30.36(a)5.966.28                |
| Growth Stock Fund—R Class                            | American United LifeSeparate Account IINationwide Trust Company FSBSuntrust Bank TRFBO Florida Rock Industries Inc.Profit Sharing & Deferred Earnings Planc/o FASCORP8515 East Orchard RoadAttn.: 2T2Englewood, Colorado 80111-5002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 13.407.757.03                   |
| Health Sciences                                           | John Hancock Life Insurance Company USA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 8.99                            |
| High Yield                                                | Retirement Portfolio 2020Yachtcrew & Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 5.3221.24                       |
| High Yield Fund—Advisor Class                        | National Financial Services for the Exclusive Benefit of Our Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 94.81(a)                        |
| Inflation Protected Bond                                  | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountInflation Protected BondP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 18.62                           |
| Institutional Core Plus                                   | Dewey Ballantine LLPAttn.: Linda Howard1301 Avenue of the AmericasNew York, New York 10019-6022TRP Finance, Inc.802 West StreetSuite 301Wilmington, Delaware 19801-1526                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 52.21(a)47.79(f)                |
| Institutional Emerging Markets Equity                     | Mac & Co.Mutual Funds OperationsP.O. Box 3198Pittsburgh, Pennsylvania 15230-3198Nabank & Co.Daily Record Keeping AccountAttn.: Trust SecuritiesP.O. Box 2180Tulsa, Oklahoma 74101-2180SEI Private Trust Co.c/o Harris BankAttn.: Mutual FundsOne Freedom Valley DriveOaks, Pennsylvania 19456The Glenmede Trust Co.Lauer & CompanyP.O. Box 58997Philadelphia, Pennsylvania 19102-8997The Nemours Foundation4600 Touchton Road EastBuilding 200, Suite 500Jacksonville, Florida 32246-4402                                                                                                                                                                                                                                                                                                                                                                                                         | 6.197.0654.00(a)6.597.83        |
| Institutional Foreign Equity                              | Mac & Co.State Street Bank & Trust Co. Cust.Houston Metro Transit Authority Fund-MTA Union805 Pennsylvania AvenueTower 2, 5th FloorKansas City, Missouri 64105-1307State Street Bank & Trust Co. Cust.Houston Metro Transit Authority Fund-MTA Non-Union805 Pennsylvania AvenueTower 2, 5th FloorKansas City, Missouri 64105-1307Strafe & Co.FAO Indianapolis Museum of ArtP.O. Box 160Westerville, Ohio 43086-0160T. Rowe Price Trust CompanyBalanced Fund Employee Profit Sharing RetirementPlan of Winn Dixie Stores, Inc.Attn.: Guido Stubenrauch100 East Pratt StreetBaltimore, Maryland 21202-1009Vanguard Fiduciary Trust CompanyFBO Pioneer Hi-Bred Mix 3P.O. Box 2600Valley Forge, Pennsylvania 19482-2600Vanguard Fiduciary Trust CompanyFBO Pioneer Hi-Bred Mix 4P.O. Box 2600Valley Forge, Pennsylvania 19482-2600                                                                | 8.438.947.5111.765.138.257.22   |
| Institutional High Yield                                  | Bread & Co.c/o T. Rowe Price AssociatesAttn.: Balanced Fund100 East Pratt StreetBaltimore, Maryland 21202-1009Ladybird & Co.c/o T. Rowe Price AssociatesAttn.: Personal Strategy Income Fund100 East Pratt StreetBaltimore, Maryland 21202-1009Ladybug & Co.c/o T. Rowe Price AssociatesAttn.: Personal Strategy Balanced Fund100 East Pratt StreetBaltimore, Maryland 21202-1009National City TRFBO Jones Day 401(k) PlanAttn.: Trust Mutual FundsP.O. Box 94984Cleveland, Ohio 44101-4984National Financial Services for the Exclusive Benefit of Our Customers                                                                                                                                                                                                                                                                                                                  | 22.917.2311.426.6917.37         |
| Institutional Large-Cap Core Growth                       | Post & Co.c/o The Bank of New YorkMutual Fund Reorg. Department, 6th FloorP.O. Box 1066Wall Street StationNew York, New York 10268-1066The Jewish Foundation of Cincinnati8044 Montgomery Road, Suite 700Cincinnati, Ohio 45236-2926TRP Finance, Inc.TRUCOJONominee for the Trust Company of St. Joseph TrustAccountsP.O. Box 846St. Joseph, Missouri 64502-0846                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 54.41(a)27.27(a)7.017.62        |
| Institutional Large-Cap Growth                            | Charles Schwab & Co., Inc.Dewey Ballantine LLPFidelity InvestmentsInstitutional Operations CompanyFIIOC as Agent for Florida Power & Light                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 28.73(a)6.6823.18               |
| Institutional Large-Cap Value                             | Carey & Co.c/o Huntington Trust Company7 Easton OvalColumbus, Ohio 43219-6010Charles Schwab & Co., Inc.Dewey Ballantine LLPFidelity Management TRFBO Retirement Savings Plan for Pilots of US Airways Inc.82 Devonshire Street Z1MBoston, Massachusetts 02109-3605Investors Bank & TrustFBO Various Retirement Plans4 Manhattanville RoadPurchase, New York 10577-2139Patterson & Co. FBO Town of West Hartford Pension1525 West WT Harris BoulevardCharlotte, North Carolina 28288-0001Wells Fargo Bank NA FBO Western AdministrativeP.O. Box 1533Minneapolis, Minnesota 55480-1533                                                                                                                                                                                                                                                                                                          | 13.3124.309.506.1213.466.458.54 |
| Institutional Mid-Cap Equity Growth                       | Balsa & Company14221 Dallas ParkwayDallas, Texas 75254-2942SEI Private Trust Co.c/o M&T BankU.S. BankFBO Land O` Lakes Retirement Trust                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 6.295.215.06                    |
| Institutional Small-Cap Stock                             | National Financial Services for the Exclusive Benefit of Our CustomersSigler & Co.Smithsonian InstitutionTony Moceri3 Chase Metrotech Center, 5th FloorBrooklyn, New York 11245-0001State Street Trust & Banking CompanyShirovama JT Trust Tower4-3-1 Toranomon Minato-KuTokyo, Japan 105-6014                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 13.7318.2610.21                 |
| International Bond                                        | Charles Schwab & Co., Inc.National Financial Services for the Exclusive Benefit of Our CustomersYachtcrew & Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 12.225.1525.52(d)               |
| International Bond Fund—Advisor Class                | Citigroup Global Markets Inc.National Financial Services for the Exclusive Benefit of Our CustomersSmith Barney Corp. Trust Company TRSmith Barney 401(k) Advisor Groupc/o CitistreetTwo Tower CenterP.O. Box 1063East Brunswick, New Jersey 08816-1063                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 47.65(a)26.71(a)13.25           |
| International Discovery                                   | Fidelity InvestmentsInstitutional Operations CompanyFIIOC as Agent for Ford SSIPT. Rowe Price Retirement Plan Services, Inc.Attn.: Asset ReconciliationP.O. Box 17215Baltimore, Maryland 21297-1215Vanguard Fiduciary Trust CompanyT. Rowe Price Retail Class FundsAttn.: Outside FundsP.O. Box 2600Valley Forge, Pennsylvania 19482-2600                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 8.666.849.33                    |
| International Equity Index                                | T. Rowe Price Retirement Plan Services, Inc.Omnibus PlanNew Business-Conv. AssetsP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 10.50                           |
| International Growth & Income                         | Pirateline & Co.Retirement Portfolio 2010Retirement Portfolio 2015T. Rowe Price AssociatesAttn.: Fund Accounting Department100 East Pratt StreetBaltimore, Maryland 21202-1009Retirement Portfolio 2020Retirement Portfolio 2025T. Rowe Price AssociatesAttn.: Fund Accounting Department100 East Pratt StreetBaltimore, Maryland 21202-1009Retirement Portfolio 2030T. Rowe Price AssociatesAttn.: Fund Accounting Department100 East Pratt StreetBaltimore, Maryland 21202-1009                                                                                                                                                                                                                                                                                                                                                                                                          | 18.987.295.2611.915.349.73      |
| International Growth & Income Fund—Advisor Class | U.S. BankFBO Private Asset DepartmentOA Platform                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 95.57(a)                        |
| International Growth & Income Fund—R Class       | American United LifeAmerican Unit Investment TrustAmerican United LifeSeparate Account II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 29.45(a)49.78(a)                |
| International Stock                                       | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 15.11                           |
| International Stock Fund—Advisor Class               | Citigroup Global Markets Inc.U.S. BankFBO Private Asset DepartmentOA Platform                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 28.95(a)12.78                   |
| International Stock Fund—R Class                     | American United LifeSeparate Account IIT. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement ISRP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 19.4656.23(b)                   |
| Japan                                                     | Charles Schwab & Co., Inc.Knotfloat & Co.P.O. Box 5496Boston, Massachusetts 02206-5496National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 10.605.357.06                   |
| Latin America                                             | Charles Schwab & Co., Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 11.76                           |
| Maryland Short-Term Tax-Free Bond                         | Charles Schwab & Co., Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 5.60                            |
| Maryland Tax-Free Money                                   | T. Rowe Price AssociatesAttn.: Financial Reporting Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 12.74                           |
| Media & Telecommunications                            | Charles Schwab & Co., Inc.T. Rowe Price Trust CompanyMedia & Telecommunications FundP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 5.318.22                        |
| Mid-Cap Growth                                            | Charles Schwab & Co., Inc.T. Rowe Price Trust CompanyAttn.: Asset ReconciliationsP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 7.3617.93                       |
| Mid-Cap Growth Fund—Advisor Class                    | MITRA & Company11270 West Park PlaceSuite 400-PPW-08-WMAttn.: Mutual FundsMilwaukee, Wisconsin 53224-3623National Financial Services for the Exclusive Benefit of Our CustomersU.S. BankFBO Private Asset DepartmentOA PlatformVanguard Fiduciary Trust CompanyT. Rowe Price Advisor Class FundsAttn.: Outside FundsP.O. Box 2900Valley Forge, Pennsylvania 19482-2900Wells Fargo Bank NA FBO RPS T. Rowe Price Mid-Cap GrowthP.O. Box 1533Minneapolis, Minnesota 55480-1533                                                                                                                                                                                                                                                                                                                                                                                                                         | 6.0813.767.7914.075.07          |
| Mid-Cap Growth Fund—R Class                          | American United LifeSeparate Account IIING Life Insurance & Annuity Company151 Farmington AvenueHartford, Connecticut 06156-0001Nationwide Trust Company FSBT. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement MGR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 5.3818.6517.496.06              |
| Mid-Cap Value                                             | Charles Schwab & Co., Inc.National Financial Services for the Exclusive Benefit of Our Customers200 Liberty StreetOne Financial Center, 5th FloorNew York, New York 10281T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountNew Business GroupP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 6.206.746.54                    |
| Mid-Cap Value Fund—Advisor Class                     | National Financial Services for the Exclusive Benefit of Our CustomersUnion Central Life Insurance Company1876 Waycross Road, #3Cincinnati, Ohio 45240-2899U.S. BankFBO Private Asset DepartmentOA Platform                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 15.336.258.03                   |
| Mid-Cap Value Fund—R Class                           | American United LifeSeparate Account IIING Life Insurance & Annuity CompanyJ.P. Morgan Chase TRFBO ADP Mid Market ProductAttn.: Lisa Glenn3 Metrotech Center, 6th FloorBrooklyn, New York 11245-0001Nationwide Trust Company FSBState Street Bank & TRFBO ADP Daily Valuation BAttn.: Susan McDonough105 Rosemont RoadWestwood, Massachusetts 02090-2318                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 7.047.686.7114.3825.96(a)       |
| New America Growth                                        | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control DepartmentWilmington Trust Co.FBO Continental Airlines Inc.DCP Planc/o Mutual FundsP.O. Box 8971Wilmington, Delaware 19899-8971                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 23.577.39                       |
| New Asia                                                  | Charles Schwab & Co., Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 9.42                            |
| New Era                                                   | Charles Schwab & Co., Inc.National Financial Services for the Exclusive Benefit of OurCustomers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 9.665.76                        |
| New Horizons                                              | Pirateline & Co.T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 6.4329.83(c)                    |
| New Income                                                | Retirement Portfolio 2010Retirement Portfolio 2015Retirement Portfolio 2020T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control DepartmentYachtcrew & Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 8.985.098.379.0124.15           |
| New Income Fund—Advisor Class                        | National Financial Services for the Exclusive Benefit of Our Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 17.97                           |
| New Income Fund—R Class                              | AMVESCAP National Trust Company as Agent for VALICFBO Pieper Bancorp Inc. Profit Sharing PlanP.O. Box 105779Atlanta, Georgia 30348-5779Nationwide Trust Company FSBT. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement NIR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 6.226.3059.67(b)                |
| New Jersey Tax-Free Bond                                  | PFPC Brokerage Inc.PFPC Wrap ServicesFBO Hilliard Lyons/Capital Dist.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 6.14                            |
| New York Tax-Free Money                                   | Coleman M. BrandtGrace L. Brandt JT TENNew York, New York                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 10.13                           |
| Personal Strategy Balanced                                | T. Rowe Price Trust CompanyBalancedAttn.: Asset ReconciliationP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 45.74(c)                        |
| Personal Strategy Growth                                  | T. Rowe Price Trust CompanyAttn.: Growth AssetP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 37.32(c)                        |
| Personal Strategy Income                                  | T. Rowe Price Trust CompanyIncomeAttn.: Asset ReconciliationP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 35.19(c)                        |
| Prime Reserve                                             | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 12.54                           |
| Real Estate                                               | Charles Schwab & Co., Inc.T. Rowe Price Retirement Plan Services, Inc.Omniplan AccountNew Business Group Conv. AssetP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 5.268.13                        |
| Real Estate Fund—Advisor Class                       | National Financial Services for the Exclusive Benefit of Our CustomersUnion Bank TR NomineeFBO Bank of Tokyo MitsubishiP.O. Box 85484San Diego, California 92186-5484Wachovia Bank                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 63.52(a)9.7615.06               |
| TRP Reserve Investment                                    | Covewater & Co.c/o T. Rowe Price AssociatesAttn.: Mid-Cap Value Fund100 East Pratt StreetBaltimore, Maryland 21202-1009Eye & Co.c/o T. Rowe Price AssociatesAttn.: Growth Stock Fund100 East Pratt StreetBaltimore, Maryland 21202-1009Overlap & Co.c/o T. Rowe Price AssociatesAttn.: Small-Cap Stock Fund100 East Pratt StreetBaltimore, Maryland 21202-1009Seamile & Co.c/o T. Rowe Price AssociatesAttn.: Capital Appreciation Fund100 East Pratt StreetBaltimore, Maryland 21202-1009Taskforce & Co.c/o T. Rowe Price AssociatesAttn.: Equity Income Fund100 East Pratt StreetBaltimore, Maryland 21202-1009The GCG TrustFully Managed SeriesBank of New YorkOne Wall Street, 25th FloorNew York, New York 10286-0001T. Rowe Price Managed GICStable Value FundT. Rowe Price Associates, Inc.100 East Pratt Street, 7th FloorBaltimore, Maryland 21202-1009 | 6.935.547.2518.189.855.315.36   |
| Retirement 2005                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirementP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 59.55(b)                        |
| Retirement 2010                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement 2010P.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 60.03(b)                        |
| Retirement 2010 Fund—Advisor Class                   | AIG Federal Savings Bank TRFBO Memorial Health System 401(k) Plan2929 Allen ParkwayHouston, Texas 77019-7104DWS Trust Co.FBO United Business Media 401(k) PlanAsset Reconciliation DepartmentP.O. Box 1757Salem, New Hampshire 03079-1143Nationwide Trust CompanyFBO Participating Retirement PlansSaxon and Co.Union Bank TR NomineeUnion Central Life Insurance Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 23.606.775.057.9810.8913.47     |
| Retirement 2010 Fund—R Class                         | American Red Cross Savings PlanState Street Bank & Trust Co.105 Rosemont RoadWestwood, Massachusetts 02090-2318Saxon and Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 51.76(a)12.35                   |
| Retirement 2015                                           | T. Rowe Price Retirement Plan Services, Inc.Retirement Account                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 63.50(b)                        |
| Retirement 2020                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement 2020P.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 63.22(b)                        |
| Retirement 2020 Fund—Advisor Class                   | AIG Federal Savings Bank TRFBO Memorial Health System 401(k) PlanSaxon and Co.Union Bank TR NomineeUnion Central Life Insurance Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 25.31(a)15.747.0218.71          |
| Retirement 2020 Fund—R Class                         | American Red Cross Savings PlanSaxon and Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 18.8422.37                      |
| Retirement 2025                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 69.42(b)                        |
| Retirement 2030                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement 2030P.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 66.58(b)                        |
| Retirement 2030 Fund—Advisor Class                   | AIG Federal Savings Bank TRFBO Memorial Health System 401(k) PlanSaxon and Co.Union Bank TR NomineeUnion Central Life Insurance Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 29.51(a)16.317.1019.71          |
| Retirement 2030 Fund—R Class                         | American Red Cross Savings PlanSaxon and Co.Suntrust Bank TRFBO Churchill Downs Inc. 401(k)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 21.7018.8310.07                 |
| Retirement 2035                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 70.79(b)                        |
| Retirement 2040                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement 2040P.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 70.76(b)                        |
| Retirement 2040 Fund—Advisor Class                   | AIG Federal Savings Bank TRFBO Memorial Health System 401(k) PlanSaxon and Co.Union Central Life Insurance Co.Wilmington Trust CompanyTTEEFBO Kaleida 401(k) Retirement PlanP.O. Box 8880Wilmington, Delaware 19899-8880Wilmington Trust CompanyTTEEFBO Kaleida 403(b) Retirement Plan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 18.6615.0019.376.0016.72        |
| Retirement 2040 Fund—R Class                         | Saxon and Co.State Street Bank & TRFBO ADP Daily Valuation BSuntrust Bank TRFBO Churchill Downs Inc. 401(k)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 18.508.4327.47(a)               |
| Retirement 2045                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 71.92(b)                        |
| Retirement Income                                         | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement IncomeP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 33.26(b)                        |
| Retirement Income Fund—Advisor Class                 | DWS Trust Co. TRFBO United Business Media 401(k) PlanAIG Federal Savings Bank TRFBO Memorial Health System 401(k) PlanBelbank & Co.c/o Belvidere National Bank & Trust Co.600 South State StreetBelvidere, Illinois 61008-4329Investors Bank & TrustFBO Various Retirement PlansSaxon and Co.Union Bank TR Nominee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 6.1037.58(a)5.315.978.0719.11   |
| Retirement Income Fund—R Class                       | Mac & Co.State Street Bank & TRFBO ADP Daily Valuation B                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 64.21(a)5.37                    |
| Science & Technology                                  | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 23.18                           |
| Science & Technology Fund—Advisor Class          | John Hancock Life Insurance Company USAVanguard Fiduciary Trust Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 88.88(a)5.04                    |
| Short-Term Bond                                           | Yachtcrew & Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 15.16                           |
| Short-Term Bond Fund—Advisor Class                   | PFPC Brokerage Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 99.32(a)                        |
| Small-Cap Stock                                           | Norwest Bank Company NA TRFBO State of Minnesota Deferred Compensation PlanMinnesota State Deferred Compensation Plan Trustc/o Great West Life Recordkeeper8515 East Orchard RoadAttn.: 2T2Englewood, Colorado 80111-5002T. Rowe Price Trust CompanyT. Rowe Price OTC FundAttn.: RPS Control DepartmentP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 5.5616.29                       |
| Small-Cap Stock Fund—Advisor Class                   | ICMA Retirement Trust777 North Capitol Street NE, Suite 600Washington, DC 20002-4240Minnesota Life401 Robert Street NorthSaint Paul, Minnesota 55101-2000Northern Trust Company TR Home DepotFuture Builder 401(k) PlanP.O. Box 92994Chicago, Illinois 60675-2956Vanguard Fiduciary Trust Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 13.0318.7316.8414.23            |
| Small-Cap Value                                           | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 30.68(c)                        |
| Small-Cap Value Fund—Advisor Class                   | ICMA Retirement TrustJohn Hancock Life Insurance Company USAMerrill Lynch Pierce Fenner & Smith Inc. for the SoleBenefit of Its Customers4800 Deer Lake Drive EastJacksonville, Florida 32246-6484U.S. BankFBO Private Asset DepartmentOA Platform                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 24.7531.89(a)12.757.15          |
| Spectrum Growth                                           | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 17.08                           |
| Spectrum Income                                           | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 26.43(c)                        |
| Spectrum International                                    | T. Rowe Price Retirement Plan Services, Inc.Omniplan AccountNew Business GroupP.O. Box 17215Baltimore, Maryland 21297-1215                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 8.24                            |
| Summit Cash Reserves                                      | T. Rowe Price AssociatesAttn.: Financial Reporting DepartmentT. Rowe Price Trust CompanyAttn.: Asset Reconciliations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 7.5212.27                       |
| Summit Municipal Income                                   | National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 28.43(a)                        |
| Summit Municipal Intermediate                             | Charles Schwab & Co., Inc.Prudential Investment Management ServicesFBO Mutual Funds ClientsAttn.: Pruchoice UnitMail Stop 194-201194 Wood Avenue SouthIselin, New Jersey 08830-2710                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 10.0434.65(a)                   |
| Summit Municipal Money Market                             | TRP Finance, Inc.T. Rowe Price AssociatesAttn.: Financial Reporting Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 8.178.78                        |
| Tax-Exempt Money                                          | T. Rowe Price AssociatesAttn.: Financial Reporting DepartmentT. Rowe Price International, Inc.Attn.: Financial Reporting Department100 East Pratt StreetBaltimore, Maryland 21202-1009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 19.248.79                       |
| Tax-Free High Yield                                       | Charles Schwab & Co., Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 5.57                            |
| Tax-Free Income Fund—Advisor Class                   | National Financial Services for the Exclusive Benefit of Our Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 99.45(a)                        |
| Tax-Free Short-Intermediate                               | Charles Schwab & Co., Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 9.21                            |
| U.S. Bond Index                                           | Alaska College Savings TrustACT Portfolioc/o T. Rowe Price AssociatesAttn.: Kimberly Vanscoy, Fixed Income100 East Pratt Street, 7th FloorBaltimore, Maryland 21202-1009T. Rowe Price Retirement Plan Services, Inc.Omnibus PlanNew Business-Conv. Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 6.2835.04(b)                    |
| U.S. Treasury Intermediate                                | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 18.09                           |
| U.S. Treasury Long-Term                                   | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control DepartmentYachtcrew & Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 12.2033.33(d)                   |
| U.S. Treasury Money                                       | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 16.55                           |
| Value                                                     | Northern Trust Company TRFBO Pfizer Savings and Investment PlanP.O. Box 92994Chicago, Illinois 60675-2994Pirateline & Co.Retirement Portfolio 2020Retirement Portfolio 2025Retirement Portfolio 2030T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 5.507.6310.005.119.5913.50      |
| Value Fund—Advisor Class                             | Minnesota LifeNational Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 5.7979.94(a)                    |

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|  | 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                                | 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 % |
|-------------------------------------|-------|
| Equity Index 500                    | 0.15% |
| Institutional Foreign Equity        | 0.70  |
| Institutional Large-Cap Core Growth | 0.55  |
| Institutional Large-Cap Growth      | 0.55  |
| Institutional Large-Cap Value       | 0.55  |
| Institutional Mid-Cap Equity Growth | 0.60  |
| Institutional Small-Cap Stock       | 0.65  |

----

| Fund                                  | Fee % |
|---------------------------------------|-------|
| Extended Equity Market Index          | 0.40% |
| Institutional Core Plus               | 0.45  |
| 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 |            |            |
|-----------------------------------|-------------------|------------|------------|
||
| 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 |            |            |
|-----------------------------------|-------------------|------------|------------|
||
| Corporate Income                  | $872,000          | $430,000   | $297,000   |
| GNMA                              | 6,250,000         | 6,366,000  | 6,528,000  |
| TRP Government Reserve Investment | (a)               | (a)        | (a)        |
| High Yield(b)                     | 25,086,000        | 22,485,000 | 14,527,000 |
| Inflation Protected Bond          | 268,000           | 131,000    | 0          |
| Institutional Core Plus           | 33,000            | (c)        | (c)        |
| Institutional High Yield          | 3,135,000         | 3,407,000  | 796,000    |
| New Income(d)                     | 13,093,000        | 10,947,000 | 9,469,000  |
| Personal Strategy Balanced        | 5,564,000         | 4,412,000  | 3,071,000  |
| Personal Strategy Growth          | 4,033,000         | 3,079,000  | 1,561,000  |
| Personal Strategy Income          | 1,717,000         | 1,390,000  | 747,000    |
| Prime Reserve                     | 17,917,000        | 19,470,000 | 21,177,000 |
| TRP 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                   | 6,202,000         | 5,440,000  | 3,014,000  |
| U.S. Treasury Intermediate        | 1,062,000         | 1,315,000  | 1,404,000  |
| U.S. Treasury Long-Term           | 855,000           | 951,000    | 1,094,000  |
| U.S. Treasury Money               | 2,927,000         | 3,339,000  | 3,442,000  |

----

| Fund                                     | Fiscal Year Ended |            |            |
|------------------------------------------|-------------------|------------|------------|
||
| Emerging Europe & Mediterranean      | $4,431,000        | $888,000   | $321,000   |
| Emerging Markets Stock                   | 9,850,000         | 5,239,000  | 2,173,000  |
| European Stock                           | 6,666,000         | 6,802,000  | 5,720,000  |
| Global Stock(a)                          | 617,000           | 523,000    | 448,000    |
| Institutional Emerging Markets Equity(b) | 857,000           | 277,000    | 78,000     |
| Institutional Foreign Equity             | 3,507,000         | 6,645,000  | 8,097,000  |
| International Discovery                  | 11,725,000        | 8,325,000  | 4,614,000  |
| International Equity Index(b)            | 455,000           | 171,000    | 73,000     |
| International Growth & Income(c)     | 5,281,000         | 1,823,000  | 198,000    |
| International Stock(c)                   | 33,990,000        | 33,994,000 | 30,300,000 |
| Japan                                    | 1,711,000         | 1,543,000  | 915,000    |
| Latin America                            | 4,911,000         | 2,186,000  | 1,475,000  |
| New Asia                                 | 9,017,000         | 7,214,000  | 4,974,000  |
| Summit Cash Reserves(b)                  | 15,826,000        | 13,432,000 | 14,006,000 |
| Summit GNMA(b)                           | 487,000           | 512,000    | 632,000    |
| Summit Municipal Income(b)               | 605,000           | 475,000    | 464,000    |
| Summit Municipal Intermediate(b)         | 966,000           | 730,000    | 565,000    |
| Summit Municipal Money Market(b)         | 2,621,000         | 1,975,000  | 1,320,000  |
| U.S. Bond Index(b)                       | 455,000           | 311,000    | 271,000    |

----

| Fund                                | Fiscal Year Ended |             |            |
|-------------------------------------|-------------------|-------------|------------|
||
| Balanced                            | $11,137,000       | $10,021,000 | $7,983,000 |
| Blue Chip Growth(a)                 | 52,428,000        | 46,135,000  | 36,657,000 |
| Capital Appreciation(b)             | 38,637,000        | 23,028,000  | 13,817,000 |
| Capital Opportunity(a)              | 596,000           | 492,000     | 431,000    |
| Developing Technologies             | 376,000           | 424,000     | 267,000    |
| Diversified Mid-Cap Growth          | 327,000           | 199,000     | (c)        |
| Diversified Small-Cap Growth        | 537,000           | 517,000     | 402,000    |
| Dividend Growth                     | 3,900,000         | 3,632,000   | 3,065,000  |
| Emerging Markets Bond               | 2,772,000         | 1,893,000   | 1,881,000  |
| Equity Income(a)                    | 108,721,000       | 87,399,000  | 63,960,000 |
| Equity Index 500                    | 7,880,000         | 6,404,000   | 4,775,000  |
| Extended Equity Market Index(d)     | 856,000           | 546,000     | 351,000    |
| Financial Services                  | 2,554,000         | 2,528,000   | 2,011,000  |
| Global Technology                   | 793,000           | 652,000     | 512,000    |
| Growth & Income                 | 9,955,000         | 10,824,000  | 10,016,000 |
| Growth Stock(a)                     | 59,274,000        | 38,666,000  | 25,638,000 |
| Health Sciences                     | 8,634,000         | 8,045,000   | 5,681,000  |
| Institutional Large-Cap Core Growth | 178,000           | 163,000     | 9,000      |
| Institutional Large-Cap Growth      | 581,000           | 196,000     | 52,000     |
| Institutional Large-Cap Value       | 592,000           | 294,000     | 56,000     |
| Institutional Mid-Cap Equity Growth | 2,518,000         | 2,231,000   | 1,835,000  |
| Institutional Small-Cap Stock       | 2,822,000         | 2,873,000   | 2,448,000  |
| International Bond(b)               | 11,938,000        | 9,624,000   | 8,050,000  |
| Media & Telecommunications      | 5,959,000         | 4,949,000   | 3,433,000  |
| Mid-Cap Growth(a)                   | 91,962,000        | 75,642,000  | 50,889,000 |
| Mid-Cap Value(a)                    | 37,633,000        | 22,005,000  | 8,500,000  |
| New America Growth                  | 5,812,000         | 6,039,000   | 5,670,000  |
| New Era                             | 16,831,000        | 9,378,000   | 5,957,000  |
| New Horizons                        | 39,472,000        | 34,850,000  | 26,921,000 |
| Real Estate(b)                      | 4,773,000         | 2,546,000   | 1,201,000  |
| Science & Technology(b)         | 26,486,000        | 30,509,000  | 27,233,000 |
| Small-Cap Stock(b)                  | 52,878,000        | 44,236,000  | 31,577,000 |
| Small-Cap Value(a)                  | 34,086,000        | 27,661,000  | 19,397,000 |
| Spectrum Growth                     | (e)               | (e)         | (e)        |
| Spectrum Income                     | (e)               | (e)         | (e)        |
| Spectrum International              | (e)               | (e)         | (e)        |
| Total Equity Market Index(d)        | 1,448,000         | 1,276,000   | 912,000    |
| Value(b)                            | 19,701,000        | 12,876,000  | 8,689,000  |

----

| Fund                                                         | Limitation Period                         | ExpenseRatioLimitation | ReimbursementDate     |
|--------------------------------------------------------------|-------------------------------------------|------------------------|-----------------------|
| Blue Chip Growth Fund—Advisor Class                     | January 1, 2004—April 30, 2006       | 1.05%                  | April 30, 2008(a)     |
| Blue Chip Growth Fund—R Class                           | May1, 2004— April 30, 2006           | 1.35%                  | April 30, 2008(a)     |
| California Tax-Free Money(b)                                 | July 1, 2005—June 30, 2007           | 0.55%                  | (c)                   |
| Capital Appreciation Fund—Advisor Class                 | January 1, 2005 — April 30, 2007     | 1.10%                  | (c)                   |
| Capital Opportunity(d)                                       | October 1, 2005— April 30, 2008      | 0.95%                  | April 30, 2010(a)     |
| Capital Opportunity Fund—Advisor Class(e)               | October 1, 2005 — April 30, 2008     | 1.10%                  | April 30, 2010(a)     |
| Capital Opportunity Fund—R Class(f)                     | October 1, 2005 — April 30, 2008     | 1.35%                  | April 30, 2010(a)     |
| Corporate Income                                             | June 1, 2003—September 30, 2005      | 0.80%                  | September 30, 2007(a) |
| Developing Technologies(g)                                   | May 1, 2005— April 30, 2007          | 1.50%                  | April 30, 2009(a)     |
| Diversified Mid-Cap Growth(h)                                | May 1, 2006— April 30, 2008          | 1.25%                  | (c)                   |
| Diversified Small-Cap Growth(i)                              | May 1, 2006— April 30, 2008          | 1.25%                  | April 30, 2010(a)     |
| Dividend Growth Fund—Advisor Class                      | December 30, 2005 — April 30, 2008   | 1.05%                  | April 30, 2010(a)     |
| Emerging Europe &Mediterranean(j)                        | March 1, 2005—February 28, 2007      | 1.75%                  | February 28, 2009(a)  |
| Equity Income Fund—Advisor Class                        | January 1, 2004 — April 30, 2006     | 1.00%                  | (c)                   |
| Equity Income Fund—R Class                              | May1, 2004— April 30, 2006           | 1.30%                  | (c)                   |
| Equity Index 500(k)                                          | May 1, 2006— April 30, 2008          | 0.35%                  | April 30, 2010(a)     |
| Global Stock(l)                                              | October 1, 2005—February 29, 2008    | 1.00%                  | February 28, 2010(a)  |
| Global Stock Fund—Advisor Class                         | April 28, 2006 — February 28, 2008   | 1.15%                  | February 28, 2010(a)  |
| Global Technology(m)                                         | May 1, 2005— April 30, 2007          | 1.50%                  | April 30, 2009(a)     |
| Growth Stock Fund—Advisor Class                         | January 1, 2004—April 30, 2006       | 1.10%                  | (c)                   |
| Growth Stock Fund—R Class                               | May1, 2004— April 30, 2006           | 1.35%                  | (c)                   |
| Inflation Protected Bond(n)                                  | October 1, 2006— September 30, 2008  | 0.50%                  | September 30, 2010(a) |
| Institutional Large-Cap Core Growth(o)                       | May 1, 2005— April 30, 2007          | 0.65%                  | April 30, 2009(a)     |
| Institutional Large-Cap Growth(p)                            | August 31, 2005 — April 30, 2007     | 0.58%                  | April 30, 2009(a)     |
| Institutional Large-Cap Value(q)                             | May 1, 2006—April 30, 2008           | 0.65%                  | April 30, 2010(a)     |
| International Bond Fund—Advisor Class                   | January 1, 2004—April 30, 2006       | 1.15%                  | (c)                   |
| International Growth & Income                            | November 1, 2002—February 28, 2005   | 1.25%                  | February 28, 2007     |
| International Growth & Income Fund—Advisor Class(r) | March 1, 2006— February 29, 2008     | 1.15%                  | February 28, 2010(a)  |
| International Growth & Income Fund—R Class(s)       | March 1, 2006 — February 29, 2008    | 1.40%                  | February 28, 2010(a)  |
| International Stock Fund—Advisor Class(t)               | March 1, 2006 — February 29, 2008    | 1.15%                  | (c)                   |
| International Stock Fund—R Class(u)                     | March 1, 2006 — February 29, 2008    | 1.40%                  | (c)                   |
| Maryland Tax-Free Money(v)                                   | July 1, 2005—June 30, 2007           | 0.55%                  | June 30, 2009(a)      |
| Mid-Cap Growth Fund—Advisor Class                       | January 1, 2004—April 30, 2006       | 1.10%                  | April 30, 2008(a)     |
| Mid-Cap Growth Fund—R Class                             | May1, 2004— April 30, 2006           | 1.40%                  | April 30, 2008(a)     |
| Mid-Cap Value Fund—Advisor Class                        | May1, 2004— April 30, 2006           | 1.10%                  | April 30, 2008(a)     |
| Mid-Cap Value Fund—R Class                              | May1, 2004— April 30, 2006           | 1.40%                  | April 30, 2008(a)     |
| New America Growth Fund—Advisor Class                   | December 30, 2005 — April 30, 2008   | 1.10%                  | (c)                   |
| New Income Fund—Advisor Class(w)                        | October1, 2006— September 30, 2008   | 0.90%                  | (c)                   |
| New Income Fund—R Class(x)                              | October1, 2006— September 30, 2008   | 1.15%                  | (c)                   |
| New York Tax-Free Money(y)                                   | July 1, 2005—June 30, 2007           | 0.55%                  | (c)                   |
| Personal Strategy Balanced(z)                                | October 1, 2006— September 30, 2008  | 0.90%                  | September 30, 2010(a) |
| Personal Strategy Growth(aa)                                 | October 1, 2006—September 30, 2008   | 1.00%                  | September 30, 2010(a) |
| Personal Strategy Income(bb)                                 | October 1, 2006—September 30, 2008   | 0.80%                  | September 30, 2010(a) |
| Real Estate                                                  | January 1, 2004—April 30, 2006       | 0.90%                  | April 30, 2008(a)     |
| Real Estate Fund—Advisor Class                          | January 1, 2005 — April 30, 2007     | 1.20%                  | April 30, 2009(a)     |
| Science & Technology Fund—Advisor Class        | January 1, 2004—April 30, 2006       | 1.15%                  | April 30, 2008(a)     |
| Short-Term Bond(cc)                                          | October 1, 2006—September 30, 2007   | 0.55%                  | (c)                   |
| Short-Term Bond Fund—Advisor Class                      | January 1, 2005 — September 30, 2007 | 0.85%                  | (c)                   |
| Small-Cap Stock Fund—Advisor Class                      | January 1, 2004—April 30, 2006       | 1.20%                  | April 30, 2008(a)     |
| Small-Cap Value Fund—Advisor Class                      | January 1, 2004—April 30, 2006       | 1.15%                  | April 30, 2008(a)     |
| Tax-Efficient Multi-Cap Growth(dd)                           | July 1, 2006—June30, 2008            | 1.25%                  | June30, 2010(a)       |
| Tax-Free Income Fund—Advisor Class(ee)             | July1, 2006— June 30, 2008           | 0.90%                  | (c)                   |
| Value Fund—Advisor Class                                | January 1, 2004—April 30, 2006       | 1.10%                  | April 30, 2008(a)     |

----

----

----

----

----

| Fund                                    | Fiscal Year Ended |         |         |
|-----------------------------------------|-------------------|---------|---------|
||
| California Tax-Free Bond                | 64,000            | $64,000 | $64,000 |
| California Tax-Free Money               | 64,000            | 64,000  | 64,000  |
| Florida Intermediate Tax-Free           | 64,000            | 64,000  | 64,000  |
| Georgia Tax-Free Bond                   | 64,000            | 64,000  | 64,000  |
| Maryland Short-Term Tax-Free Bond       | 64,000            | 64,000  | 64,000  |
| Maryland Tax-Free Bond                  | 84,000            | 84,000  | 84,000  |
| Maryland Tax-Free Money                 | 64,000            | 64,000  | 64,000  |
| New Jersey Tax-Free Bond                | 64,000            | 64,000  | 64,000  |
| New York Tax-Free Bond                  | 64,000            | 64,000  | 64,000  |
| New York Tax-Free Money                 | 64,000            | 64,000  | 64,000  |
| Tax-Efficient Balanced                  | 64,000            | 81,000  | 84,000  |
| Tax-Efficient Growth                    | 64,000            | 64,000  | 64,000  |
| Tax-Efficient Multi-Cap Growth          | 64,000            | 64,000  | 64,000  |
| Tax-Exempt Money                        | 84,000            | 83,900  | 97,000  |
| Tax-Free High Yield                     | 104,000           | 104,000 | 104,000 |
| Tax-Free Income                         | 96,000            | 113,000 | 109,000 |
| Tax-Free Income Fund—Advisor Class | 17,000            | 0       | 0       |
| Tax-Free Intermediate Bond              | 64,000            | 64,000  | 64,000  |
| Tax-Free Short-Intermediate             | 64,000            | 64,000  | 64,000  |
| Virginia Tax-Free Bond                  | 64,000            | 64,000  | 64,000  |

| Fund                                    | Fiscal Year Ended |          |         |
|-----------------------------------------|-------------------|----------|---------|
||
| Corporate Income                        | $104,000          | $104,000 | $92,000 |
| GNMA                                    | 104,000           | 104,000  | 104,000 |
| TRP Government Reserve Investment       | 64,000            | 64,000   | 64,000  |
| High Yield                              | 109,000           | 111,000  | 116,000 |
| High Yield Fund—Advisor Class      | 24,000            | 22,000   | 21,000  |
| Inflation Protected Bond                | 84,000            | 96,000   | 61,000  |
| Institutional Core Plus                 | 42,000            | (a)      | (a)     |
| Institutional High Yield                | 124,000           | 112,000  | 104,000 |
| New Income                              | 144,000           | 144,000  | 130,000 |
| New Income Fund—Advisor Class      | (b)               | (b)      | 0       |
| New Income Fund—R Class            | (b)               | (b)      | 0       |
| Personal Strategy Balanced              | 125,000           | 114,000  | 93,000  |
| Personal Strategy Growth                | 125,000           | 113,000  | 93,000  |
| Personal Strategy Income                | 124,000           | 113,000  | 93,000  |
| Prime Reserve                           | 84,000            | 84,000   | 93,000  |
| TRP Reserve Investment                  | 84,000            | 84,000   | 72,000  |
| Retirement 2005                         | (c)               | (c)      | (a)     |
| Retirement 2010                         | (c)               | (c)      | (c)     |
| Retirement 2010 Fund—Advisor Class | (c)               | (c)      | (a)     |
| Retirement 2010 Fund—R Class       | (c)               | (c)      | (a)     |
| Retirement 2015                         | (c)               | (c)      | (a)     |
| Retirement 2020                         | (c)               | (c)      | (c)     |
| Retirement 2020 Fund—Advisor Class | (c)               | (c)      | (a)     |
| Retirement 2020 Fund—R Class       | (c)               | (c)      | (a)     |
| Retirement 2025                         | (c)               | (c)      | (a)     |
| Retirement 2030                         | (c)               | (c)      | (c)     |
| Retirement 2030 Fund—Advisor Class | (c)               | (c)      | (a)     |
| Retirement 2030 Fund—R Class       | (c)               | (c)      | (a)     |
| Retirement 2035                         | (c)               | (c)      | (a)     |
| Retirement 2040                         | (c)               | (c)      | (c)     |
| Retirement 2040 Fund—Advisor Class | (c)               | (c)      | (a)     |
| Retirement 2040 Fund—R Class       | (c)               | (c)      | (a)     |
| Retirement 2045                         | (a)               | (a)      | (a)     |
| Retirement Income                       | (c)               | (c)      | (c)     |
| Short-Term Bond                         | 96,000            | 84,000   | 84,000  |
| Short-Term Bond Fund—Advisor Class | (b)               | (a)      | (a)     |
| U.S. Treasury Intermediate              | 64,000            | 64,000   | 64,000  |
| U.S. Treasury Long-Term                 | 64,000            | 64,000   | 64,000  |
| U.S. Treasury Money                     | 64,000            | 64,000   | 64,000  |

----

| Fund                                                      | Fiscal Year Ended |         |         |
|-----------------------------------------------------------|-------------------|---------|---------|
||
| Emerging Europe & Mediterranean                       | $85,000           | $84,000 | $87,000 |
| Emerging Markets Stock                                    | 86,000            | 85,000  | 88,000  |
| European Stock                                            | 87,000            | 91,000  | 107,000 |
| Global Stock                                              | 84,000            | 84,000  | 87,000  |
| Global Stock Fund—Advisor Class                      | (a)               | (a)     | (a)     |
| Institutional Emerging Markets Equity                     | 84,000            | 84,000  | 84,000  |
| Institutional Foreign Equity                              | 105,000           | 107,000 | 108,000 |
| International Discovery                                   | 88,000            | 90,000  | 106,000 |
| International Equity Index                                | 104,000           | 104,000 | 107,000 |
| International Growth & Income                         | 90,000            | 94,000  | 108,000 |
| International Growth & Income Fund—Advisor Class | 14,000            | 6,000   | (b)     |
| International Growth & Income Fund—R Class       | (b)               | 2,000   | (b)     |
| International Stock                                       | 136,000           | 138,000 | 144,000 |
| International Stock Fund—Advisor Class               | (b)               | (b)     | (b)     |
| International Stock Fund—R Class                     | (b)               | (b)     | (b)     |
| Japan                                                     | 65,000            | 65,000  | 68,000  |
| Latin America                                             | 64,000            | 68,000  | 88,000  |
| New Asia                                                  | 87,000            | 88,000  | 90,000  |
| Summit Cash Reserves                                      | 84,000            | 84,000  | 81,000  |
| Summit GNMA                                               | 84,000            | 84,000  | 81,000  |
| Summit Municipal Income                                   | 64,000            | 64,000  | 64,000  |
| Summit Municipal Intermediate                             | 64,000            | 64,000  | 64,000  |
| Summit Municipal Money Market                             | 84,000            | 81,000  | 64,000  |
| U.S. Bond Index                                           | 81,000            | 67,000  | 84,000  |

----

| Fund                                             | Fiscal Year Ended |          |          |
|--------------------------------------------------|-------------------|----------|----------|
||
| Balanced                                         | $107,000          | $107,000 | $107,000 |
| Blue Chip Growth                                 | 71,000            | 73,000   | 73,000   |
| Blue Chip Growth Fund—Advisor Class         | 11,000            | 9,000    | 9,000    |
| Blue Chip Growth Fund—R Class               | (a)               | (a)      | (a)      |
| Capital Appreciation                             | 93,000            | 84,000   | 84,000   |
| Capital Appreciation Fund—Advisor Class     | (a)               | (b)      | (b)      |
| Capital Opportunity                              | 102,000           | 84,000   | 84,000   |
| Capital Opportunity Fund—Advisor Class      | (a)               | (b)      | (b)      |
| Capital Opportunity Fund—R Class            | (a)               | (b)      | (b)      |
| Developing Technologies                          | 64,000            | 64,000   | 64,000   |
| Diversified Mid-Cap Growth                       | 64,000            | 64,000   | (b)      |
| Diversified Small-Cap Growth                     | 64,000            | 64,000   | 64,000   |
| Dividend Growth                                  | 64,000            | 64,000   | 64,000   |
| Dividend Growth Fund—Advisor Class          | (b)               | (b)      | (b)      |
| Emerging Markets Bond                            | 126,000           | 125,000  | 105,000  |
| Equity Income                                    | 72,000            | 72,000   | 73,000   |
| Equity Income Fund—Advisor Class            | 10,000            | 10,000   | 8,000    |
| Equity Income Fund—R Class                  | (a)               | (a)      | (a)      |
| Equity Index 500                                 | 105,000           | 105,000  | 104,000  |
| Extended Equity Market Index                     | 104,000           | 104,000  | 104,000  |
| Financial Services                               | 64,000            | 64,000   | 64,000   |
| Global Technology                                | 84,000            | 84,000   | 84,000   |
| Growth & Income                              | 64,000            | 64,000   | 64,000   |
| Growth Stock                                     | 92,000            | 98,000   | 101,000  |
| Growth Stock Fund—Advisor Class             | 8,000             | 3,000    | (a)      |
| Growth Stock Fund—R Class                   | 2,000             | (a)      | (a)      |
| Health Sciences                                  | 104,000           | 104,000  | 104,000  |
| Institutional Large-Cap Core Growth              | 64,000            | 64,000   | 16,000   |
| 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                               | 126,000           | 128,000  | 111,000  |
| International Bond Fund—Advisor Class       | 7,000             | 5,000    | 2,000    |
| Media & Telecommunications                   | 64,000            | 64,000   | 84,000   |
| Mid-Cap Growth                                   | 78,000            | 79,000   | 80,000   |
| Mid-Cap Growth Fund—Advisor Class           | 3,000             | 2,000    | 1,000    |
| Mid-Cap Growth Fund—R Class                 | (a)               | (a)      | (a)      |
| Mid-Cap Value                                    | 73,000            | 76,000   | 79,000   |
| Mid-Cap Value Fund—Advisor Class            | 5,000             | 4,000    | (a)      |
| Mid-Cap Value Fund —R Class                 | 4,000             | 2,000    | (a)      |
| New America Growth                               | 64,000            | 64,000   | 64,000   |
| New America Growth Fund—Advisor Class       | (b)               | (b)      | (b)      |
| New Era                                          | 64,000            | 64,000   | 64,000   |
| New Horizons                                     | 84,000            | 84,000   | 84,000   |
| Real Estate                                      | 73,000            | 64,000   | 64,000   |
| Real Estate Fund—Advisor Class              | (a)               | (b)      | (b)      |
| Science & Technology                         | 81,000            | 81,000   | 82,000   |
| Science & Technology Fund—Advisor Class | 12,000            | 12,000   | 11,000   |
| Small-Cap Stock                                  | 68,000            | 68,000   | 69,000   |
| Small-Cap Stock Fund—Advisor Class          | 5,000             | 5,000    | 4,000    |
| Small-Cap Value                                  | 81,000            | 84,000   | 86,000   |
| Small-Cap Value Fund—Advisor Class          | 12,000            | 9,000    | 7,000    |
| Spectrum Growth                                  | (c)               | (c)      | (c)      |
| Spectrum Income                                  | (c)               | (c)      | (c)      |
| Spectrum International                           | (c)               | (c)      | (c)      |
| Total Equity Market Index                        | 104,000           | 104,000  | 104,000  |
| Value                                            | 69,000            | 69,000   | 71,000   |
| Value Fund—Advisor Class                    | 4,000             | 4,000    | 3,000    |

----

----

| Fund                                  | Payment   |
|---------------------------------------|-----------|
| Balanced                              | $250,062  |
| Blue Chip Growth                      | 1,153,145 |
| Capital Appreciation                  | 437,644   |
| California Tax-Free Bond              | 893       |
| California Tax-Free Money             | 8         |
| Capital Opportunity                   | 2,022     |
| Corporate Income                      | 512       |
| Developing Technologies               | 68        |
| Diversified Mid-Cap Growth            | 84        |
| Diversified Small-Cap Growth          | 149       |
| Dividend Growth                       | 18,446    |
| Emerging Europe & Mediterranean   | 6,943     |
| Emerging Markets Bond                 | 2,892     |
| Emerging Markets Stock                | 163,314   |
| Equity Income                         | 1,615,806 |
| Equity Index 500                      | 12,768    |
| European Stock                        | 22,069    |
| Extended Equity Market Index          | 0         |
| Financial Services                    | 18,438    |
| Florida Intermediate Tax-Free         | 344       |
| Georgia Tax-Free Bond                 | 769       |
| GNMA                                  | 11,415    |
| TRP Government Reserve Investment     | 0         |
| Global Stock                          | 1,601     |
| Global Technology                     | 649       |
| Growth & Income                   | 20,155    |
| Growth Stock                          | 1,353,575 |
| Health Sciences                       | 314,452   |
| High Yield                            | 201,452   |
| Inflation Protected Bond              | 203       |
| 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                    | 193,865   |
| International Discovery               | 210,821   |
| International Equity Index            | 0         |
| International Growth & Income     | 683       |
| International Stock                   | 457,678   |
| Japan                                 | 3,327     |
| Latin America                         | 91,303    |
| Maryland Short-Term Tax-Free Bond     | 2,737     |
| Maryland Tax-Free Bond                | 21,659    |
| Maryland Tax-Free Money               | 0         |
| Media & Telecommunications        | 19,378    |
| Mid-Cap Growth                        | 3,924,544 |
| Mid-Cap Value                         | 828,826   |
| New America Growth                    | 88,102    |
| New Asia                              | 64,810    |
| New Era                               | 184,778   |
| New Horizons                          | 476,284   |
| New Income                            | 37,106    |
| New Jersey Tax-Free Bond              | 427       |
| New York Tax-Free Bond                | 1,287     |
| New York Tax-Free Money               | 99        |
| Personal Strategy Balanced            | 188,677   |
| Personal Strategy Growth              | 101,798   |
| Personal Strategy Income              | 41,136    |
| Prime Reserve                         | 32,334    |
| Real Estate                           | 43,772    |
| TRP Reserve Investment                | 0         |
| Retirement 2005                       | 828       |
| Retirement 2010                       | 11,517    |
| Retirement 2015                       | 3,883     |
| Retirement 2020                       | 14,564    |
| Retirement 2025                       | 2,660     |
| Retirement 2030                       | 7,526     |
| Retirement 2035                       | 1,516     |
| Retirement 2040                       | 3,736     |
| Retirement 2045                       | 0         |
| Retirement Income                     | 3,398     |
| Science & Technology              | 225,900   |
| Short-Term Bond                       | 19,199    |
| Small-Cap Stock                       | 2,130,058 |
| Small-Cap Value                       | 648,229   |
| Spectrum Growth                       | 163,826   |
| Spectrum Income                       | 977,988   |
| Spectrum International                | 542       |
| Summit Cash Reserves                  | 0         |
| Summit GNMA                           | 0         |
| Summit Municipal Money Market         | 0         |
| Summit Municipal Intermediate         | 1,467     |
| Summit Municipal Income               | 193       |
| Tax-Efficient Balanced                | 150       |
| Tax-Efficient Growth                  | 0         |
| Tax-Efficient Multi-Cap Growth        | 180       |
| Tax-Exempt Money                      | 377       |
| Tax-Free High Yield                   | 9,016     |
| Tax-Free Income                       | 10,408    |
| Tax-Free Intermediate Bond            | 10,490    |
| Tax-Free Short-Intermediate           | 7,557     |
| Total Equity Market Index             | 0         |
| U.S. Bond Index                       | 0         |
| U.S. Treasury Intermediate            | 9,723     |
| U.S. Treasury Long-Term               | 417       |
| U.S. Treasury Money                   | 29,467    |
| Value                                 | 288,776   |
| Virginia Tax-Free Bond                | 6,515     |

----

----

| Fund                                                      | Payment   |
|-----------------------------------------------------------|-----------|
| Blue Chip Growth Fund—Advisor Class                  | $996,759  |
| Blue Chip Growth Fund—R Class                        | 20,647    |
| Capital Appreciation Fund—Advisor Class              | 5,532     |
| Capital Opportunity Fund—Advisor Class               | 0         |
| Capital Opportunity Fund—R Class                     | 0         |
| Dividend Growth Fund—Advisor Class                   | (a)       |
| Equity Income Fund—Advisor Class                     | 1,771,809 |
| Equity Income Fund—R Class                           | 107,746   |
| Global Stock Fund—Advisor Class                      | (a)       |
| Growth Stock Fund—Advisor Class                      | 591,701   |
| Growth Stock Fund—R Class                            | 213,284   |
| High Yield Fund—Advisor Class                        | 601,030   |
| International Bond Fund—Advisor Class                | 32,647    |
| International Growth & Income Fund—Advisor Class | 130,143   |
| International Growth & Income Fund—R Class       | 5,132     |
| International Stock Fund—Advisor Class               | 2,177     |
| International Stock Fund—R Class                     | 624       |
| Mid-Cap Growth Fund—Advisor Class                    | 330,735   |
| Mid-Cap Growth Fund—R Class                          | 142,764   |
| Mid-Cap Value Fund—Advisor Class                     | 278,340   |
| Mid-Cap Value Fund—R Class                           | 231,728   |
| New America Growth Fund—Advisor Class                | (a)       |
| New Income Fund—Advisor Class                        | 98        |
| New Income Fund—R Class                              | 649       |
| Real Estate Fund—Advisor Class                       | 1,483     |
| Retirement 2010 Fund—Advisor Class                   | 27,004    |
| Retirement 2010 Fund—R Class                         | 23,615    |
| Retirement 2020 Fund—Advisor Class                   | 27,129    |
| Retirement 2020 Fund—R Class                         | 19,171    |
| Retirement 2030 Fund—Advisor Class                   | 16,329    |
| Retirement 2030 Fund—R Class                         | 15,678    |
| Retirement 2040 Fund—Advisor Class                   | 7,679     |
| Retirement 2040 Fund—R Class                         | 6,372     |
| Retirement Income Fund—Advisor Class                 | 3,112     |
| Retirement Income Fund—R Class                       | 582       |
| Science & Technology Fund—Advisor Class          | 488,336   |
| Short-Term Bond Fund—Advisor Class                   | 4,527     |
| Small-Cap Stock Fund—Advisor Class                   | 368,272   |
| Small-Cap Value Fund—Advisor Class                   | 577,366   |
| Tax-Free Income Fund—Advisor Class                   | 234,447   |
| Value Fund—Advisor Class                             | 129,851   |

----

----

----

| Fund                                    | Fiscal Year Ended 2/28/05 |
|-----------------------------------------|---------------------------|
| Tax-Free Income Fund—Advisor Class | $649,000                  |

| Fund                                      | Fiscal Year Ended5/31/05 |
|-------------------------------------------|--------------------------|
| High Yield Fund—Advisor Class        | $1,854,000               |
| New Income Fund—Advisor Class        | 2,000                    |
| New Income Fund—R Class              | 10,000                   |
| Retirement 2010 Fund—Advisor Class   | 37,000                   |
| Retirement 2010 Fund—R Class         | 26,000                   |
| Retirement 2020 Fund—Advisor Class   | 25,000                   |
| Retirement 2020 Fund—R Class         | 30,000                   |
| Retirement 2030 Fund—Advisor Class   | 16,000                   |
| Retirement 2030 Fund—R Class         | 21,000                   |
| Retirement 2040 Fund—Advisor Class   | 6,000                    |
| Retirement 2040 Fund—R Class         | 10,000                   |
| Retirement Income Fund—Advisor Class | 5,000                    |
| Retirement Income Fund—R Class       | 4,000                    |
| Short-Term Bond Fund—Advisor Class   | 2,000                    |

| Fund                                                      | Fiscal Year Ended10/31/05 |
|-----------------------------------------------------------|---------------------------|
| Global Stock Fund—Advisor Class                      | (a)                       |
| International Growth & Income Fund—Advisor Class | $290,000                  |
| International Growth & Income Fund—R Class       | 25,000                    |
| International Stock Fund—Advisor Class               | 93,000                    |
| International Stock Fund—RClass                      | 10,000                    |

----

| Fund                                             | Fiscal Year Ended12/31/05 |
|--------------------------------------------------|---------------------------|
| Blue Chip Growth Fund—Advisor Class         | $2,813,000                |
| Blue Chip Growth Fund—R Class               | 153,000                   |
| Capital Appreciation Fund—Advisor Class     | 19,000                    |
| Capital Opportunity Fund—Advisor Class      | 1,000                     |
| Capital Opportunity Fund—R Class            | 1,000                     |
| Dividend Growth Fund—Advisor Class          | (a)                       |
| Equity Income Fund—Advisor Class            | 5,893,000                 |
| Equity Income Fund—R Class                  | 620,000                   |
| Growth Stock Fund—Advisor Class             | 2,137,000                 |
| Growth Stock Fund—RClass                    | 1,214,000                 |
| International Bond Fund—Advisor Class       | 230,000                   |
| Mid-Cap Growth Fund—Advisor Class           | 1,111,000                 |
| Mid-Cap Growth Fund—R Class                 | 807,000                   |
| Mid-Cap Value Fund—Advisor Class            | 920,000                   |
| Mid-Cap Value Fund—R Class                  | 1,301,000                 |
| New America Growth Fund—Advisor Class       | (a)                       |
| Real Estate Fund—Advisor Class              | 9,000                     |
| Science & Technology Fund—Advisor Class | 1,333,000                 |
| Small-Cap Stock Fund—Advisor Class          | 1,186,000                 |
| Small-Cap Value Fund—Advisor Class          | 1,603,000                 |
| Value Fund—Advisor Class                    | 436,000                   |

----

----

----

----

----

----

----

| Fund                              | Fiscal Year Ended |      |           |     |           |     |
|-----------------------------------|-------------------|------|-----------|-----|-----------|-----|
||
| 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) |

----

| Fund                              | Fiscal Year Ended |      |           |      |            |      |
|-----------------------------------|-------------------|------|-----------|------|------------|------|
||
| Corporate Income                  | $204,000          | 82.1 | $109,000  | 87.4 | $121,000   | 94.0 |
| GNMA                              | 16,000            | (a)  | 24,000    | (a)  | 13,000     | (a)  |
| TRP Government Reserve Investment | (b)               | (b)  | (b)       | (b)  | (b)        | (b)  |
| High Yield                        | 17,817,000        | 90.4 | 7,754,000 | 87.6 | 14,294,000 | 86.0 |
| Inflation Protected Bond          | 1,000             | (a)  | 1,600     | (a)  | 121,000    | (a)  |
| Institutional Core Plus           | 6,000             | 97.7 | (c)       | (c)  | (c)        | (c)  |
| Institutional High Yield          | 2,613,000         | (a)  | 2,018,000 | (a)  | 1,291,000  | (a)  |
| New Income                        | 1,034,000         | 94.2 | 896,000   | 91.2 | 1,343,000  | 96.0 |
| Personal Strategy Balanced        | 529,000           | 30.4 | 461,000   | 28.1 | 654,000    | 17.0 |
| Personal Strategy Growth          | 397,000           | 31.4 | 315,000   | 31.8 | 311,000    | 24.0 |
| Personal Strategy Income          | 164,000           | 23.8 | 145,000   | 25.7 | 257,000    | 12.0 |
| Prime Reserve                     | (b)               | (b)  | (b)       | (b)  | (b)        | (b)  |
| TRP Reserve Investment            | (b)               | (b)  | (b)       | (b)  | (b)        | (b)  |
| Retirement 2005                   | (c)               | (c)  | (c)       | (c)  | (c)        | (c)  |
| Retirement 2010                   | (b)               | (b)  | (b)       | (b)  | (b)        | (b)  |
| Retirement 2015                   | (c)               | (c)  | (c)       | (c)  | (c)        | (c)  |
| Retirement 2020                   | (b)               | (b)  | (b)       | (b)  | (b)        | (b)  |
| Retirement 2025                   | (c)               | (c)  | (c)       | (c)  | (c)        | (c)  |
| Retirement 2030                   | (b)               | (b)  | (b)       | (b)  | (b)        | (b)  |
| Retirement 2035                   | (c)               | (c)  | (c)       | (c)  | (c)        | (c)  |
| Retirement 2040                   | (b)               | (b)  | (b)       | (b)  | (b)        | (b)  |
| Retirement 2045                   | (c)               | (c)  | (c)       | (c)  | (c)        | (c)  |
| Retirement Income                 | (b)               | (b)  | (b)       | (b)  | (b)        | (b)  |
| Short-Term Bond                   | 465,000           | (a)  | 660,000   | (a)  | 302,000    | (a)  |
| U.S. Treasury Intermediate        | 2,000             | (a)  | 7,000     | (a)  | 11,000     | (a)  |
| U.S. Treasury Long-Term           | 2,000             | (a)  | 12,000    | (a)  | 12,000     | (a)  |
| U.S. Treasury Money               | (b)               | (b)  | (b)       | (b)  | (b)        | (b)  |

| Fund                                  | Fiscal Year Ended |      |           |      |           |      |
|---------------------------------------|-------------------|------|-----------|------|-----------|------|
||
| Emerging Europe & Mediterranean   | $2,100,000        | 5.8  | $515,000  | 16.6 | $159,000  | 32.9 |
| Emerging Markets Stock                | 3,173,000         | 7.5  | 2,398,000 | 10.9 | 1,052,000 | 33.2 |
| European Stock                        | 1,289,000         | 1.4  | 810,000   | 1.2  | 724,000   | 33.0 |
| Global Stock                          | 511,000           | 21.3 | 142,000   | 18.6 | 82,000    | 40.2 |
| Institutional Emerging Markets Equity | 330,000           | 6.0  | 135,000   | 10.0 | 61,000    | 43.0 |
| Institutional Foreign Equity          | 1,476,000         | 3.2  | 1,433,000 | 3.5  | 1,720,000 | 30.5 |
| International Discovery               | 3,883,000         | 0.5  | 3,282,000 | 0.2  | 2,165,000 | 28.0 |
| International Equity Index            | 94,000            | 1.2  | 39,000    | 4.4  | 11,000    | 0.1  |
| International Growth & Income     | 580,000           | 8.0  | 327,000   | 4.5  | 77,000    | 2.0  |
| International Stock                   | 12,633,000        | 1.9  | 5,872,000 | 3.5  | 5,961,000 | 38.8 |
| Japan                                 | 1,033,000         | 0.0  | 1,161,000 | 0.0  | 838,000   | 32.3 |
| Latin America                         | 1,194,000         | 60.7 | 452,000   | 54.0 | 267,000   | 67.8 |
| New Asia                              | 4,219,000         | 0.0  | 3,996,000 | 0.0  | 2,510,000 | 36.2 |
| Summit Cash Reserves                  | 0                 | (a)  | 0         | (a)  | 0         | (a)  |
| Summit GNMA                           | 2,000             | (a)  | 2,000     | (a)  | 2,000     | (a)  |
| Summit Municipal Income               | 244,000           | (a)  | 105,000   | (a)  | 119,000   | (a)  |
| Summit Municipal Intermediate         | 103,000           | (a)  | 70,000    | (a)  | 49,000    | (a)  |
| Summit Municipal Money Market         | 9,000             | (a)  | 0         | (a)  | 0         | (a)  |
| U.S. Bond Index                       | 34,000            | (a)  | 7,000     | (a)  | 15,000    | (a)  |

----

----

| Fund                                | Fiscal Year Ended |      |               |      |              |      |
|-------------------------------------|-------------------|------|---------------|------|--------------|------|
||
| Balanced                            | $574,000          | 25.0 | $408,000      | 32.4 | $604,000     | 19.3 |
| Blue Chip Growth                    | 6,645,000         | 56.5 | 6,809,000     | 55.6 | 6,285,000    | 72.7 |
| Capital Appreciation                | 5,854,000         | 22.0 | 4,458,000     | 25.1 | 2,442,000    | 19.4 |
| Capital Opportunity                 | 148,000           | 38.4 | 115,000       | 50.9 | 107,000      | 63.9 |
| Developing Technologies             | 161,000           | 53.7 | 179,000       | 43.9 | 146,000      | 39.4 |
| Diversified Mid-Cap Growth          | 50,000            | 25.0 | 25,000        | 11.5 | (a)          | (a)  |
| Diversified Small-Cap Growth        | 174,000           | 49.8 | 68,000        | 43.4 | 51,000       | 32.8 |
| Dividend Growth                     | 2,923,000         | 65.3 | 353,000       | 59.6 | 355,000      | 66.3 |
| Emerging Markets Bond               | 3,000             | (b)  | 0             | (b)  | 0            | (b)  |
| Equity Income                       | 6,388,000         | 54.9 | 10,109,000    | 52.7 | 7,017,000    | 44.0 |
| Equity Index 500                    | 299,000           | 0.4  | 301,000       | 1.8  | 239,000      | 1.3  |
| Extended Equity Market Index        | 346,000           | 20.9 | 37,000        | 2.4  | 28,000       | 1.9  |
| Financial Services                  | 601,000           | 27.8 | 555,000       | 28.3 | 620,000      | 50.7 |
| Global Technology                   | 1,154,000         | 40.3 | 525,000       | 22.1 | 464,000      | 36.3 |
| Growth & Income                 | 4,836,000         | 43.0 | 2,556,000     | 55.4 | 2,416,000    | 60.4 |
| Growth Stock                        | 11,037,000        | 38.3 | 9,889,000     | 30.8 | 6,388,000    | 37.9 |
| Health Sciences                     | 2,694,000         | 57.1 | 4,142,000     | 61.5 | 2,779,000    | 74.9 |
| Institutional Large-Cap Core Growth | 36,000            | 55.9 | 9,000         | 56.0 | (c)          | 30.0 |
| Institutional Large-Cap Growth      | 120,000           | 41.2 | 70,000        | 49.8 | 22,000       | 53.5 |
| Institutional Large-Cap Value       | 140,000           | 45.1 | 25,000        | 39.5 | 18,000       | 24.7 |
| Institutional Mid-Cap Equity Growth | 510,000           | 30.5 | 686,000       | 29.8 | 604,000      | 47.3 |
| Institutional Small-Cap Stock       | 458,000           | 19.4 | 727,000       | 24.0 | 467,000      | 45.2 |
| International Bond                  | 62,000            | (b)  | 0             | (b)  | 0            | (b)  |
| Media & Telecommunications      | 2,511,000         | 23.3 | 3,551,000     | 23.7 | 2,882,000    | 39.0 |
| Mid-Cap Growth                      | 14,723,000        | 32.6 | 19,755,000    | 32.0 | 14,169,000   | 45.3 |
| Mid-Cap Value                       | 11,861,000        | 50.9 | 13,392,000(e) | 56.6 | 4,260,000(e) | 62.0 |
| New America Growth                  | 1,179,000         | 54.1 | 1,600,000     | 49.2 | 1,599,000    | 64.3 |
| New Era                             | 4,065,000         | 47.7 | 1,947,000     | 34.3 | 921,000      | 52.6 |
| New Horizons                        | 10,919,000        | 29.7 | 13,361,000    | 27.3 | 9,939,000    | 36.5 |
| Real Estate                         | 669,000           | 39.1 | 495,000       | 43.1 | 312,000      | 43.5 |
| Science & Technology            | 8,350,000         | 33.1 | 9,402,000     | 23.9 | 7,358,000    | 32.9 |
| Small-Cap Stock                     | 6,415,000         | 34.3 | 8,904,000     | 26.1 | 5,140,000    | 45.4 |
| Small-Cap Value                     | 3,933,000         | 43.7 | 5,760,000(e)  | 28.5 | 2,325,000(e) | 50.7 |
| Spectrum Growth                     | (d)               | (d)  | (d)           | (d)  | (d)          | (d)  |
| Spectrum Income                     | (d)               | (d)  | (d)           | (d)  | (d)          | (d)  |
| Spectrum International              | (d)               | (d)  | (d)           | (d)  | (d)          | (d)  |
| Total Equity Market Index           | 26,000            | 1.7  | 39,000        | 5.19 | 44,000       | 0.84 |
| Value                               | 2,745,000         | 40.3 | 2,267,000     | 38.1 | 1,574,000    | 38.4 |

----

|                                |                 | Fiscal Year Ended 2/28/05 |        |
|--------------------------------|-----------------|---------------------------|--------|
||
| 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                   | — |

|                                   |                        | Fiscal Year Ended 5/31/05 |              |
|-----------------------------------|------------------------|---------------------------|--------------|
||
| Corporate Income                  |                        |                           |              |
|                                   | Bank of America        | $280,000                  | $1,747,000   |
|                                   | Citigroup              | 188,000                   | —       |
|                                   | Goldman Sachs          | —                    | 2,167,000    |
|                                   | JPMorgan Chase         | 197,000                   | 1,025,000    |
| TRP Government Reserve Investment |                        |                           |              |
|                                   | Barclays               | —                    | $60,000,000  |
|                                   | Credit Suisse Group    | —                    | 135,000,000  |
|                                   | Deutsche Bank          | —                    | 150,000,000  |
|                                   | Goldman Sachs          | —                    | 50,000,000   |
|                                   | JPMorgan Chase         | —                    | 60,000,000   |
|                                   | Merrill Lynch          | —                    | 60,000,000   |
|                                   | Morgan Stanley         | —                    | 60,000,000   |
|                                   | UBS                    | —                    | 200,000,000  |
|                                   | Wachovia               | —                    | 125,000,000  |
| New Income                        |                        |                           |              |
|                                   | Bank of America        | —                    | $14,135,000  |
|                                   | Bear Stearns           | —                    | 252,950,000  |
|                                   | Citigroup              | —                    | 1,371,000    |
|                                   | Goldman Sachs          | —                    | 10,835,000   |
|                                   | Greenwich              | —                    | 12,879,000   |
|                                   | JPMorgan Chase         | —                    | 15,009,000   |
|                                   | Morgan Stanley         | —                    | 10,232,000   |
|                                   | Salomon Smith Barney   | $1,413,000                | —       |
|                                   | UBS                    | —                    | 17,627,000   |
| Personal Strategy Balanced        |                        |                           |              |
|                                   | Bank of America        | $6,480,000                | $4,815,000   |
|                                   | Barclays               | 1,531,000                 | —       |
|                                   | Citigroup              | 10,495,000                | 140,000      |
|                                   | Goldman Sachs          | 2,691,000                 | 833,000      |
|                                   | Greenwich              | —                    | 996,000      |
|                                   | JPMorgan Chase         | 3,978,000                 | 1,751,000    |
|                                   | Legg Mason             | 3,353,000                 | —       |
|                                   | Lehman Brothers        | —                    | 513,000      |
|                                   | Merrill Lynch          | 3,093,000                 | —       |
|                                   | Morgan Stanley         | 1,102,000                 | —       |
|                                   | Royal Bank of Scotland | 1,511,000                 | —       |
|                                   | UBS                    | —                    | 1,924,000    |
| Personal Strategy Growth          |                        |                           |              |
|                                   | Bank of America        | $5,957,000                | $1,393,000   |
|                                   | Barclays               | 1,483,000                 | —       |
|                                   | Citigroup              | 9,955,000                 | 247,000      |
|                                   | Goldman Sachs          | 2,486,000                 | 260,000      |
|                                   | Greenwich              | —                    | 284,000      |
|                                   | JPMorgan Chase         | 3,740,000                 | 467,000      |
|                                   | Legg Mason             | 2,913,000                 | —       |
|                                   | Lehman Brothers        | —                    | 166,000      |
|                                   | Merrill Lynch          | 2,881,000                 | —       |
|                                   | Morgan Stanley         | 979,000                   | —       |
|                                   | Royal Bank of Scotland | 1,486,000                 | —       |
|                                   | UBS                    | —                    | 567,000      |
| Personal Strategy Income          |                        |                           |              |
|                                   | Bank of America        | $1,788,000                | $2,533,000   |
|                                   | Barclays               | 422,000                   | —       |
|                                   | Citigroup              | 3,005,000                 | 428,000      |
|                                   | Goldman Sachs          | 702,000                   | 450,000      |
|                                   | Greenwich              | —                    | 533,000      |
|                                   | JPMorgan Chase         | 1,086,000                 | 869,000      |
|                                   | Legg Mason             | 941,000                   | —       |
|                                   | Lehman Brothers        | —                    | 293,000      |
|                                   | Merrill Lynch          | 836,000                   | —       |
|                                   | Morgan Stanley         | 294,000                   | 381,000      |
|                                   | Royal Bank of Scotland | 424,000                   | —       |
|                                   | UBS                    | —                    | 986,000      |
| Prime Reserve                     |                        |                           |              |
|                                   | Citigroup              | —                    | $19,928,000  |
|                                   | Credit Suisse Group    | —                    | 34,500,000   |
|                                   | Goldman Sachs          | —                    | 49,600,000   |
| TRP Reserve Investment            |                        |                           |              |
|                                   | Barclays               | —                    | $118,000,000 |
|                                   | Credit Suisse Group    | —                    | 65,000,000   |
|                                   | Deutsche Bank          | —                    | 64,000,000   |
|                                   | Goldman Sachs          | —                    | 60,000,000   |
|                                   | JPMorgan Chase         | —                    | 7,000,000    |
|                                   | Merrill Lynch          | —                    | 124,000,000  |
|                                   | Morgan Stanley         | —                    | 23,000,000   |
|                                   | UBS                    | —                    | 90,000,000   |
| Short-Term Bond                   |                        |                           |              |
|                                   | Bank of America        | —                    | $38,318,000  |
|                                   | Citigroup              | —                    | 8,308,000    |
|                                   | Credit Suisse Group    | —                    | 7,074,000    |
|                                   | Goldman Sachs          | —                    | 3,003,000    |
|                                   | JPMorgan Chase         | —                    | 5,734,000    |
|                                   | Merrill Lynch          | —                    | 7,273,000    |
|                                   | Morgan Stanley         | —                    | 7,992,000    |
|                                   | Wachovia               | —                    | 5,011,000    |

----

----

|                                   |                     | Fiscal Year Ended 10/31/05 |             |
|-----------------------------------|---------------------|----------------------------|-------------|
||
| European Stock                    |                     |                            |             |
|                                   | Credit Suisse Group | $14,752,000                | —      |
|                                   | UBS                 | 15,777,000                 | —      |
| Institutional Foreign Equity      |                     |                            |             |
|                                   | Macquarie           | $1,056,000                 | —      |
|                                   | UBS                 | 4,785,000                  | —      |
| Global Stock                      |                     |                            |             |
|                                   | Goldman Sachs       | $1,516,000                 | —      |
|                                   | UBS                 | 1,442,000                  | —      |
| International Equity Index        |                     |                            |             |
|                                   | Deutsche Bank       | $676,000                   | —      |
|                                   | Societe Generale    | 650,000                    | —      |
|                                   | UBS                 | 1,251,000                  | —      |
| International Growth & Income |                     |                            |             |
|                                   | UBS                 | $15,209,000                | —      |
| International Stock               |                     |                            |             |
|                                   | UBS                 | $101,819,000               | —      |
| Summit Cash Reserves              |                     |                            |             |
|                                   | Banc of America     | —                     | $34,206,000 |
|                                   | Citigroup           | —                     | 45,852,000  |
|                                   | Goldman Sachs       | —                     | 15,000,000  |
|                                   | JPMorgan Chase      | —                     | 45,847,000  |
|                                   | Merrill Lynch       | —                     | 19,213,000  |
| Summit GNMA                       |                     |                            |             |
|                                   | Banc of America     | —                     | $1,250,000  |
|                                   | Citigroup           | —                     | 198,000     |
|                                   | JPMorgan Chase      | —                     | 422,000     |
|                                   | Morgan Stanley      | —                     | 472,000     |
| U.S. Bond Index                   |                     |                            |             |
|                                   | Banc of America     | —                     | $1,463,000  |
|                                   | Bear Stearns        | —                     | 3,343,000   |
|                                   | Citigroup           | —                     | 1,029,000   |
|                                   | Credit Suisse Group | —                     | 345,000     |
|                                   | Deutsche Bank       | —                     | 223,000     |
|                                   | Goldman Sachs       | —                     | 674,000     |
|                                   | HSBC                | —                     | 749,000     |
|                                   | JPMorgan Chase      | —                     | 1,417,000   |
|                                   | Lehman Brothers     | —                     | 704,000     |
|                                   | Morgan Stanley      | —                     | 468,000     |
|                                   | Wachovia            | —                     | 246,000     |
|                                   | Washington Mutual   | —                     | 111,000     |

----

|                                     |                             | Fiscal Year Ended 12/31/05 |            |
|-------------------------------------|-----------------------------|----------------------------|------------|
||
| Balanced                            |                             |                            |            |
|                                     | Bank of America             | $23,799,000                | $6,082,000 |
|                                     | Barclays Capital            | 6,099,000                  | —     |
|                                     | Citigroup                   | 35,732,000                 | 5,984,000  |
|                                     | Credit Suisse Group         | —                     | 3,150,000  |
|                                     | Goldman Sachs               | 10,280,000                 | 5,500,000  |
|                                     | Greenwich Capital Markets   | —                     | 1,352,000  |
|                                     | JPMorgan Chase              | 11,931,000                 | 5,135,000  |
|                                     | Lehman Brothers             | 6,555,000                  | 2,452,000  |
|                                     | Merrill Lynch               | —                     | 3,075,000  |
|                                     | Morgan Stanley              | 11,873,000                 | 5,610,000  |
|                                     | UBS                         | 3,600,000                  | —     |
| Blue Chip Growth                    |                             |                            |            |
|                                     | Citigroup                   | $228,091,000               | —     |
|                                     | Legg Mason                  | 117,296,000                | —     |
|                                     | Merrill Lynch               | 98,344,000                 | —     |
|                                     | UBS                         | 71,353,000                 | —     |
| Capital Appreciation                |                             |                            |            |
|                                     | JPMorgan Chase              | $79,380,000                | —     |
|                                     | Lehman Brothers             | 37,810,000                 | —     |
|                                     | Prudential Financial        | 41,060,000                 | —     |
| Capital Opportunity                 |                             |                            |            |
|                                     | Bank of America             | $1,827,000                 | —     |
|                                     | Citigroup                   | 4,567,000                  | —     |
|                                     | Goldman Sachs               | 1,047,000                  | —     |
|                                     | JPMorgan Chase              | 2,766,000                  | —     |
|                                     | Lehman Brothers             | 628,000                    | —     |
|                                     | Merrill Lynch               | 1,050,000                  | —     |
|                                     | Morgan Stanley              | 550,000                    | —     |
| Diversified Mid-Cap Growth          |                             |                            |            |
|                                     | Legg Mason                  | $329,000                   | —     |
| Dividend Growth                     |                             |                            |            |
|                                     | Citigroup                   | $20,382,000                | —     |
|                                     | Morgan Stanley              | 7,093,000                  | —     |
|                                     | UBS                         | 10,275,000                 | —     |
| Equity Income                       |                             |                            |            |
|                                     | Bank of America             | $158,525,000               | —     |
|                                     | Citigroup                   | 106,717,000                | —     |
|                                     | Morgan Stanley              | 278,480,000                | —     |
| Equity Index 500                    |                             |                            |            |
|                                     | Goldman Sachs               | $29,542,000                | —     |
|                                     | JPMorgan Chase              | 69,496,000                 | —     |
|                                     | Lehman Brothers             | 17,332,000                 | —     |
|                                     | Merrill Lynch               | 31,171,000                 | —     |
|                                     | Morgan Stanley              | 30,624,000                 | —     |
| Extended Equity Market Index        |                             |                            |            |
|                                     | Investment Technology Group | $99,000                    | —     |
|                                     | Legg Mason                  | 857,000                    | —     |
| Financial Services                  |                             |                            |            |
|                                     | Citigroup                   | $18,742,000                | —     |
|                                     | Credit Suisse Group         | 2,038,000                  | —     |
|                                     | JPMorgan Chase              | 19,686,000                 | —     |
|                                     | Merrill Lynch               | 12,124,000                 | —     |
|                                     | Morgan Stanley              | 19,632,000                 | —     |
| Growth & Income                 |                             |                            |            |
|                                     | Citigroup                   | $49,986,000                | —     |
|                                     | Goldman Sachs               | 10,855,000                 | —     |
|                                     | JPMorgan Chase              | 14,328,000                 | —     |
|                                     | Merrill Lynch               | 19,303,000                 | —     |
|                                     | Morgan Stanley              | 14,469,000                 | —     |
| Growth Stock                        |                             |                            |            |
|                                     | Citigroup                   | $288,559,000               | —     |
|                                     | Goldman Sachs               | 61,697,000                 | —     |
|                                     | Merrill Lynch               | 118,528,000                | —     |
|                                     | UBS                         | 273,042,000                | —     |
| Institutional Large-Cap Core Growth |                             |                            |            |
|                                     | Citigroup                   | $1,213,000                 | —     |
|                                     | Goldman Sachs               | 351,000                    | —     |
|                                     | Merrill Lynch               | 345,000                    |            |
|                                     | Morgan Stanley              | 153,000                    | —     |
|                                     | UBS                         | 162,000                    | —     |
| Institutional Large-Cap Growth      |                             |                            |            |
|                                     | Citigroup                   | $3,470,000                 | —     |
| Institutional Large-Cap Value       |                             |                            |            |
|                                     | Bank of America             | $4,578,000                 | —     |
|                                     | Citigroup                   | 2,729,000                  | —     |
|                                     | JPMorgan Chase              | 5,040,000                  | —     |
|                                     | Merrill Lynch               | 1,961,000                  | —     |
|                                     | Morgan Stanley              | 2,139,000                  | —     |
| International Bond                  |                             |                            |            |
|                                     | BNP Paribas                 | —                     | $1,484,000 |
|                                     | Citigroup                   | —                     | 2,054,000  |
|                                     | Deutsche Bank               | —                     | 1,710,000  |
|                                     | Goldman Sachs               | —                     | 1,591,000  |
|                                     | JPMorgan Chase              | —                     | 1,507,000  |
|                                     | Merrill Lynch               | —                     | 1,542,000  |
|                                     | UBS                         | —                     | 2,023,000  |
| New America Growth                  |                             |                            |            |
|                                     | Citigroup                   | $8,008,000                 | —     |
|                                     | Goldman Sachs               | 6,385,000                  | —     |
|                                     | Legg Mason                  | 6,583,000                  | —     |
| Small-Cap Stock                     |                             |                            |            |
|                                     | Piper Jaffray               | $40,097,000                | —     |
| Total Equity Market Index           |                             |                            |            |
|                                     | Goldman Sachs               | $1,451,000                 | —     |
|                                     | Investment Technology Group | 92,000                     | —     |
|                                     | JPMorgan Chase              | 3,317,000                  | —     |
|                                     | Legg Mason                  | 341,000                    | —     |
|                                     | Lehman Brothers             | 850,000                    | —     |
|                                     | Merrill Lynch               | 1,490,000                  | —     |
|                                     | Morgan Stanley              | 1,453,000                  | —     |
| Value                               |                             |                            |            |
|                                     | Citigroup                   | $39,309,000                |            |
|                                     | JPMorgan Chase              | 51,370,000                 | —     |
|                                     | Merrill Lynch               | 22,012,000                 | —     |
|                                     | Morgan Stanley              | 35,462,000                 | —     |

----

----

----

| Fund                              | Fiscal Year Ended |       |       |
|-----------------------------------|-------------------|-------|-------|
||
| California Tax-Free Bond          | 36.3%             | 19.9% | 28.5% |
| California Tax-Free Money         | (a)               | (a)   | (a)   |
| Florida Intermediate Tax-Free     | 18.2              | 17.3  | 12.8  |
| Georgia Tax-Free Bond             | 25.3              | 29.2  | 24.8  |
| Maryland Short-Term Tax-Free Bond | 25.4              | 35.5  | 31.9  |
| Maryland Tax-Free Bond            | 21.2              | 33.0  | 19.4  |
| Maryland Tax-Free Money           | (a)               | (a)   | (a)   |
| New Jersey Tax-Free Bond          | 20.0              | 14.0  | 14.7  |
| New York Tax-Free Bond            | 29.3              | 28.7  | 30.0  |
| New York Tax-Free Money           | (a)               | (a)   | (a)   |
| Tax-Efficient Balanced            | 18.0              | 18.2  | 21.3  |
| Tax-Efficient Growth              | 14.9              | 13.4  | 17.6  |
| Tax-Efficient Multi-Cap Growth    | 7.8               | 15.3  | 27.0  |
| Tax-Exempt Money                  | (a)               | (a)   | (a)   |
| Tax-Free High Yield               | 22.8              | 26.5  | 30.8  |
| Tax-Free Income                   | 29.8              | 26.9  | 24.4  |
| Tax-Free Intermediate Bond        | 23.8              | 30.0  | 20.7  |
| Tax-Free Short-Intermediate       | 27.5              | 41.6  | 29.7  |
| Virginia Tax-Free Bond            | 26.5              | 29.2  | 33.5  |

| Fund                              | Fiscal Year Ended |         |          |
|-----------------------------------|-------------------|---------|----------|
||
| Corporate Income                  | 61.3%             | 82.9%   | 92.9%    |
| GNMA                              | 167.0             | 302.1   | 385.8(a) |
| TRP Government Reserve Investment | (b)               | (b)     | (b)      |
| High Yield                        | 67.1              | 74.0    | 59.9     |
| Inflation Protected Bond          | 26.3              | 26.9    | 35.6(c)  |
| Institutional Core Plus           | 407.9(c)          | (d)     | (d)      |
| Institutional High Yield          | 64.4              | 73.5    | 72.3     |
| New Income                        | 135.9             | 219.0   | 221.2    |
| Personal Strategy Balanced        | 73.5              | 72.9    | 87.8     |
| Personal Strategy Growth          | 52.1              | 47.2    | 52.5     |
| Personal Strategy Income          | 83.7              | 97.5    | 108.5    |
| Prime Reserve                     | (b)               | (b)     | (b)      |
| TRP Reserve Investment            | (b)               | (b)     | (b)      |
| Retirement 2005                   | 12.0              | 20.6(c) | (d)      |
| Retirement 2010                   | 6.1               | 0.5     | 12.8(c)  |
| Retirement 2015                   | 1.8               | 0.6(c)  | (d)      |
| Retirement 2020                   | 0.8               | 0.0     | 4.1(c)   |
| Retirement 2025                   | 2.2               | 3.4(c)  | (d)      |
| Retirement 2030                   | 1.3               | 8.8     | 3.1(c)   |
| Retirement 2035                   | 6.2               | 13.1(c) | (d)      |
| Retirement 2040                   | 1.3               | 1.2     | 18.8(c)  |
| Retirement 2045                   | (d)               | (d)     | (d)      |
| Retirement Income                 | 21.2              | 3.9     | 6.2(c)   |
| Short-Term Bond                   | 56.0              | 69.5    | 110.1(a) |
| U.S. Treasury Intermediate        | 90.9              | 77.4    | 105.6    |
| U.S. Treasury Long-Term           | 55.7              | 51.9    | 65.5     |
| U.S. Treasury Money               | (b)               | (b)     | (b)      |

----

| Fund                                  | Fiscal Year Ended |       |       |
|---------------------------------------|-------------------|-------|-------|
||
| Emerging Europe & Mediterranean   | 28.1%             | 67.7% | 54.1% |
| Emerging Markets Stock                | 53.3              | 70.0  | 65.6  |
| European Stock                        | 82.0              | 22.5  | 23.1  |
| Global Stock                          | 154.8(a)          | 72.3  | 38.7  |
| Institutional Emerging Markets Equity | 57.4              | 69.1  | 70.4  |
| Institutional Foreign Equity          | 56.2              | 28.8  | 27.8  |
| International Discovery               | 85.3              | 106.4 | 115.9 |
| International Equity Index            | 53.1              | 58.2  | 39.4  |
| International Growth & Income     | 26.9              | 45.8  | 53.2  |
| International Stock                   | 62.7              | 28.2  | 25.2  |
| Japan                                 | 161.2             | 212.4 | 254.7 |
| Latin America                         | 17.8              | 34.8  | 27.4  |
| New Asia                              | 55.9              | 72.3  | 71.7  |
| Summit Cash Reserves                  | (b)               | (b)   | (b)   |
| Summit GNMA                           | 187.2             | 198.6 | 312.0 |
| Summit Municipal Income               | 24.8              | 30.5  | 37.0  |
| Summit Municipal Intermediate         | 22.3              | 26.5  | 29.8  |
| Summit Municipal Money Market         | (b)               | (b)   | (b)   |
| U.S. Bond Index(c)                    | 98.2              | 167.1 | 190.3 |

----

| Fund                                | Fiscal Year Ended |       |       |
|-------------------------------------|-------------------|-------|-------|
||
| Balanced                            | 27.3%             | 22.9% | 38.4% |
| Blue Chip Growth                    | 43.9              | 31.9  | 32.6  |
| Capital Appreciation                | 12.1              | 17.6  | 17.9  |
| Capital Opportunity                 | 46.2              | 44.3  | 47.5  |
| Developing Technologies             | 75.0              | 79.0  | 66.3  |
| Diversified Mid-Cap Growth          | 20.0              | 13.3  | (a)   |
| Diversified Small-Cap Growth        | 29.4              | 26.4  | 23.3  |
| Dividend Growth                     | 23.2              | 16.5  | 17.5  |
| Emerging Markets Bond               | 50.5              | 71.3  | 68.6  |
| Equity Income                       | 20.5              | 16.1  | 11.8  |
| Equity Index 500                    | 8.4               | 6.4   | 1.2   |
| Extended Equity Market Index        | 17.3              | 11.2  | 8.5   |
| Financial Services                  | 55.7              | 35.5  | 50.8  |
| Global Technology                   | 96.4              | 137.4 | 151.4 |
| Growth & Income                 | 52.1              | 36.4  | 40.5  |
| Growth Stock                        | 36.2              | 30.7  | 35.0  |
| Health Sciences                     | 55.7              | 44.1  | 44.8  |
| Institutional Large-Cap Core Growth | 16.9              | 18.2  | 8.6   |
| Institutional Large-Cap Growth      | 64.4              | 66.9  | 73.3  |
| Institutional Large-Cap Value       | 24.0              | 18.8  | 28.9  |
| Institutional Mid-Cap Equity Growth | 33.0              | 39.8  | 52.2  |
| Institutional Small-Cap Stock       | 19.2              | 22.4  | 22.2  |
| International Bond                  | 103.7             | 69.7  | 38.5  |
| Media & Telecommunications      | 77.8              | 107.6 | 123.5 |
| Mid-Cap Growth                      | 28.6              | 29.6  | 30.2  |
| Mid-Cap Value                       | 45.8              | 50.0  | 50.4  |
| New America Growth                  | 53.0              | 50.9  | 61.6  |
| New Era                             | 35.7              | 19.2  | 17.7  |
| New Horizons                        | 23.5              | 25.4  | 28.6  |
| Real Estate                         | 18.3              | 8.4   | 4.5   |
| Science & Technology            | 59.2              | 54.5  | 47.8  |
| Small-Cap Stock                     | 20.4              | 18.3  | 16.3  |
| Small-Cap Value                     | 11.9              | 8.5   | 10.3  |
| Spectrum Growth                     | 10.1              | 20.3  | 18.0  |
| Spectrum Income                     | 40.3              | 8.2   | 7.4   |
| Spectrum International              | 2.7               | 12.5  | 48.0  |
| Total Equity Market Index           | 4.5               | 5.2   | 2.3   |
| Value                               | 19.4              | 17.0  | 30.6  |

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| Service Provider                   | Service                                       |
|------------------------------------|-----------------------------------------------|
| PricewaterhouseCoopers LLP         | Independent Registered Public Accounting Firm |
| JPMorgan 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                                |
| Omgeo LLC                          | Systems Vendor                                |
| Perot Systems                      | Systems Vendor                                |
| REMO                               | Systems Vendor                                |
| SmartStream Technologies           | Systems Vendor                                |
| Vision                             | Systems Vendor                                |
| Wilshire                           | Systems Vendor                                |
| FT Interactive Data                | Pricing Vendor                                |
| JPMorgan Chase                     | Pricing Vendor                                |
| Reuters Fixed Income               | Pricing Vendor                                |
| S&P/JJ Kenny                   | Pricing Vendor                                |

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| Maryland Corporations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. Rowe Price Balanced Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. Rowe Price Blue Chip Growth Fund, Inc. (fund)T. Rowe Price Blue Chip Growth Fund—Advisor Class (class)T. Rowe Price Blue Chip Growth Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. Rowe Price Capital Opportunity Fund, Inc. (fund)T. Rowe Price Capital Opportunity Fund—Advisor Class (class)T. Rowe Price Capital Opportunity Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. Rowe Price Corporate Income Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. Rowe Price Developing Technologies Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. Rowe Price Diversified Mid-Cap Growth Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. Rowe Price Diversified Small-Cap Growth Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. Rowe Price Dividend Growth Fund, Inc. (fund)    T. Rowe Price Dividend Growth Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. Rowe Price Financial Services Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. Rowe Price Global Technology Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. Rowe Price Growth & Income Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. Rowe Price Growth Stock Fund, Inc. (fund)T. Rowe Price Growth Stock Fund—Advisor Class (class)T. Rowe Price Growth Stock Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. Rowe Price Health Sciences Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. Rowe Price High Yield Fund, Inc. (fund)T. Rowe Price High Yield Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. Rowe Price Index Trust, Inc. (corporation)T. Rowe Price Equity Index 500 Fund (series)T. Rowe Price Extended Equity Market Index Fund (series)T. Rowe Price Total Equity Market Index Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. Rowe Price Inflation Protected Bond Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. Rowe Price Institutional Equity Funds, Inc. (corporation)T. Rowe Price Institutional Large-Cap Core Growth Fund (series)T. Rowe Price Institutional Large-Cap Growth Fund (series)T. Rowe Price Institutional Large-Cap Value Fund (series)T. Rowe Price Institutional Mid-Cap Equity Growth Fund (series)T. Rowe Price Institutional Small-Cap Stock Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. Rowe Price Institutional Income Funds, Inc. (corporation)T. Rowe Price Institutional Core Plus Fund (series)T. Rowe Price Institutional High Yield Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. Rowe Price Institutional International Funds, Inc. (corporation)T. Rowe Price Institutional Emerging Markets Equity Fund (series)T. Rowe Price Institutional Foreign Equity Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. Rowe Price International Funds, Inc. (corporation)T. Rowe Price Emerging Europe & Mediterranean Fund (series)T. Rowe Price Emerging Markets Bond Fund (series)T. Rowe Price Emerging Markets Stock Fund (series)T. Rowe Price European Stock Fund (series)T. Rowe Price Global Stock Fund (series)T. Rowe Price Global Stock Fund—Advisor Class (class)T. Rowe Price International Bond Fund (series)T. Rowe Price International Bond Fund—Advisor Class (class)T. Rowe Price International Discovery Fund (series)T. Rowe Price International Growth & Income Fund (series)T. Rowe Price International Growth & Income Fund—Advisor Class (class)T. Rowe Price International Growth & Income Fund—R Class (class)T. Rowe Price International Stock Fund (series)T. Rowe Price International Stock Fund—Advisor Class (class)T. Rowe Price International Stock Fund—R Class (class)T. Rowe Price Japan Fund (series)T. Rowe Price Latin America Fund (series)T. Rowe Price New Asia Fund (series)                                                                   |
| T. Rowe Price International Index Fund, Inc. (corporation)T. Rowe Price International Equity Index Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. Rowe Price Media & Telecommunications Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. Rowe Price Mid-Cap Growth Fund, Inc. (fund)T. Rowe Price Mid-Cap Growth Fund—Advisor Class (class)T. Rowe Price Mid-Cap Growth Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. Rowe Price Mid-Cap Value Fund, Inc. (fund)T. Rowe Price Mid-Cap Value Fund—Advisor Class (class)T. Rowe Price Mid-Cap Value Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. Rowe Price New Era Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. Rowe Price New Horizons Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. Rowe Price New Income Fund, Inc. (fund)T. Rowe Price New Income Fund—Advisor Class (class)T. Rowe Price New Income Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. Rowe Price Personal Strategy Funds, Inc. (corporation)T. Rowe Price Personal Strategy Balanced Fund (series)T. Rowe Price Personal Strategy Growth Fund (series)T. Rowe Price Personal Strategy Income Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. Rowe Price Prime Reserve Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. Rowe Price Real Estate Fund, Inc. (fund)T. Rowe Price Real Estate Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. Rowe Price Reserve Investment Funds, Inc. (corporation)T. Rowe Price Government Reserve Investment Fund (series)T. Rowe Price Reserve Investment Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. Rowe Price Retirement Funds, Inc. (corporation)T. Rowe Price Retirement 2005 Fund (series)T. Rowe Price Retirement 2010 Fund (series)T. Rowe Price Retirement 2010 Fund—Advisor Class (class)T. Rowe Price Retirement 2010 Fund—R Class (class)T. Rowe Price Retirement 2015 Fund (series)T. Rowe Price Retirement 2020 Fund (series)T. Rowe Price Retirement 2020 Fund—Advisor Class (class)T. Rowe Price Retirement 2020 Fund—R Class (class)T. Rowe Price Retirement 2025 Fund (series)T. Rowe Price Retirement 2030 Fund (series)T. Rowe Price Retirement 2030 Fund—Advisor Class (class)T. Rowe Price Retirement 2030 Fund—R Class (class)T. Rowe Price Retirement 2035 Fund (series)T. Rowe Price Retirement 2040 Fund (series)T. Rowe Price Retirement 2040 Fund—Advisor Class (class)T. Rowe Price Retirement 2040 Fund—R Class (class)T. Rowe Price Retirement 2045 Fund (series)T. Rowe Price Retirement Income Fund (series)T. Rowe Price Retirement Income Fund—Advisor Class (class)T. Rowe Price Retirement Income Fund—R Class (class) |
| T. Rowe Price Science & Technology Fund, Inc. (fund)T. Rowe Price Science & Technology Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. Rowe Price Short-Term Bond Fund, Inc. (fund)T. Rowe Price Short-Term Bond Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. Rowe Price Small-Cap Stock Fund, Inc. (fund)T. Rowe Price Small-Cap Stock Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. Rowe Price Small-Cap Value Fund, Inc. (fund)T. Rowe Price Small-Cap Value Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. Rowe Price Spectrum Fund, Inc. (corporation)    Spectrum Growth Fund (series)    Spectrum Income Fund (series)    Spectrum International Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. Rowe Price Summit Funds, Inc. (corporation)T. Rowe Price Summit Cash Reserves Fund (series)T. Rowe Price Summit GNMA Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. Rowe Price Summit Municipal Funds, Inc. (corporation)T. Rowe Price Summit Municipal Money Market Fund (series)T. Rowe Price Summit Municipal Intermediate Fund (series)T. Rowe Price Summit Municipal Income Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. Rowe Price Tax-Efficient Funds, Inc. (corporation)T. Rowe Price Tax-Efficient Balanced Fund (series)T. Rowe Price Tax-Efficient Growth Fund (series)T. Rowe Price Tax-Efficient Multi-Cap Growth Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. Rowe Price Tax-Exempt Money Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. Rowe Price Tax-Free High Yield Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. Rowe Price Tax-Free Income Fund, Inc. (fund)T. Rowe Price Tax-Free Income Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. Rowe Price Tax-Free Intermediate Bond Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. Rowe Price U.S. Bond Index Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. Rowe Price U.S. Treasury Funds, Inc. (corporation)    U.S. Treasury Intermediate Fund (series)    U.S. Treasury Long-Term Fund (series)    U.S. Treasury Money Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. Rowe Price Value Fund, Inc. (fund)T. Rowe Price Value Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

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| Massachusetts Business Trusts                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. Rowe Price California Tax-Free Income Trust (trust)    California Tax-Free Bond Fund (series)    California Tax-Free Money Fund (series)                                                                                                                                                                                                                                                                                                |
| T. Rowe Price Capital Appreciation Fund (fund)T. Rowe Price Capital Appreciation Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                      |
| T. Rowe Price Equity Income Fund (fund)T. Rowe Price Equity Income Fund—Advisor Class (class)T. Rowe Price Equity Income Fund—R Class (class)                                                                                                                                                                                                                                                                          |
| T. Rowe Price GNMA Fund (fund)                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. Rowe Price New America Growth Fund (fund)    T. Rowe Price New America Growth Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                           |
| T. Rowe Price State Tax-Free Income Trust (trust)    Florida Intermediate Tax-Free Fund (series)    Georgia Tax-Free Bond Fund (series)    Maryland Short-Term Tax-Free Bond Fund (series)    Maryland Tax-Free Bond Fund (series)Maryland Tax-Free Money Fund (series)    New Jersey Tax-Free Bond Fund (series)    New York Tax-Free Bond Fund (series)    New York Tax-Free Money Fund (series)    Virginia Tax-Free Bond Fund (series) |

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| Name                | Company Name                                      | Position HeldWith Company                                     |
|---------------------|---------------------------------------------------|---------------------------------------------------------------|
| Edward C. Bernard   | T. Rowe Price Advisory Services, Inc.             | DirectorPresident                                             |
|                     | T. Rowe Price Associates, Inc.                    | DirectorVice President                                        |
|                     | T. Rowe Price (Canada), Inc.                      | Director                                                      |
|                     | T. Rowe Price Global Asset Management Limited     | Director                                                      |
|                     | T. Rowe Price Global Investment Services Limited  | Director                                                      |
|                     | T. Rowe Price Group, Inc.                         | DirectorVice President                                        |
|                     | T. Rowe Price Insurance Agency, Inc.              | DirectorPresident                                             |
|                     | T. Rowe Price Investment Services, Inc.           | Chairman of the BoardDirectorPresident                        |
|                     | T. Rowe Price Retirement Plan Services, Inc.      | Chairman of the BoardDirector                                 |
|                     | T. Rowe Price Savings Bank                        | Chairman of the BoardDirector                                 |
|                     | T. Rowe Price Services, Inc.                      | Chairman of the BoardDirector                                 |
|                     | T. Rowe Price Trust Company                       | Chairman of the BoardChief Executive OfficerDirectorPresident |
| Calum Ferguson      | T. Rowe Price Global Asset Management Limited     | Chief Compliance OfficerVice President                        |
|                     | T. Rowe Price Global Investment Services Limited  | Chief Compliance OfficerVice President                        |
|                     | T. Rowe Price Group, Inc.                         | Vice President                                                |
|                     | T. Rowe Price International, Inc.                 | Chief Compliance OfficerVice President                        |
| John R. Gilner      | T. Rowe Price Advisory Services, Inc.             | Chief Compliance Officer                                      |
|                     | T. Rowe Price Associates, Inc.                    | Chief Compliance OfficerVice President                        |
|                     | T. Rowe Price (Canada), Inc.                      | Vice President                                                |
|                     | T. Rowe Price Group, Inc.                         | Vice President                                                |
|                     | T. Rowe Price Investment Services, Inc.           | Vice President                                                |
| James A.C. Kennedy  | T. Rowe Price Associates, Inc.                    | DirectorVice President                                        |
|                     | T. Rowe Price Global Asset Management Limited     | Director                                                      |
|                     | T. Rowe Price Global Investment Services Limited  | Director                                                      |
|                     | T. Rowe Price Group, Inc.                         | DirectorVice President                                        |
|                     | T. Rowe Price International, Inc.                 | Director                                                      |
|                     | T. Rowe Price Threshold Fund Associates, Inc.     | DirectorVice President                                        |
| James S. Mazarakis  | T. Rowe Price Associates, Inc.                    | Vice President                                                |
|                     | T. Rowe Price Group, Inc.                         | Chief Technology OfficerVice President                        |
| Kenneth V. Moreland | T. Rowe Price Associates, Inc.                    | Chief Financial Officer                                       |
|                     | T. Rowe Price Group, Inc.                         | Chief Financial OfficerVice President                         |
|                     | TRP Finance, Inc.                                 | DirectorPresident                                             |
|                     | TRP Suburban, Inc.                                | DirectorVice President                                        |
|                     | TRP Suburban Second, Inc.                         | DirectorPresident                                             |
|                     | TRP Suburban Third, Inc.                          | DirectorPresident                                             |
| Mary J. Miller      | T. Rowe Price Associates, Inc.                    | DirectorVice President                                        |
|                     | T. Rowe Price Group, Inc.                         | Vice President                                                |
|                     | T. Rowe Price Recovery Fund II Associates, L.L.C. | Director                                                      |
|                     | T. Rowe Price Trust Company                       | Director                                                      |
| George A. Roche     | T. Rowe Price Associates, Inc.                    | DirectorPresident                                             |
|                     | T. Rowe Price Group, Inc.                         | Chairman of the BoardDirectorPresident                        |
|                     | T. Rowe Price International, Inc.                 | Director                                                      |
|                     | T. Rowe Price Retirement Plan Services, Inc.      | Director                                                      |
|                     | T. Rowe Price Threshold Fund Associates, Inc.     | DirectorVice President                                        |
|                     | TRP Finance, Inc.                                 | Chairman of the BoardDirector                                 |
|                     | TRP Suburban, Inc.                                | DirectorVice President                                        |
|                     | TRP Suburban Second, Inc.                         | DirectorVice President                                        |
|                     | TRP Suburban Third, Inc.                          | DirectorVice President                                        |
| Brian C. Rogers     | T. Rowe Price Associates, Inc.                    | Chief Investment OfficerDirectorVice President                |
|                     | T. Rowe Price Group, Inc.                         | Chief Investment OfficerDirectorVice President                |
|                     | T. Rowe Price Trust Company                       | Vice President                                                |
| R. Todd Ruppert     | T. Rowe Price Associates, Inc.                    | Vice President                                                |
|                     | T. Rowe Price Global Asset Management Limited     | Chief Executive OfficerDirectorPresident                      |
|                     | T. Rowe Price Global Investment Services Limited  | Chief Executive OfficerDirectorPresident                      |
|                     | T. Rowe Price Group, Inc.                         | Vice President                                                |
|                     | T. Rowe Price Retirement Plan Services, Inc.      | Vice President                                                |
|                     | T. Rowe Price Trust Company                       | Vice President                                                |
|                     | TRPH Corporation                                  | DirectorPresident                                             |
| David J.L. Warren   | T. Rowe Price Associates, Inc.                    | DirectorVice President                                        |
|                     | T. Rowe Price Group, Inc.                         | Vice President                                                |
|                     | T. Rowe Price Global Asset Management Ltd.        | Director                                                      |
|                     | T. Rowe Price Global Investment Services Ltd.     | Director                                                      |
|                     | T. Rowe Price International, Inc.                 | Chief Executive OfficerDirectorPresident                      |

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| T. Rowe Price Balanced Fund, Inc.                       |
|--------------------------------------------------------------|
| T. Rowe Price Blue Chip Growth Fund, Inc.               |
| T. Rowe Price California Tax-Free Income Trust          |
| T. Rowe Price Capital Appreciation Fund                 |
| T. Rowe Price Capital Opportunity Fund, Inc.            |
| T. Rowe Price Corporate Income Fund, Inc.               |
| T. Rowe Price Developing Technologies Fund, Inc.        |
| T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.     |
| T. Rowe Price Diversified Small-Cap Growth Fund, Inc.   |
| T. Rowe Price Dividend Growth Fund, Inc.                |
| T. Rowe Price Equity Income Fund                        |
| T. Rowe Price Equity Series, Inc.                       |
| T. Rowe Price Financial Services Fund, Inc.             |
| T. Rowe Price Fixed Income Series, Inc.                 |
| T. Rowe Price Global Technology Fund, Inc.              |
| T. Rowe Price GNMA Fund                                 |
| T. Rowe Price Growth & Income Fund, Inc.            |
| T. Rowe Price Growth Stock Fund, Inc.                   |
| T. Rowe Price Health Sciences Fund, Inc.                |
| T. Rowe Price High Yield Fund, Inc.                     |
| T. Rowe Price Index Trust, Inc.                         |
| T. Rowe Price Inflation Protected Bond Fund, Inc.       |
| T. Rowe Price Institutional Equity Funds, Inc.          |
| T. Rowe Price Institutional Income Funds, Inc.          |
| T. Rowe Price Institutional International Funds, Inc.   |
| T. Rowe Price International Funds, Inc.                 |
| T. Rowe Price International Index Fund, Inc.            |
| T. Rowe Price International Series, Inc.                |
| T. Rowe Price Media & Telecommunications Fund, Inc. |
| T. Rowe Price Mid-Cap Growth Fund, Inc.                 |
| T. Rowe Price Mid-Cap Value Fund, Inc.                  |
| T. Rowe Price New America Growth Fund                   |
| T. Rowe Price New Era Fund, Inc.                        |
| T. Rowe Price New Horizons Fund, Inc.                   |
| T. Rowe Price New Income Fund, Inc.                     |
| T. Rowe Price Personal Strategy Funds, Inc.             |
| T. Rowe Price Prime Reserve Fund, Inc.                  |
| T. Rowe Price Real Estate Fund, Inc.                    |
| T. Rowe Price Reserve Investment Funds, Inc.            |
| T. Rowe Price Retirement Funds, Inc.                    |
| T. Rowe Price Science & Technology Fund, Inc.       |
| T. Rowe Price Short-Term Bond Fund, Inc.                |
| T. Rowe Price Small-Cap Stock Fund, Inc.                |
| T. Rowe Price Small-Cap Value Fund, Inc.                |
| T. Rowe Price Spectrum Fund, Inc.                       |
| T. Rowe Price State Tax-Free Income Trust               |
| T. Rowe Price Summit Funds, Inc.                        |
| T. Rowe Price Summit Municipal Funds, Inc.              |
| T. Rowe Price Tax-Efficient Funds, Inc.                 |
| T. Rowe Price Tax-Exempt Money Fund, Inc.               |
| T. Rowe Price Tax-Free High Yield Fund, Inc.            |
| T. Rowe Price Tax-Free Income Fund, Inc.                |
| T. Rowe Price Tax-Free Intermediate Bond Fund, Inc.     |
| T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.    |
| T. Rowe Price U.S. Bond Index Fund, Inc.                |
| T. Rowe Price U.S. Treasury Funds, Inc.                 |
| T. Rowe Price Value Fund, Inc.                          |

----

| Name                       | Positions andOffices WithUnderwriter          | Positions andOffices WithRegistrant |
|----------------------------|-----------------------------------------------|-------------------------------------|
| Edward C. Bernard          | Chairman of the Board, Director,and President | Chairman of the Board               |
| Henry H. Hopkins           | Vice President and Director                   | Vice President                      |
| Wayne D. O`Melia           | Vice President and Director                   | None                                |
| Charles E. Vieth           | Vice President and Director                   | None                                |
| Raymond Ahn                | Vice President                                | None                                |
| Jerrold Appelbaum          | Vice President                                | None                                |
| Patricia M. Archer         | Vice President                                | None                                |
| Shane Baldino              | Vice President                                | None                                |
| Stephen P. Ban             | Vice President                                | None                                |
| Steven J. Banks            | Vice President                                | None                                |
| John T. Bielski            | Vice President                                | None                                |
| John H. Boyd               | Vice President                                | None                                |
| Renee Q. Boyd              | Vice President                                | None                                |
| Darrell N. Braman          | Vice President                                | None                                |
| Ronae M. Brock             | Vice President                                | None                                |
| Martin P. Brown            | Vice President                                | None                                |
| Sheila P. Callahan         | Vice President                                | None                                |
| Meredith C. Callanan       | Vice President                                | None                                |
| John H. Cammack            | Vice President                                | None                                |
| Susan R. Camp              | Vice President                                | None                                |
| Christine M. Carolan       | Vice President                                | None                                |
| Joseph A. Carrier          | Vice President                                | None                                |
| James G. Carville          | Vice President                                | None                                |
| Renee L. Chapman           | Vice President                                | None                                |
| Laura H. Chasney           | Vice President                                | None                                |
| Renee M. Christoff         | Vice President                                | None                                |
| Jerome A. Clark            | Vice President                                | None                                |
| Todd M. Cleary             | Vice President                                | None                                |
| Garry C. Cosnett           | Vice President                                | None                                |
| Linsley G. Craig           | Vice President                                | None                                |
| Joseph A. Crumbling        | Vice President                                | None                                |
| Christine S. Fahlund       | Vice President                                | None                                |
| Forrest R. Foss            | Vice President                                | None                                |
| Bruce S. Fulton            | Vice President                                | None                                |
| Thomas A. Gannon           | Vice President                                | None                                |
| John R. Gilner             | Vice President                                | None                                |
| John Halaby                | Vice President                                | None                                |
| Douglas E. Harrison        | Vice President                                | None                                |
| Joanne M. Healy            | Vice President                                | None                                |
| Walter J. Helmlinger       | Vice President                                | None                                |
| Bruce R. Hoffmann          | Vice President                                | None                                |
| Carole Hofmeister          | Vice President                                | None                                |
| David A. Hueser            | Vice President                                | None                                |
| Christopher J. Hufman      | Vice President                                | None                                |
| Christopher A. Jarmush     | Vice President                                | None                                |
| Thomas E. Kazmierczak, Jr. | Vice President                                | None                                |
| Cynthia G. Knowlton        | Vice President                                | None                                |
| Steven A. Larson           | Vice President                                | None                                |
| Cynthia W. LaRue           | Vice President                                | None                                |
| Gina M. Lea                | Vice President                                | None                                |
| Gayle A. Lomax             | Vice President                                | None                                |
| Sarah McCafferty           | Vice President                                | None                                |
| Daniel M. Middelton        | Vice President                                | None                                |
| Mark J. Mitchell           | Vice President                                | None                                |
| Thomas R. Morelli          | Vice President                                | None                                |
| Paul Musante               | Vice President                                | None                                |
| Steven E. Norwitz          | Vice President                                | None                                |
| Edmund M. Notzon III       | Vice President                                | None                                |
| Barbara A. O`Connor        | Vice President                                | None                                |
| David Oestreicher          | Vice President                                | None                                |
| Kristine A. Paden          | Vice President                                | None                                |
| Kathleen G. Polk           | Vice President                                | None                                |
| Seamus A. Ray              | Vice President                                | None                                |
| Suzanne J. Ricklin         | Vice President                                | None                                |
| George D. Riedel           | Vice President                                | None                                |
| John R. Rockwell           | Vice President                                | None                                |
| Christopher J. Rohan       | Vice President                                | None                                |
| Kenneth J. Rutherford      | Vice President                                | None                                |
| Alexander Savich           | Vice President                                | None                                |
| Ann R. Schultz             | Vice President                                | None                                |
| Kristin E. Seeberger       | Vice President                                | None                                |
| John W. Seufert            | Vice President                                | None                                |
| Scott L. Sherman           | Vice President                                | None                                |
| Donna B. Singer            | Vice President                                | None                                |
| Jonathan L. Stricker       | Vice President                                | None                                |
| Scott Such                 | Vice President                                | None                                |
| Jerome Tuccille            | Vice President                                | None                                |
| Judith B. Ward             | Vice President                                | None                                |
| Regina M. Watson           | Vice President                                | None                                |
| Lois A. Welsh              | Vice President                                | None                                |
| Natalie C. Widdowson       | Vice President                                | None                                |
| James Zurad                | Vice President                                | None                                |
| Timothy S. Dignan          | Treasurer and Vice President                  | None                                |
| Barbara A. Van Horn        | Secretary                                     | None                                |
| Megan L. Anderson          | Assistant Vice President                      | None                                |
| Kerrie L. Bailey           | Assistant Vice President                      | None                                |
| S. Olivia Barbee           | Assistant Vice President                      | None                                |
| Richard J. Barna           | Assistant Vice President                      | None                                |
| Carl P. Beernink           | Assistant Vice President                      | None                                |
| Margo A. Bennett           | Assistant Vice President                      | None                                |
| Catherine L. Berkenkemper  | Assistant Vice President                      | None                                |
| Timothy P. Boia            | Assistant Vice President                      | None                                |
| Jonathan C. Boldebuck      | Assistant Vice President                      | None                                |
| Michele L. Cassell         | Assistant Vice President                      | None                                |
| Jodi A. Casson             | Assistant Vice President                      | None                                |
| Cynthia M. Ciangio         | Assistant Vice President                      | None                                |
| Susan M. D`Angelo          | Assistant Vice President                      | None                                |
| Kimberly E. DeDominicis    | Assistant Vice President                      | None                                |
| Peter A. DeLibro           | Assistant Vice President                      | None                                |
| Jon D. Dry                 | Assistant Vice President                      | None                                |
| LeSales S. Dunworth        | Assistant Vice President                      | None                                |
| Cheryl L. Emory            | Assistant Vice President                      | None                                |
| Patricia Cannon Ewachiw    | Assistant Vice President                      | None                                |
| Dixie M. Frank             | Assistant Vice President                      | None                                |
| John A. Galateria          | Assistant Vice President                      | None                                |
| Jason L. Gounaris          | Assistant Vice President                      | None                                |
| Alan P. Graff              | Assistant Vice President                      | None                                |
| Leah B. Greenstein         | Assistant Vice President                      | None                                |
| Brian L. Habas             | Assistant Vice President                      | None                                |
| Kristen L. Heerema         | Assistant Vice President                      | None                                |
| Keller L. Hoak             | Assistant Vice President                      | None                                |
| Bernadette A. Hughes       | Assistant Vice President                      | None                                |
| Shawn M. Isaacson          | Assistant Vice President                      | None                                |
| Maureen Kehoe              | Assistant Vice President                      | None                                |
| Anne Kim                   | Assistant Vice President                      | None                                |
| Suzanne M. Knoll           | Assistant Vice President                      | None                                |
| Kathleen A. Kotik          | Assistant Vice President                      | None                                |
| Jennifer A. LaPorte        | Assistant Vice President                      | None                                |
| Brian J. Lewbart           | Assistant Vice President                      | None                                |
| Patricia B. Lippert        | Assistant Vice President                      | Secretary                           |
| James R. Longenecker       | Assistant Vice President                      | None                                |
| Kimberly W. Madore         | Assistant Vice President                      | None                                |
| Karen M. Magness           | Assistant Vice President                      | None                                |
| Amy L. Marker              | Assistant Vice President                      | None                                |
| Robert E. Matricardi, Jr.  | Assistant Vice President                      | None                                |
| Charlotte L. Matthews      | Assistant Vice President                      | None                                |
| John T. McGuigan           | Assistant Vice President                      | None                                |
| Dana P. Morgan             | Assistant Vice President                      | None                                |
| Clark P. Neel              | Assistant Vice President                      | None                                |
| Richard J. Osikowicz       | Assistant Vice President                      | None                                |
| Joseph F. Parlapiano       | Assistant Vice President                      | None                                |
| JeanneMarie B. Patella     | Assistant Vice President                      | None                                |
| Yani A. Peyton             | Assistant Vice President                      | None                                |
| Naomi S. Proshan           | Assistant Vice President                      | None                                |
| Shawn D. Reagan            | Assistant Vice President                      | None                                |
| Gregory P. Rego            | Assistant Vice President                      | None                                |
| Jennifer L. Richardson     | Assistant Vice President                      | None                                |
| John D. Richter            | Assistant Vice President                      | None                                |
| Cheri M. Ritchey           | Assistant Vice President                      | None                                |
| Stuart L. Ritter           | Assistant Vice President                      | None                                |
| Ramon D. Rodriguez         | Assistant Vice President                      | None                                |
| Val E. Seaberg             | Assistant Vice President                      | None                                |
| Deborah D. Seidel          | Assistant Vice President                      | None                                |
| Kevin C. Shea              | Assistant Vice President                      | None                                |
| George S. Shirk III        | Assistant Vice President                      | None                                |
| Thomas L. Siedell          | Assistant Vice President                      | None                                |
| Mark F. Skirbe             | Assistant Vice President                      | None                                |
| Danielle Nicholson Smith   | Assistant Vice President                      | None                                |
| Sandra L. Stinson          | Assistant Vice President                      | None                                |
| John A. Stranovsky         | Assistant Vice President                      | None                                |
| Brian Sullam               | Assistant Vice President                      | None                                |
| Ralph E. Vanlow            | Assistant Vice President                      | None                                |
| William R. Weker, Jr.      | Assistant Vice President                      | None                                |
| James J. Whitaker          | Assistant Vice President                      | None                                |
| Teresa F. Whitaker         | Assistant Vice President                      | None                                |
| Mary G. Williams           | Assistant Vice President                      | None                                |
| Beverly Wisbar             | Assistant Vice President                      | None                                |

----

----

----

----

| Signature                             | Title                                          | Date                |
|---------------------------------------|------------------------------------------------|---------------------|
| /s/Edward C. BernardEdward C. Bernard | Chairman of the Board(Chief Executive Officer) | April 27, 2006 |
| /s/Joseph A. CarrierJoseph A. Carrier | Treasurer (ChiefFinancial Officer)             | April 27, 2006 |
| *Jeremiah E. Casey                    | Director                                       | April 27, 2006 |
| *Anthony W. Deering                   | Director                                       | April 27, 2006 |
| *Donald W. Dick, Jr.                  | Director                                       | April 27, 2006 |
| *David K. Fagin                       | Director                                       | April 27, 2006 |
| *Karen N. Horn                        | Director                                       | April 27, 2006 |
| /s/John H. LaporteJohn H. Laporte     | Director                                       | April 27, 2006 |
| *Theo C. Rodgers                      | Director                                       | April 27, 2006 |
| *John G. Schreiber                    | Director                                       | April 27, 2006 |
| */s/Henry H. HopkinsHenry H. Hopkins  | Vice President andAttorneyInFact               | April 27, 2006 |

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