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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          | 11 |
|   |  | Transaction Procedures and Special Requirements       | 17 |
|   |  | Account Maintenance and Small Account Fees            | 19 |
|   |  |                                                       |    |
| 3 |  | More About the Fund                                   |    |
|   |  | Organization and Management                           | 20 |
|   |  | Understanding Performance Information                 | 21 |
|   |  | Investment Policies and Practices                     | 22 |
|   |  | Financial Highlights                                  | 28 |
|   |  |                                                       |    |
| 4 |  | Investing With T. Rowe Price                          |    |
|   |  | Account Requirements and Transaction Information      | 29 |
|   |  | Opening a New Account                                 | 30 |
|   |  | Purchasing Additional Shares                          | 31 |
|   |  | Exchanging and Redeeming Shares                       | 32 |
|   |  | Rights Reserved by the Funds                          | 34 |
|   |  | Information About Your Services                       | 35 |
|   |  | T. Rowe Price Brokerage                          | 37 |
|   |  | Investment Information                                | 38 |
|   |  | T. Rowe Price Privacy Policy                     | 40 |

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|                                                              | Periods ended December 31, 2002 |       |        |  |
|--------------------------------------------------------------|---------------------------------|-------|--------|--|
||
| Small-Cap Value Fund                                         |                                 |       |        |  |
| Returns before taxes                                         | -1.76%                          | 4.91% | 12.28% |  |
| Returns after taxes on distributions                         | -2.17                           | 3.45  | 10.56  |  |
| Returns after taxes on distributions and sale of fund shares | -0.95                           | 3.53  | 9.77   |  |
| Russell 2000 Index                                           | -20.48                          | -1.36 | 7.15   |  |
| Lipper Small-Cap Core Funds Index                            | -19.23                          | 1.39  | 8.70   |  |

| Shareholder fees (fees paid directly from your investment) |       |  |
|------------------------------------------------------------|-------|--|
||
||
| Management fee                                             | 0.67% |  |
| Other expenses                                             | 0.22% |  |
| Total annual fund operating expenses                       | 0.89% |  |

| 1 year | 3 years | 5 years | 10 years |
|-------------|--------------|--------------|---------------|
| $91         | $284         | $493         | $1,096        |

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| Fund                                | Holding period | Redemption fee |  |
|-------------------------------------|----------------|----------------|--|
| Diversified Small-Cap Growth        | 6 months       | 1.00%          |  |
| Developing Technologies             | 1 year         | 1.00%          |  |
| Emerging Europe & Mediterranean | 1 year         | 2.00%          |  |
| Emerging Markets Stock              | 1 year         | 2.00%          |  |
| Equity Index 500                    | 6 months       | 0.50%          |  |
| Extended Equity Market Index        | 6 months       | 0.50%          |  |
| High Yield                          | 1 year         | 1.00%          |  |
| International Discovery             | 1 year         | 2.00%          |  |
| International Equity Index          | 6 months       | 1.00%          |  |
| Latin America                       | 1 year         | 2.00%          |  |
| Real Estate                         | 6 months       | 1.00%          |  |
| Small-Cap Value                     | 1 year         | 1.00%          |  |
| Tax-Efficient Balanced              | 1 year         | 1.00%          |  |
| Tax-Efficient Growth                | 2 years        | 1.00%          |  |
| Tax-Efficient Multi-Cap Growth      | 2 years        | 1.00%          |  |
| Total Equity Market Index           | 6 months       | 0.50%          |  |
| U.S. Bond Index                     | 6 months       | 0.50%          |  |

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| Fund                                                                                                                                                         | Dividends                                                                                                                                                                                                                                                                                                                                                                                                                  |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|
| Money market funds                                                                                                                                           | Declared daily to shareholders of record as of 12 noon ET on that day. Purchases made after 12 noon ET receive the dividend on the next business day after payment has been received.Paid on the first business day of each month.                                                                                                                                                                                         |  |
| Bond funds*                                                                                                                                                  | Declared daily to shareholders of record as of 4 p.m. ET the previous business day. Purchases made after 4 p.m. ET receive the dividend on the next business day after payment has been received.Paid on the first business day of each month.                                                                                                                                                                             |  |
| These stock funds only:*BalancedDividend GrowthEquity IncomeEquity Index 500Growth & IncomePersonal Strategy BalancedPersonal Strategy IncomeReal Estate | Declared quarterly, if any, in March, June, September, and December.Must be a shareholder of record as of 4 p.m. ET on the record date.                                                                                                                                                                                                                                                                                    |  |
| Other stock funds*                                                                                                                                           | Declared annually, if any, generally in December.Must be a shareholder of record as of 4 p.m. ET on the record date.                                                                                                                                                                                                                                                                                                       |  |
| Retirement Funds*:Retirement IncomeRetirement 2010Retirement 2020Retirement 2030Retirement 2040                                                              | Declared daily to shareholders of record as of 4 p.m. ET the previous business day. Purchases made after 4 p.m. ET receive the dividend on the next business day after payment has been received.Paid on the first business day of each month.Declared annually, if any, generally in December.Must be a shareholder of record as of 4 p.m. ET on the record date.                                                         |  |
| Tax-Efficient Balanced*                                                                                                                                      | Municipal PortionDeclared dailyto shareholders of record as of 4 p.m. ET the previous business day. Purchases made after 4 p.m. ET receive the dividend on the next business day after payment has been received. Paid on the last business day of March, June, September, and December.Equity PortionDeclared annually, if any, generally in December.Must be a shareholder of record as of 4 p.m. ET on the record date. |  |

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

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|                                                                  | Year ended December 31 |        |        |        |         |  |
|------------------------------------------------------------------|------------------------|--------|--------|--------|---------|--|
||
|                                                                  |                        |        |        |        |         |  |
| Net asset value,beginning of period                              | $23.40                 | $18.97 | $17.62 | $19.14 | $22.66  |  |
| Income From Investment Operations                                |                        |        |        |        |         |  |
| Net investment income                                            | 0.25                   | 0.17   | 0.21   | 0.17   | 0.15    |  |
| Net gains or losses on securities (both realized and unrealized) | (3.23)                 | — | 3.19   | 4.00   | (0.56)  |  |
| Total from investment operations                                 | (2.98)                 | 0.17   | 3.40   | 4.17   | (0.41)  |  |
| Less Distributions                                               |                        |        |        |        |         |  |
| Dividends (from net investment income)                           | (0.25)                 | (0.17) | (0.20) | (0.17) | (0.14)  |  |
| Distributions (fromcapital gains)                                | (1.20)                 | (1.35) | (1.68) | (0.48) | (0.18)  |  |
| Returns of capital                                               | —                 | — | — | — | —  |  |
| Total distributions                                              | (1.45)                 | (1.52) | (1.88) | (0.65) | (0.32)  |  |
| Redemption fees added to paid-in-capital                         | —                 | — | — | — | 0.01    |  |
| Net asset value,end of period                                    | $18.97                 | $17.62 | $19.14 | $22.66 | $21.94  |  |
| Total return                                                     | (12.47)%               | 1.19%  | 19.77% | 21.94% | (1.76)% |  |
| Ratios/Supplemental Data                                         |                        |        |        |        |         |  |
| Net assets, end of period (in millions)                          | $1,632                 | $1,262 | $1,361 | $2,012 | $2,395  |  |
| Ratio of expenses to average net assets                          | 0.87%                  | 0.92%  | 0.90%  | 0.89%  | 0.89%   |  |
| Ratio of net income to average net assets                        | 1.02%                  | 0.84%  | 1.06%  | 0.88%  | 0.66%   |  |
| Portfolio turnover rate                                          | 17.3%                  | 7.3%   | 14.4%  | 16.8%  | 12.2%   |  |

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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                | 9  |
|   |  | Transaction Procedures and Special Requirements             | 12 |
|   |  | Distribution, Shareholder Servicing, and Recordkeeping Fees | 13 |
|   |  |                                                             |    |
| 3 |  | More About the Fund                                         |    |
|   |  | Organization and Management                                 | 14 |
|   |  | Understanding Performance Information                       | 16 |
|   |  | Investment Policies and Practices                           | 16 |
|   |  | Financial Highlights                                        | 22 |
|   |  |                                                             |    |
| 4 |  | Investing With T. Rowe Price                                |    |
|   |  | Account Requirements and Transaction Information            | 23 |
|   |  | Purchasing Additional Shares                                | 24 |
|   |  | Exchanging and Redeeming Shares                             | 24 |
|   |  | Rights Reserved by the Funds                                | 24 |
|   |  | T. Rowe Price Privacy Policy                           | 26 |

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|                                                              | Periods endedDecember 31, 2002 |        |  |
|--------------------------------------------------------------|--------------------------------|--------|--|
||
| Small-Cap Value Fund—Advisor Class                      |                                |        |  |
| Returns before taxes                                         | -2.02%                         | 12.46% |  |
| Returns after taxes on distributions                         | -2.44                          | 11.12  |  |
| Returns after taxes on distributions and sale of fund shares | -1.11                          | 9.81   |  |
| Russell 2000 Index                                           | -20.48                         | -10.44 |  |
| Lipper Small-Cap Core Funds Index                            | -19.23                         | -6.20  |  |

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|                                       | Annual fund operating expenses(expenses that are deducted from fund assets) |
|---------------------------------------|-----------------------------------------------------------------------------|
| Management fee                        | 0.67%                                                                       |
| Distribution and service (12b-1) fees | 0.25%                                                                       |
| Other expenses                        | 0.14%                                                                       |
| Total annual fund operating expenses  | 1.06%a                                                                      |

| 1 year | 3 years | 5 years | 10 years |
|-------------|--------------|--------------|---------------|
| $108        | $337         | $585         | $1,294        |

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

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|                                                                  | 3/31/00*through12/31/00  | Year ended December 31 |          |  |
|------------------------------------------------------------------|-------------------------------|------------------------|----------|--|
||
|                                                                  |                               |                        |          |  |
| Net asset value,beginning of period                              | $18.23                        | $19.14                 | $22.64   |  |
| Income From Investment Operations                                |                               |                        |          |  |
| Net investment income                                            | 0.10                          | 0.10                   | 0.14     |  |
| Net gains or losses on securities (both realized and unrealized) | 2.69                          | 4.05                   | (0.60)   |  |
| Total from investment operations                                 | 2.79                          | 4.15                   | (0.46)   |  |
| Less Distributions                                               |                               |                        |          |  |
| Dividends (from net investment income)                           | (0.20)                        | (0.17)                 | (0.14)   |  |
| Distributions (fromcapital gains)                                | (1.68)                        | (0.48)                 | (0.18)   |  |
| Returns of capital                                               | —                        | —                 | —   |  |
| Total distributions                                              | (1.88)                        | (0.65)                 | (0.32)   |  |
| Net asset value,end of period                                    | $19.14                        | $22.64                 | $21.86   |  |
| Total return                                                     | 15.77%                        | 21.84%                 | (2.02)%  |  |
| Ratios/Supplemental Data                                         |                               |                        |          |  |
| Net assets, end of period(in thousands)                          | $1,408                        | $25,296                | $159,030 |  |
| Ratio of expenses to average net assets                          | 0.80%a                        | 1.05%                  | 1.06%    |  |
| Ratio of net income to average net assets                        | 1.50%a                        | 0.86%                  | 0.64%    |  |
| Portfolio turnover rate                                          | 14.4%a                        | 16.8%                  | 12.2%    |  |

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| TABLE OF CONTENTS                  |    |  |                                      |    |
|------------------------------------|----|--|--------------------------------------|----|
||
||
||
| Capital Stock                      | 82 |  | Legal Counsel                        | 84 |
| Code of Ethics                     | 69 |  | Management of the Fund               | 30 |
| Custodian                          | 69 |  | Net Asset Value per Share            | 76 |
| Distributor for the Fund           | 67 |  | Organization of the Fund             | 83 |
| Dividends and Distributions        | 76 |  | Other Shareholder Services           | 66 |
| Federal Registration of Shares     | 83 |  | Portfolio Management Practices       | 15 |
| Independent Accountants            | 84 |  | Portfolio Transactions               | 69 |
| Investment Management Services     | 59 |  | Pricing of Securities                | 75 |
| Investment Objectives and Policies | 3  |  | Principal Holders of Securities      | 57 |
| Investment Performance             | 78 |  | Ratings of Corporate Debt Securities | 89 |
| Investment Program                 | 7  |  | Risk Factors                         | 3  |
| Investment Restrictions            | 27 |  | Tax Status                           | 77 |

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| Name, Date of Birth, and Numberof Portfolios in Fund ComplexOverseen by Director | Term of Office(a)and Length ofTime Served        | Principal Occupation(s)During Past 5 Years                                                                                                                                | Other Directorships of Public Companies                                                                              |
|----------------------------------------------------------------------------------|--------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|
| Anthony W. Deering1/28/45105 portfolios                                          | Since later of  2001 or year of incorporation(b) | Director, Chairman of the Board, President, and Chief Executive Officer, The Rouse Company, real estate developers; Director, Mercantile Bank (4/03 to present)           | The Rouse Company and Mercantile Bank                                                                                |
| Donald W. Dick, Jr.1/27/43105 portfolios                                         | Since later of  1982 or year of incorporation(b) | Principal, EuroCapital Advisors, LLC, an acquisition and management advisory firm                                                                                         | None                                                                                                                 |
| David K. Fagin4/9/38105 portfolios                                               | Since later of  1988 or year of incorporation(b) | Director, Golden Star Resources Ltd., Canyon Resources Corp.(5/00 to present), and Pacific Rim Mining Corp. (2/02 to present); Chairman and President, Nye Corporation    | Golden Star Resources Ltd., Canyon ResourcesCorp., and Pacific Rim Mining Corp.                                      |
| F. Pierce Linaweaver8/22/34105 portfolios                                        | Since later of  2001 or year of incorporation(b) | President, F. Pierce Linaweaver & Associates, Inc., consulting environmental and civil engineers                                                                      | None                                                                                                                 |
| Hanne M. Merriman11/16/41105 portfolios                                          | Since later of  1994 or year of incorporation(b) | Retail Business Consultant                                                                                                                                                | Ann Taylor Stores Corporation, Ameren Corp., Finlay Enterprises, Inc., The Rouse Company, and US Airways Group, Inc. |
| John G. Schreiber10/21/46105 portfolios                                          | Since later of  2001 or year of incorporation(b) | Owner/President, Centaur Capital Partners, Inc., a real estate investment company; Senior Advisor and Partner, Blackstone Real Estate Advisors, L.P.                      | AMLI Residential Properties Trust, Host Marriott Corporation, and The Rouse Company, real estate developers          |
| Hubert D. Vos8/2/33105 portfolios                                                | Since later of  1986 or year of incorporation(b) | Owner/President, Stonington Capital Corporation, a private investment company                                                                                             | None                                                                                                                 |
| Paul M. Wythes6/23/33105 portfolios                                              | Since later of  1982 or year of incorporation(b) | Founding Partner of Sutter Hill Ventures, a venture capital limited partnership, providing equity capital to young high-technology companies throughout the United States | Teltone Corporation                                                                                                  |

| Incorporation Years                 |      |
|-------------------------------------|------|
||
| Balanced Fund                       | 1991 |
| Blue Chip Growth Fund               | 1993 |
| Capital Appreciation Fund           | 1986 |
| Capital Opportunity Fund            | 1994 |
| Developing Technologies Fund        | 2000 |
| Diversified Small-Cap Growth Fund   | 1997 |
| Dividend Growth Fund                | 1992 |
| Equity Income Fund                  | 1985 |
| Financial Services Fund             | 1996 |
| Global Technology Fund              | 2000 |
| Growth & Income Fund            | 1982 |
| Growth Stock Fund                   | 1950 |
| Health Sciences Fund                | 1995 |
| Index Funds                         | 1989 |
| Institutional Equity Funds          | 1996 |
| Media & Telecommunications Fund | 1993 |
| Mid-Cap Growth Fund                 | 1992 |
| Mid-Cap Value Fund                  | 1996 |
| New America Growth Fund             | 1985 |
| New Era Fund                        | 1968 |
| New Horizons Fund                   | 1960 |
| Real Estate Fund                    | 1997 |
| Science & Technology Fund       | 1987 |
| Small-Cap Stock Fund                | 1988 |
| Small-Cap Value Fund                | 1988 |
| Value Fund                          | 1994 |

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| Name, Date of Birth, and Number of Portfolios in FundComplex Overseen by Director | Term of Office(a)and Length ofTime Served | Principal Occupation(s)During Past 5 Years | Other Directorshipsof Public Companies |
|-----------------------------------------------------------------------------------|-------------------------------------------|--------------------------------------------|----------------------------------------|

| James A.C. Kennedy8/15/5337 portfolios | Since later of  1992 or year of incorporation(b) | Director and Vice President, T. Rowe Priceand T. Rowe Price Group, Inc.Vice President, Balanced Fund, Institutional Equity Funds, Mid-Cap Value Fund, New Era Fund, and Small-Cap Stock Fund | None |
|----------------------------------------|--------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|

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| John H. Laporte7/26/4515 portfolios | Since later of  1985 or year of incorporation(b) | Vice President, T. Rowe Price; Director and Vice President, T. Rowe Price Group, Inc.; President, New Horizons Fund; Vice President, Diversified Small-Cap Growth Fund, Health Sciences Fund, and New America Growth Fund | None |
|-------------------------------------|--------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|

| James S. Riepe6/25/43105 portfolios | Since later of  1982 or year of incorporation(b) | Director and Vice President, T. Rowe Price; Vice Chairman of the Board, Director, and Vice President, T. Rowe Price Group, Inc.; Chairman of the Board and Director, T. Rowe Price Global Asset Management Limited, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc.; Chairman of the Board, Director, President, and Trust Officer, T. Rowe Price Trust Company; Director, T. Rowe Price International, Inc. and T. Rowe Price Global Investment Services LimitedChairman of the Board, all funds | None |
|-------------------------------------|--------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|

| M. David Testa4/22/44105 portfolios | Since later of  1991 or year of incorporation(b) | Chief Investment Officer, Director, and Vice President, T. Rowe Price; Vice Chairman of the Board, Chief Investment Officer, Director, and Vice President, T. Rowe Price Group, Inc.; Director, T. Rowe Price Global Asset Management Limited and T. Rowe Price Global Investment Services Limited; Chairman of the Board and Director, T. Rowe Price International, Inc.; Director and Vice President, T. Rowe Price Trust CompanyPresident, Institutional Equity Funds; Vice President, Balanced Fund and Capital Appreciation Fund | None |
|-------------------------------------|--------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------|

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| Name, Date of Birth, andPrincipal Occupations | Position(s) Held With Fund(s) |
|-----------------------------------------------|-------------------------------|

| Kennard Allen, Formerly, Equtiy Research Intern, Tonge Investment Advisors (2000); student; Colby Collge, (2000)                                     | Vice President, Developing Technologies Fund, and Science & Technology Fund |
|------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|
| Francisco Alonso,1/27/78Vice President, T. Rowe Price; formerly, intern, Morgan Stanley Dean Witter (2000); student, Miami University of Ohio (2000) | Vice President, New Horizons Fund and Small-Cap Stock Fund                      |

| Jeffrey A. Arricale,4/11/71Employee, T. Rowe Price; formerly,student, theWharton School, University of Pennsylvania (2001);manager, assurance, KPMG LLP (1999) | Vice President, Capital Opportunity Fund, Financial Services Fund, Growth & Income Fund, and New America Growth Fund |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|
| Preston G. Athey, 7/17/49Vice President, T. Rowe Price, T. Rowe Price Group, Inc., andT. Rowe Price Trust Company | President, Small-Cap Stock Fund, Small-Cap Value Fund; Vice President, Institutional Equity Funds |
|----------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|
| Eugene F. Bair, 12/11/69Assistant Vice President, T. Rowe Price; formerly, MonumentInvestment Advisers (1998); equity trader, Legg Mason WoodWalker (1997); Chartered Financial Analyst; Certified PublicAccountant | Executive Vice President, Index Trust; Vice President, Diversified Small-Cap Growth Fund |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|
| Carol G. Bartha, 1/4/42Employee, T. Rowe Price | Assistant Vice President, Growth Stock Fund |
|-----------------------------------------------------|---------------------------------------------|
| P. Robert Bartolo, 12/28/44Formerly, summer intern, T. Rowe Price (2001); Director of Finance, MGM Mirage, Inc.                   | Vice President, Media & Telecommunications Fund                                                                      |
|-----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|
| R. Scott Berg, Formerly, intern, T. Rowe Price (2001); Financial Analysis and Planning Manager, Mead Consumer and Office Products | Vice President, New America Growth Fund                                                                                  |
| Brian W.H. Berghuis, 10/12/58Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                | President, Mid-Cap Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President,  New Horizons Fund |
| Christopher A. Berrier, Formerly, intern, Morgan Stanley Dea Witter; intern, Risss Capital Partners                | Vice President, New Horizons Fund                           |
|--------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|
| Laurie M. Bertner, 10/8/77Vice President, T. Rowe Price; formerly, student atEmory University, Atlanta (2000) | Vice President, Growth Income Fund and Health Sciences Fund |
| Stephen W. Boesel, 12/28/44Vice President, T. Rowe Price, T. Rowe Price Group, Inc., andT. Rowe Price Trust Company | President, Capital Appreciation Fund; Vice President, Balanced Fund, Equity Income Fund, Growth & Income Fund, Real Estate Fund, and Value Fund |
|------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| Stephen W. Booth, 6/21/61Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                               | Vice President, all funds except Financial Services Fund and Index Trust                                                                            |
| Brace C. Brooks, 1/10/67Vice President, T. Rowe Price and T. Rowe Price Group,Inc.; formerly, senior equity analyst, Johnston, Lemon &Co. (1997) | Vice President, Small-Cap Stock Fund |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
| Christopher W. Carlson, 1/27/67Vice President, T. Rowe Price Group, Inc.; formerly, NASDAQtrader, Deutsche Bank Alex. Brown (1997) | Vice President, Developing Technologies Fund and New Horizons Fund |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|
| Joseph A. Carrier, 12/30/60Vice President, T. Rowe Price, T. Rowe Price Group, Inc., andT. Rowe Price Investment Services, Inc. | Treasurer, all funds |
|------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|

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| Arthur B. Cecil III, 9/15/42Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Equity Income Fund, and Growth & Income Fund |
|---------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|
| D. Kyle Cerminara,Formerly, Investment Banking Analyst, Legg Mason Wood Walker             | Vice President, Financial Services Fund                                                 |
|--------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|
| Kara Cheseby, 10/9/63Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Media & Telecommunications Fund, Mid-Cap Value Fund, and Value Fund |

| Giri Devulapally, 11/18/67Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Developing Technologies Fund, Dividend Growth Fund, Global Technology Fund,  Growth & Income Fund, Growth Stock Fund, Media & Telecommunications Fund, New America Growth Fund, and Science & Technology Fund |
|-------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Wendy R. Diffenbaugh, 10/2/539Assistant Vice President, T. Rowe Price | Vice President, Balanced Fund and Index Trust |
|----------------------------------------------------------------------------|-----------------------------------------------|
| Anna M. Dopkin, 9/5/67Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Financial Services Fund; Vice President, Equity Income Fund, Growth Stock Fund, Institutional Equity Funds, Mid-Cap Growth Fund, and Real Estate Fund |
|---------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Donald J. Easley, 11/28/71Vice President, T. Rowe Price; formerly, credit analyst, Bank ofNew York (1998) | Vice President, Blue Chip Growth Fund, Global Technology Fund, and Science & Technology Fund |
|----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|

| Henry M. Ellenbogen, 1/21/71Vice President, T. Rowe Price; formerly, Executive VicePresident, Business Development, HelloAsia (2001);chief of staff, U.S. Representative Peter Deutsch (1995) | Vice President, Blue Chip Growth Fund, Media & Telecommunications Fund, Mid-Cap Growth Fund, and Mid-Cap Value Fund |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|

| Hugh M. Evans III, 5/17/66Vice President, T. Rowe Price and T. Rowe Price Group,Inc.; Chartered Financial Analyst | Vice President, New Horizons Fund, Small-Cap Stock Fund and Small-Cap Value Fund |
|-----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|
| Joseph B. Fath,Formerly, intern, T. Rowe Price (2001); Chief Financial Officer and Co-founder, Broadform, Inc.                                                                            | Vice President, New Horizons Fund                                                             |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|
| Roger L. Fiery, III,2/10/59Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.                                                 | Vice President, all funds except Equtiy Income Fund, Financial Services Fund, and Index Trust |
| John R. Ford, 11/25/57Vice President, T. Rowe Price and T. Rowe Price Group, Inc.;Chief Investment Officer, Director, and Vice President,T. Rowe Price International, Inc. | Vice President, Growth Stock Fund                                                             |

| Robert N. Gensler, 10/18/57Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Global Technology Fund and Media & Telecommunications Fund; Vice President, Blue Chip Growth Fund, Developing Technologies Fund, Growth Stock Fund, Mid-Cap Growth Fund, and Science & Technology Fund |
|--------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Eric M. Gerster, 3/23/71Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Developing Technologies Fund, Global Technology Fund, Media & Telecommunications Fund, New America Growth Fund, New Horizons Fund, and Science & Technology Fund |
|-----------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| David R. Giroux, 6/8/75Vice President, T. Rowe Price and T. Rowe Price Group, Inc.;Formerly, commercial credit analyst, HillsdaleCounty NationalBank (1997); Chartered Financial Analyst | Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Dividend Growth Fund, Growth & Income Fund, and Value Fund |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| Jill L. Hauser, 6/23/58Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Opportunity Fund, Developing Technologies Fund, Global Technology Fund, and Science & Technology Fund |
|----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| Francies W. Hawks, 2/2/44Assistant Vice President, T. Rowe Price | Assistant Vice President, New Horizons Fund and Small-Cap Value Fund |
|-----------------------------------------------------------------------|----------------------------------------------------------------------|
| Ann M. Holcomb, 1/16/72Assistant Vice President, T. Rowe Price | Executive Vice President, Index Trust |
|---------------------------------------------------------------------|---------------------------------------|

| Michael W. Holton, 9/25/68Vice President, T. Rowe Price and T. Rowe Price Group, Inc.;Chartered Financial Analyst | Vice President, Capital Opportunity Fund, Dividend Growth Fund, Financial Services Fund, Growth & Income Fund and Value Fund |
|-----------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|
| Henry H. Hopkins, 12/23/42Director and Vice President, T. Rowe Price Group, Inc.,T. Rowe Price Investment Services, Inc., T. Rowe PriceServices, Inc., and T. Rowe Price Trust Company; VicePresident, T. Rowe Price, T. Rowe Price International, Inc.,and T. Rowe Price Retirement Plan Services, Inc. | Vice President, all funds |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|

| Thomas J. Huber, 9/23/66Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; | President, Dividend Growth Fund; Vice President, Blue Chip Growth Fund, and Real Estate Fund |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|
| Stephen C. Jansen, 12/12/68Vice President, T. Rowe Price, T. Rowe Price Group, Inc., andT. Rowe Price International | Vice President, Global Technology Fund and Media & Telecommunications Fund |
|------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------|

| Kris H. Jenner, 2/5/62Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Health Sciences Fund; Vice President, Blue Chip Growth Fund, Growth Stock Fund, Mid-Cap Growth Fund, New Horizons Fund, and Small-Cap Stock Fund |
|---------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Lewis Johnson, 9/20/69Vice President, T. Rowe Price; formerly, equity analyst intern,Capital Research Company (1999); student, the WhartonSchool, University of Pennsylvania (1998); Vice President,American Yarn Spinners Association (1998) | Vice President, New Era Fund |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|

| Krista M. Kennedy, 12/29/73Employee, T. Rowe Price; formerly, student, Tuck Schoolof Business, Dartmouth (2001); intern, Aetna FinancialServices (2001); investment associate, PutmanInvestments (1999);project coordinator, ThomsonFinancial Services (1997) | Vice President, Diversified Small-Cap Growth Fund |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|

| Susan J. Klein, 4/18/50Vice President, T. Rowe Price | Vice President, Health Sciences Fund New Era Fund, and Small-Cap Value Fund |
|-----------------------------------------------------------|-----------------------------------------------------------------------------|

| J. Jeffrey Lang, 1/10/62Vice President, T. Rowe Price and T. Rowe Price TrustCompany | Vice President, all funds |
|------------------------------------------------------------------------------------------------|---------------------------|

| David M. Lee, 11/13/62Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Real Estate Fund; Vice President, Capital Appreciation Fund, Dividend Growth Fund, Growth & Income Fund, and New Era Fund |
|---------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|

| Christopher R. Leonard, 1/11/73Vice President, T. Rowe Price and T. Rowe Price Group, Inc.;formerly, research associate, Morgan Stanley Dean Witter(1997) | Vice President, Blue Chip Growth Fund, Health Sciences Fund, and New America Growth Fund |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------|

| Nathaniel S. Levy, 7/13/62Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Balanced Fund |
|-------------------------------------------------------------------------------------------------|-------------------------------|

| John D. Linehan, 1/21/65Vice President, T. Rowe Price, T. Rowe Price Group, Inc., andT. Rowe Price International; Chartered Financial Analyst | Executive Vice President, Value Fund; Vice President, Equity Income Fund, Institutional Equity Funds, and New Era Fund |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|

| Patricia B. Lippert, 1/12/53Assistant Vice President, T. Rowe Price and T. Rowe PriceInvestment Services, Inc. | Secretary, all funds |
|--------------------------------------------------------------------------------------------------------------------------|----------------------|

----

| Anh Lu, 6/11/68Vice President, T. Rowe Price Group, Inc. and T. RowePrice International | Vice President, Global Technology Fund and Science & Technology Fund |
|---------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|

| Robert J. Marcotte, 3/6/62Vice 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,12/19/62Employee, T. Rowe Price; formerly, transplant surgeonand Assistant Professor of Surgery, Johns HopkinsUniversity School of Medicine (2001); AssistantProfessor of Surgery, University of Medicine andDentistry of New Jersey (1997) | Vice President, Health Sciences Fund and New Horizons Fund |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|

| Gregory A. McCrickard, 10/19/58Vice President, T. Rowe Price, T. Rowe Price Group, Inc., andT. Rowe Price Trust Company           | President, Small-Cap Stock Fund; Executive Vice President, Institutional Equity Funds; Vice President, Mid-Cap Value Fund and Small-Cap Value Fund |
|--------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| Heather K. McPherson,Formerly, intern, Salomon Smith Barney (2000); Vice President of Finance and Administration, Putnam Lowell Securities, Inc. | Vice President, Capital Appreciation Fund and Mid-Cap Value Fund                                                                                   |

| Joseph M. Milano, 9/14/72Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Chartered Financial Analyst | Executive Vice President, New America Growth Fund; Vice President, Financial Services Fund, Global Technology Fund, Institutional Equity Funds, Mid-Cap Growth Fund, Mid-Cap Value Fund, New Horizons Fund, Small-Cap Stock Fund,  Small-Cap Value Fund and Value Fund |
|-----------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Raymond A. Mills, 12/3/60Vice President, T. Rowe Price, T. Rowe Price Group, Inc., andT. Rowe Price International, Inc.;Chartered Financial Analyst | Vice President, Balanced Fund |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|

| M. Christine Munoz, 12/2/62Vice President, T. Rowe Price                                                                           | Vice President, Index Trust                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|
| Sudnir Nanda,Assistant Vice President, T. Rowe Price; formerly Assistant Professor of Finance, Penn State University at Harrisburg | Vice President, Diversified Small-Cap Growth Fund, and Index Trust |

----

| Philip A. Nestico, 8/3/76Employee, T. Rowe Price; formerly, student, BucknellUniversity (1998) | Vice President, Capital Opportunity Fund, Diversified Small-Cap Growth Fund, Financial Services Fund, and Real Estate Fund |
|-----------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|

| Edmund M. Notzon III, 10/1/45Vice President, T. Rowe Price, T. Rowe Price Group, Inc.,T. Rowe Price Investment Services, Inc., and T. Rowe PriceTrust Company | Vice President, Balanced Fund |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|

| Charles M. Ober, 4/20/50Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, New Era Fund; Vice President, Capital Appreciation Fund and Real Estate Fund |
|-----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|

| Curt J. Organt,1/5/68Vice President, T. Rowe Price | Vice President, Mid-Cap Value Fund, Small-Cap Stock Fund and Small-Cap Value Fund |
|---------------------------------------------------------|-----------------------------------------------------------------------------------|

| Timothy R. Parker, 11/9/74Employee, T. Rowe Price; formerly, student, DardenGraduate School, University of Virginia (2001);investment banking analyst, Robert W. Baird & Co. Inc.(1999) | Vice President, Blue Chip Growth Fund, Dividend Growth Fund, and New Era Fund |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|

| Charles G. Pepin, 4/23/66Vice President, T. Rowe Price and T. Rowe Price Group,Inc. | Vice President, Health Sciences Fund, Institutional Equity Funds, Mid-Cap Value Fund, New America Growth Fund, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund |
|-----------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Donald J. Peters, 7/3/59Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Diversified Small-Cap Growth Fund |
|-----------------------------------------------------------------------------------------------|---------------------------------------------------|

| D. James Prey III, 11/26/59Vice 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, 8/25/60Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Blue Chip Growth Fund; Vice President, Financial Services Fund and Growth Stock Fund |
|-----------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|

| Karen M. Regan, 4/16/67Assistant Vice President, T. Rowe Price | Vice President, Blue Chip Growth Fund, Dividend Growth Fund, and Growth & Income Fund |
|---------------------------------------------------------------------|-------------------------------------------------------------------------------------------|

----

| Brian C. Rogers, 6/27/55Director and Vice President, T. Rowe Price Group, Inc.; VicePresident, T. Rowe Price and T. Rowe Price Trust Company | President, Equity Income Fund and Value Fund; Executive Vice President, Institutional Equity Funds; Vice President, Capital Appreciation Fund and Real Estate Fund |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Jeffrey Rottinghaus, 2/20/70Employee, T. Rowe Price; formerly, student, the WhartonSchool, University of Pennsylvania (2001); informationtechnology consultant, Kelly-Lewey & Associates (1999) | Vice President, Blue Chip Growth Fund, Developing Technologies Fund, Dividend Growth Fund, Global Technology Fund, Growth & Income Fund, and Science & Technology Fund |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Philip W. Ruedi, 7/2/71Vice President, T. Rowe Price and T. Rowe Price Group,Inc.; formerly, investment banking analyst, John Nuveenand Co. (1997) | Vice President, Mid-Cap Growth Fund |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|

| Robert W. Sharps, 6/10/71Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Chartered Financial Analyst; Certified Public Accountant | President, Growth & Income Fund; Vice President, Blue Chip Growth Fund, Financial Services Fund, Growth Stock Fund, Institutional Equity Funds, and New America Growth Fund |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| John Carl A. Sherman, 9/3/72Vice President, T. Rowe Price International; formerly, analyst,JPMorgan Securities (1998) | Vice President, Health Sciences Fund |
|----------------------------------------------------------------------------------------------------------------------------|--------------------------------------|

| Robert W. Smith, 4/11/61Vice President, T. Rowe Price, T. Rowe Price Group, Inc., andT. Rowe Price International, Inc. | President, Growth Stock Fund and New America Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Growth & Income Fund, and Media & Telecommunications Fund |
|---------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Michael F. Sola, 7/21/69Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Developing Technologies Fund and Science & Technology Fund; Vice President, Global Technology Fund, Growth Stock Fund, New Horizons Fund, and Small-Cap Stock Fund |
|-----------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| William J. Stromberg, 3/10/60Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Capital Opportunity Fund; Vice President, Dividend Growth Fund, Equity Income Fund, Financial Services Fund, and Real Estate Fund |
|------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

----

| Dean Tenerelli, 12/7/64Vice President, T. Rowe Price Group, Inc. and T. RowePrice International | Vice President, Media & Telecommunications Fund |
|-----------------------------------------------------------------------------------------------------------|-----------------------------------------------------|

| Mark J. Vaselkiv, 7/22/58Vice President, T. Rowe Price and T. Rowe Price Group,Inc. | Vice President, Balanced Fund |
|-----------------------------------------------------------------------------------------------|-------------------------------|

| J. David Wagner, 2/25/74Vice President, T. Rowe Price; formerly, student, DardenGraduate School of Business Administration, Universityof Virginia (2000); associate analyst, National EconomicResearch Associates (1996) | Vice President, Financial Services Fund, Mid-Cap Value Fund, New Era Fund, Small-Cap Stock Fund and Small-Cap Value Fund |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|

| John F. Wakeman, 11/25/62Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Mid-Cap Growth Fund; Vice President, Institutional Equity Funds and New Horizons Fund |
|------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|

| David J. Wallack, 7/2/60Vice 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, Small-Cap Value Fund, and Value Fund |
|-----------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| Julie L. Waples,5/12/70Assistant Vice President, T. Rowe Price                           | Vice President, all funds except Financial Services Fund and Index Trust                                                                                 |

| Dale E. West, 1/21/69Vice President, T. Rowe Price Group, Inc. and T. Rowe PriceInternational; formerly, student, Stanford University MBAprogram (1998); Foreign Service Officer, U.S. InformationAgency, Bucharest, Romania (1996) | Vice President, Media & Telecommunications Fund |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|

| Richard T. Whitney, 5/7/58Vice President, T. Rowe Price, T. Rowe Price Group, Inc.,T. Rowe Price Trust Company, and T. Rowe Price International,Inc. | President, Balanced Fund and Index Trust; Executive Vice President, Diversified Small-Cap Growth Fund; Vice President, Capital Opportunity Fund and Institutional Equity Funds |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Paul W. Wojcik, 11/28/70Vice President, T. Rowe Price and T. Rowe Price Group,Inc. | President, Diversified Small-Cap Growth Fund |
|----------------------------------------------------------------------------------------------|----------------------------------------------|

----

| R. Candler Young, 9/28/71Vice President, T. Rowe Price and T. Rowe Price Group, Inc.;Formerly, Investment Banking Summer Associate, GoldmanSachs & Co. (1998); Equity Research Analyst, Donaldson,Lufkin & Jenrette (1997) | Vice President, Growth & Income Fund, Mid-Cap Growth Fund, New America Growth Fund, and New Horizons Fund |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|

| Wenhua Zhang, 3/14/70Employee, T. Rowe Price; formerly, student, the WhartonSchool, University of Pennsylvania (2001); SwissReinsurance Company (1999) | Vice President, Developing Technologies Fund, Global Technology Fund, and Small-Cap Stock Fund |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|

| Name of Person                           | Aggregate Compensation FromFund(a) | Total Compensation From Fund andFund Complex Paid to Directors(b) |
|------------------------------------------|------------------------------------|-------------------------------------------------------------------|
| Balanced Fund                            |                                    |                                                                   |
| Anthony W. Deering                       | $1,520                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 1,520                              | 110,000                                                           |
| David K. Fagin                           | 1,536                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 1,536                              | 113,000                                                           |
| Hanne M. Merriman                        | 1,520                              | 110,000                                                           |
| John G. Schreiber                        | 1,536                              | 112,000                                                           |
| Hubert D. Vos                            | 1,520                              | 110,000                                                           |
| Paul M. Wythes                           | 1,536                              | 112,000                                                           |
| Blue Chip Growth Fund                    |                                    |                                                                   |
| Anthony W. Deering                       | $3,900                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 3,900                              | 110,000                                                           |
| David K. Fagin                           | 3,966                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 3,966                              | 113,000                                                           |
| Hanne M. Merriman                        | 3,900                              | 110,000                                                           |
| John G. Schreiber                        | 3,966                              | 112,000                                                           |
| Hubert D. Vos                            | 3,900                              | 110,000                                                           |
| Paul M. Wythes                           | 3,966                              | 112,000                                                           |
| Capital Appreciation Fund                |                                    |                                                                   |
| Anthony W. Deering                       | $1,540                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 1,540                              | 110,000                                                           |
| David K. Fagin                           | 1,553                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 1,553                              | 113,000                                                           |
| Hanne M. Merriman                        | 1,540                              | 110,000                                                           |
| John G. Schreiber                        | 1,553                              | 112,000                                                           |
| Hubert D. Vos                            | 1,540                              | 110,000                                                           |
| Paul M. Wythes                           | 1,553                              | 112,000                                                           |
| Capital Opportunity Fund                 |                                    |                                                                   |
| Anthony W. Deering                       | $594                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 594                                | 110,000                                                           |
| David K. Fagin                           | 595                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 595                                | 113,000                                                           |
| Hanne M. Merriman                        | 594                                | 110,000                                                           |
| John G. Schreiber                        | 595                                | 112,000                                                           |
| Hubert D. Vos                            | 594                                | 110,000                                                           |
| Paul M. Wythes                           | 595                                | 112,000                                                           |
| Developing Technologies Fund             |                                    |                                                                   |
| Anthony W. Deering                       | $568                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 568                                | 110,000                                                           |
| David K. Fagin                           | 568                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 568                                | 113,000                                                           |
| Hanne M. Merriman                        | 568                                | 110,000                                                           |
| John G. Schreiber                        | 568                                | 112,000                                                           |
| Hubert D. Vos                            | 568                                | 110,000                                                           |
| Paul M. Wythes                           | 568                                | 112,000                                                           |
| Diversified Small-Cap Growth Fund        |                                    |                                                                   |
| Anthony W. Deering                       | $591                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 591                                | 110,000                                                           |
| David K. Fagin                           | 592                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 592                                | 113,000                                                           |
| Hanne M. Merriman                        | 591                                | 110,000                                                           |
| John G. Schreiber                        | 592                                | 112,000                                                           |
| Hubert D. Vos                            | 591                                | 110,000                                                           |
| Paul M. Wythes                           | 592                                | 112,000                                                           |
| Dividend Growth Fund                     |                                    |                                                                   |
| Anthony W. Deering                       | $914                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 914                                | 110,000                                                           |
| David K. Fagin                           | 920                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 920                                | 113,000                                                           |
| Hanne M. Merriman                        | 914                                | 110,000                                                           |
| John G. Schreiber                        | 920                                | 112,000                                                           |
| Hubert D. Vos                            | 914                                | 110,000                                                           |
| Paul M. Wythes                           | 920                                | 112,000                                                           |
| Equity Income Fund                       |                                    |                                                                   |
| Anthony W. Deering                       | $5,000                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 5,000                              | 110,000                                                           |
| David K. Fagin                           | 5,083                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 5,083                              | 113,000                                                           |
| Hanne M. Merriman                        | 5,000                              | 110,000                                                           |
| John G. Schreiber                        | 5,083                              | 112,000                                                           |
| Hubert D. Vos                            | 5,000                              | 110,000                                                           |
| Paul M. Wythes                           | 5,083                              | 112,000                                                           |
| Equity Index 500 Fund                    |                                    |                                                                   |
| Anthony W. Deering                       | $2,342                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 2,342                              | 110,000                                                           |
| David K. Fagin                           | 2,376                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 2,376                              | 113,000                                                           |
| Hanne M. Merriman                        | 2,342                              | 110,000                                                           |
| John G. Schreiber                        | 2,376                              | 112,000                                                           |
| Hubert D. Vos                            | 2,342                              | 110,000                                                           |
| Paul M. Wythes                           | 2,376                              | 112,000                                                           |
| Extended Equity Market Index Fund        |                                    |                                                                   |
| Anthony W. Deering                       | $598                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 598                                | 110,000                                                           |
| David K. Fagin                           | 599                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 599                                | 113,000                                                           |
| Hanne M. Merriman                        | 598                                | 110,000                                                           |
| John G. Schreiber                        | 599                                | 112,000                                                           |
| Hubert D. Vos                            | 598                                | 110,000                                                           |
| Paul M. Wythes                           | 599                                | 112,000                                                           |
| Financial Services Fund                  |                                    |                                                                   |
| Anthony W. Deering                       | $728                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 728                                | 110,000                                                           |
| David K. Fagin                           | 730                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 730                                | 113,000                                                           |
| Hanne M. Merriman                        | 728                                | 110,000                                                           |
| John G. Schreiber                        | 730                                | 112,000                                                           |
| Hubert D. Vos                            | 728                                | 110,000                                                           |
| Paul M. Wythes                           | 730                                | 112,000                                                           |
| Global Technology Fund                   |                                    |                                                                   |
| Anthony W. Deering                       | $595                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 595                                | 110,000                                                           |
| David K. Fagin                           | 595                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 595                                | 113,000                                                           |
| Hanne M. Merriman                        | 595                                | 110,000                                                           |
| John G. Schreiber                        | 595                                | 112,000                                                           |
| Hubert D. Vos                            | 595                                | 110,000                                                           |
| Paul M. Wythes                           | 595                                | 112,000                                                           |
| Growth & Income Fund                 |                                    |                                                                   |
| Anthony W. Deering                       | $1,733                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 1,733                              | 110,000                                                           |
| David K. Fagin                           | 1,757                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 1,757                              | 113,000                                                           |
| Hanne M. Merriman                        | 1,733                              | 110,000                                                           |
| John G. Schreiber                        | 1,757                              | 112,000                                                           |
| Hubert D. Vos                            | 1,733                              | 110,000                                                           |
| Paul M. Wythes                           | 1,757                              | 112,000                                                           |
| Growth Stock Fund                        |                                    |                                                                   |
| Anthony W. Deering                       | $2,966                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 2,966                              | 110,000                                                           |
| David K. Fagin                           | 3,011                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 3,011                              | 113,000                                                           |
| Hanne M. Merriman                        | 2,966                              | 110,000                                                           |
| John G. Schreiber                        | 3,011                              | 112,000                                                           |
| Hubert D. Vos                            | 2,966                              | 110,000                                                           |
| Paul M. Wythes                           | 3,011                              | 112,000                                                           |
| Health Sciences Fund                     |                                    |                                                                   |
| Anthony W. Deering                       | $1,024                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 1,024                              | 110,000                                                           |
| David K. Fagin                           | 1,032                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 1,032                              | 113,000                                                           |
| Hanne M. Merriman                        | 1,024                              | 110,000                                                           |
| John G. Schreiber                        | 1,032                              | 112,000                                                           |
| Hubert D. Vos                            | 1,024                              | 110,000                                                           |
| Paul M. Wythes                           | 1,032                              | 112,000                                                           |
| Institutional Large-Cap Growth Fund      |                                    |                                                                   |
| Anthony W. Deering                       | $558                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 558                                | 110,000                                                           |
| David K. Fagin                           | 558                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 558                                | 113,000                                                           |
| Hanne M. Merriman                        | 558                                | 110,000                                                           |
| John G. Schreiber                        | 558                                | 112,000                                                           |
| Hubert D. Vos                            | 558                                | 110,000                                                           |
| Paul M. Wythes                           | 558                                | 112,000                                                           |
| Institutional Large-Cap Value Fund       |                                    |                                                                   |
| Anthony W. Deering                       | $558                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 558                                | 110,000                                                           |
| David K. Fagin                           | 558                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 558                                | 113,000                                                           |
| Hanne M. Merriman                        | 558                                | 110,000                                                           |
| John G. Schreiber                        | 558                                | 112,000                                                           |
| Hubert D. Vos                            | 558                                | 110,000                                                           |
| Paul M. Wythes                           | 558                                | 112,000                                                           |
| Institutional Mid-Cap Equity Growth Fund |                                    |                                                                   |
| Anthony W. Deering                       | $724                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 724                                | 110,000                                                           |
| David K. Fagin                           | 727                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 727                                | 113,000                                                           |
| Hanne M. Merriman                        | 724                                | 110,000                                                           |
| John G. Schreiber                        | 727                                | 112,000                                                           |
| Hubert D. Vos                            | 724                                | 110,000                                                           |
| Paul M. Wythes                           | 727                                | 112,000                                                           |
| Institutional Small-Cap Stock Fund       |                                    |                                                                   |
| Anthony W. Deering                       | $745                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 745                                | 110,000                                                           |
| David K. Fagin                           | 747                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 747                                | 113,000                                                           |
| Hanne M. Merriman                        | 745                                | 110,000                                                           |
| John G. Schreiber                        | 747                                | 112,000                                                           |
| Hubert D. Vos                            | 745                                | 110,000                                                           |
| Paul M. Wythes                           | 747                                | 112,000                                                           |
| Media & Telecommunications Fund      |                                    |                                                                   |
| Anthony W. Deering                       | $843                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 843                                | 110,000                                                           |
| David K. Fagin                           | 848                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 848                                | 113,000                                                           |
| Hanne M. Merriman                        | 843                                | 110,000                                                           |
| John G. Schreiber                        | 848                                | 112,000                                                           |
| Hubert D. Vos                            | 843                                | 110,000                                                           |
| Paul M. Wythes                           | 848                                | 112,000                                                           |
| Mid-Cap Growth Fund                      |                                    |                                                                   |
| Anthony W. Deering                       | $4,149                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 4,149                              | 110,000                                                           |
| David K. Fagin                           | 4,211                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 4,211                              | 113,000                                                           |
| Hanne M. Merriman                        | 4,149                              | 110,000                                                           |
| John G. Schreiber                        | 4,211                              | 112,000                                                           |
| Hubert D. Vos                            | 4,149                              | 110,000                                                           |
| Paul M. Wythes                           | 4,211                              | 112,000                                                           |
| Mid-Cap Value Fund                       |                                    |                                                                   |
| Anthony W. Deering                       | $1,039                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 1,039                              | 110,000                                                           |
| David K. Fagin                           | 1,043                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 1,043                              | 113,000                                                           |
| Hanne M. Merriman                        | 1,039                              | 110,000                                                           |
| John G. Schreiber                        | 1,043                              | 112,000                                                           |
| Hubert D. Vos                            | 1,039                              | 110,000                                                           |
| Paul M. Wythes                           | 1,043                              | 112,000                                                           |
| New America Growth Fund                  |                                    |                                                                   |
| Anthony W. Deering                       | $1,098                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 1,098                              | 110,000                                                           |
| David K. Fagin                           | 1,109                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 1,109                              | 113,000                                                           |
| Hanne M. Merriman                        | 1,098                              | 110,000                                                           |
| John G. Schreiber                        | 1,109                              | 112,000                                                           |
| Hubert D. Vos                            | 1,098                              | 110,000                                                           |
| Paul M. Wythes                           | 1,109                              | 112,000                                                           |
| New Era Fund                             |                                    |                                                                   |
| Anthony W. Deering                       | $1,164                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 1,164                              | 110,000                                                           |
| David K. Fagin                           | 1,175                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 1,175                              | 113,000                                                           |
| Hanne M. Merriman                        | 1,164                              | 110,000                                                           |
| John G. Schreiber                        | 1,175                              | 112,000                                                           |
| Hubert D. Vos                            | 1,164                              | 110,000                                                           |
| Paul M. Wythes                           | 1,175                              | 112,000                                                           |
| New Horizons Fund                        |                                    |                                                                   |
| Anthony W. Deering                       | $2,995                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 2,995                              | 110,000                                                           |
| David K. Fagin                           | 3,045                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 3,045                              | 113,000                                                           |
| Hanne M. Merriman                        | 2,995                              | 110,000                                                           |
| John G. Schreiber                        | 3,045                              | 112,000                                                           |
| Hubert D. Vos                            | 2,995                              | 110,000                                                           |
| Paul M. Wythes                           | 3,045                              | 112,000                                                           |
| Real Estate Fund                         |                                    |                                                                   |
| Anthony W. Deering                       | $613                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 613                                | 110,000                                                           |
| David K. Fagin                           | 615                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 615                                | 113,000                                                           |
| Hanne M. Merriman                        | 613                                | 110,000                                                           |
| John G. Schreiber                        | 615                                | 112,000                                                           |
| Hubert D. Vos                            | 613                                | 110,000                                                           |
| Paul M. Wythes                           | 615                                | 112,000                                                           |
| Science & Technology Fund            |                                    |                                                                   |
| Anthony W. Deering                       | $3,014                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 3,014                              | 110,000                                                           |
| David K. Fagin                           | 3,071                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 3,071                              | 113,000                                                           |
| Hanne M. Merriman                        | 3,014                              | 110,000                                                           |
| John G. Schreiber                        | 3,071                              | 112,000                                                           |
| Hubert D. Vos                            | 3,014                              | 110,000                                                           |
| Paul M. Wythes                           | 3,071                              | 112,000                                                           |
| Small-Cap Stock Fund                     |                                    |                                                                   |
| Anthony W. Deering                       | $2,543                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 2,543                              | 110,000                                                           |
| David K. Fagin                           | 2,571                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 2,571                              | 113,000                                                           |
| Hanne M. Merriman                        | 2,543                              | 110,000                                                           |
| John G. Schreiber                        | 2,571                              | 112,000                                                           |
| Hubert D. Vos                            | 2,543                              | 110,000                                                           |
| Paul M. Wythes                           | 2,571                              | 112,000                                                           |
| Small-Cap Value Fund                     |                                    |                                                                   |
| Anthony W. Deering                       | $2,009                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 2,009                              | 110,000                                                           |
| David K. Fagin                           | 2,027                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 2,027                              | 113,000                                                           |
| Hanne M. Merriman                        | 2,009                              | 110,000                                                           |
| John G. Schreiber                        | 2,027                              | 112,000                                                           |
| Hubert D. Vos                            | 2,009                              | 110,000                                                           |
| Paul M. Wythes                           | 2,027                              | 112,000                                                           |
| Total Equity Market Index Fund           |                                    |                                                                   |
| Anthony W. Deering                       | $663                               | $110,000                                                          |
| Donald W. Dick, Jr.                      | 663                                | 110,000                                                           |
| David K. Fagin                           | 665                                | 112,000                                                           |
| F. Pierce Linaweaver                     | 665                                | 113,000                                                           |
| Hanne M. Merriman                        | 663                                | 110,000                                                           |
| John G. Schreiber                        | 665                                | 112,000                                                           |
| Hubert D. Vos                            | 663                                | 110,000                                                           |
| Paul M. Wythes                           | 665                                | 112,000                                                           |
| Value Fund                               |                                    |                                                                   |
| Anthony W. Deering                       | $1,326                             | $110,000                                                          |
| Donald W. Dick, Jr.                      | 1,326                              | 110,000                                                           |
| David K. Fagin                           | 1,338                              | 112,000                                                           |
| F. Pierce Linaweaver                     | 1,338                              | 113,000                                                           |
| Hanne M. Merriman                        | 1,326                              | 110,000                                                           |
| John G. Schreiber                        | 1,338                              | 112,000                                                           |
| Hubert D. Vos                            | 1,326                              | 110,000                                                           |
| Paul M. Wythes                           | 1,338                              | 112,000                                                           |

----

----

----

----

----

----

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

----

----

----

----

----

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

----

----

----

----

----

----

----

|  | 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% | Thereafter       |
|  | 0.370% | Next $1 billion  | 0.320% | Next $10 billion |        |                  |

| Balanced Fund                       | 0.15%       |
|-------------------------------------|-------------|
| Blue Chip Growth Fund               | 0.30%       |
| Capital Appreciation Fund           | 0.30%  |
| Capital Opportunity Fund            | 0.35%       |
| Developing Technologies Fund        | 0.60%       |
| Diversified Small-Cap Growth Fund   | 0.35%       |
| Dividend Growth Fund                | 0.20%       |
| Equity Income Fund                  | 0.25%       |
| Financial Services Fund             | 0.35%       |
| Global Technology Fund              | 0.45%       |
| Growth & Income Fund            | 0.25%       |
| Growth Stock Fund                   | 0.25%       |
| Health Sciences Fund                | 0.35%       |
| Media & Telecommunications Fund | 0.35%       |
| Mid-Cap Growth Fund                 | 0.35%       |
| Mid-Cap Value Fund                  | 0.35%       |
| New America Growth Fund             | 0.35%       |
| New Era Fund                        | 0.25%       |
| New Horizons Fund                   | 0.35%       |
| Real Estate Fund                    | 0.30%       |
| Science & Technology Fund       | 0.35%       |
| Small-Cap Stock Fund                | 0.45%       |
| Small-Cap Value Fund                | 0.35%       |
| Value Fund                          | 0.35%       |

----

| Fund                                                | Limitation Period                        | ExpenseRatioLimitation | ReimbursementDate |
|-----------------------------------------------------|------------------------------------------|------------------------|-------------------|
| Blue Chip Growth Fund—Advisor Class            | January 1, 2002— December 31, 2003  | 1.05%                  | December 31, 2005 |
| Blue Chip Growth Fund—R Class                  | September 30, 2002 — April 30, 2004 | 1.35%                  | April 30, 2006    |
| Developing Technologies(a)                          | January 1, 2003 — April 30, 2005    | 1.50%                  | April 30, 2007    |
| Diversified Small-Cap Growth(b)                     | May 1, 2002 — April 30, 2004        | 1.25%                  | April 30, 2006    |
| Equity Income Fund—Advisor Class(c)            | January 1, 2002— December 31, 2003  | 1.00%                  | December 31, 2005 |
| Equity Income Fund—R Class                     | September 30, 2002 — April 30, 2004 | 1.30%                  | April 30, 2006    |
| Equity Index 500(d)                                 | January 1, 2003 — April 30, 2005    | 0.35%                  | April 30, 2007    |
| Global Technology(e)                                | January 1, 2003 — April 30, 2005    | 1.50%                  | April 30, 2007    |
| Growth Stock Fund—Advisor Class                | January 1, 2002 — December 31, 2003 | 1.10%                  | December 31, 2005 |
| Growth Stock Fund—R Class                      | September 30, 2002 — April 30, 2004 | 1.35%                  | April 30, 2006    |
| Institutional Large-Cap Growth(f)                   | January 1, 2003—April 30, 2005      | 0.65%                  | April 30, 2007    |
| Institutional Large-Cap Value(g)                    | January 1, 2002— December 31, 2003  | 0.65%                  | December 31, 2005 |
| Institutional Small-Cap Stock(h)                    | January 1, 2002— December 31, 2003  | 0.75%                  | December 31, 2005 |
| Mid-Cap Growth Fund—Advisor Class(i)           | January 1, 2002— December 31, 2003  | 1.10%                  | December 31, 2005 |
| Mid-Cap Growth Fund—R Class                    | September 30, 2002 — April 30, 2004 | 1.40%                  | April 30, 2006    |
| Mid-Cap Value Fund—Advisor Class               | September 30, 2002 — April 30, 2004 | 1.10%                  | April 30, 2006    |
| Mid-Cap Value Fund—R Class                     | September 30, 2002 — April 30, 2004 | 1.40%                  | April 30, 2006    |
| Real Estate(j)                                      | January 1, 2002— December 31, 2003  | 1.00%                  | December 31, 2005 |
| Science & Technology Fund—Advisor Class(k) | January 1, 2002— December 31, 2003  | 1.15%                  | December 31, 2005 |
| Small-Cap Stock Fund—Advisor Class(l)          | January 1, 2002— December 31, 2003  | 1.20%                  | December 31, 2005 |
| Small-Cap Value Fund—Advisor Class(m)          | January 1, 2002— December 31, 2003  | 1.15%                  | December 31, 2005 |
| Value Fund—Advisor Class(n)                    | January 1, 2002— December 31, 2003  | 1.10%                  | December 31, 2005 |

----

----

| Fund                                | 2002       | 2001       | 2000       |
|-------------------------------------|------------|------------|------------|
| Balanced                            | $7,791,000 | $8,542,000 | $9,675,000 |
| Blue Chip Growth*                   | 35,354,000 | 41,035,000 | 45,037,000 |
| Capital Appreciation                | 10,731,000 | 7,570,000  | 4,963,000  |
| Capital Opportunity                 | 439,000    | 559,000    | 686,000    |
| Developing Technologies             | 12,000     | 62,000     | (b)        |
| Diversified Small-Cap Growth        | 272,000    | 480,000    | 679,000    |
| Dividend Growth                     | 3,176,000  | 3,676,000  | 4,010,000  |
| Equity Income*                      | 58,414,000 | 57,395,000 | 58,470,000 |
| Equity Index 500                    | 3,708,000  | 3,554,000  | 6,234,000  |
| Extended Equity Market Index**      | 287,000    | 300,000    | 354,000    |
| Financial Services                  | 1,973,000  | 2,122,000  | 1,388,000  |
| Global Technology                   | 317,000    | 569,000    | 274,000    |
| Growth & Income                 | 11,391,000 | 14,691,000 | 18,013,000 |
| Growth Stock*                       | 23,442,000 | 27,400,000 | 33,072,000 |
| Health Sciences                     | 5,306,000  | 5,675,000  | 4,403,000  |
| Institutional Large-Cap Growth      | (b)        | (b)        | (a)        |
| Institutional Large-Cap Value       | (b)        | (b)        | (b)        |
| Institutional Mid-Cap Equity Growth | 1,731,000  | 1,704,000  | 1,896,000  |
| Institutional Small-Cap Stock       | 2,158,000  | 1,624,000  | 432,000    |
| Media & Telecommunications      | 3,224,000  | 4,885,000  | 7,174,000  |
| Mid-Cap Growth*                     | 41,271,000 | 42,179,000 | 39,493,000 |
| Mid-Cap Value                       | 5,810,000  | 2,445,000  | 1,495,000  |
| New America Growth                  | 6,113,000  | 8,612,000  | 11,988,000 |
| New Era                             | 6,008,000  | 6,414,000  | 6,223,000  |
| New Horizons                        | 27,637,000 | 36,074,000 | 45,642,000 |
| Real Estate                         | 518,000    | 207,000    | 589,000    |
| Science & Technology***         | 27,433,000 | 46,472,000 | 89,979,000 |
| Small-Cap Stock***                  | 26,755,000 | 20,306,000 | 15,623,000 |
| Small-Cap Value***                  | 17,130,000 | 11,370,000 | 8,294,000  |
| Total Equity Market Index**         | 737,000    | 766,000    | 863,000    |
| Value***                            | 8,899,000  | 8,231,000  | 5,644,000  |

----

----

| Fund                                             | 2002    | 2001    | 2000    |
|--------------------------------------------------|---------|---------|---------|
| Balanced                                         | $86,000 | $86,000 | $85,000 |
| Blue Chip Growth                                 | 77,000  | 76,000  | 75,000  |
| Blue Chip Growth Fund—Advisor Class         | 7,000   | 3,000   | (a)     |
| Blue Chip Growth Fund—R Class               | 0       | (b)     | (b)     |
| Capital Appreciation                             | 64,000  | 64,000  | 64,000  |
| Capital Opportunity                              | 64,000  | 64,000  | 64,000  |
| Developing Technologies                          | 64,000  | 64,000  | 21,000  |
| Diversified Small-Cap Growth                     | 64,000  | 64,000  | 64,000  |
| Dividend Growth                                  | 64,000  | 64,000  | 64,000  |
| Equity Income                                    | 98,000  | 99,000  | 95,000  |
| Equity Income Fund—Advisor Class            | 5,000   | (a)     | (a)     |
| Equity Income Fund—R Class                  | 0       | (b)     | (b)     |
| Equity Index 500                                 | 65,000  | 65,000  | 65,000  |
| Extended Equity Market Index                     | 64,000  | 65,000  | 64,000  |
| Financial Services                               | 64,000  | 64,000  | 64,000  |
| Global Technology                                | 84,000  | 84,000  | 21,000  |
| Growth & Income                              | 84,000  | 84,000  | 84,000  |
| Growth Stock                                     | 124,000 | 104,000 | 104,000 |
| Growth Stock Fund—Advisor Class             | 0       | 0       | (b)     |
| Growth Stock Fund—R Class                   | 0       | 0       | (b)     |
| Health Sciences                                  | 64,000  | 64,000  | 64,000  |
| Institutional Large-Cap Growth                   | 64,000  | 11,000  | (a)     |
| Institutional Large-Cap Value                    | 64,000  | 64,000  | 48,000  |
| Institutional Mid-Cap Equity Growth              | 64,000  | 64,000  | 64,000  |
| Institutional Small-Cap Stock                    | 64,000  | 64,000  | 48,000  |
| Media & Telecommunications                   | 64,000  | 64,000  | 64,000  |
| Mid-Cap Growth                                   | 83,000  | 80,000  | 75,000  |
| Mid-Cap Growth Fund—Advisor Class           | 0       | (a)     | (a)     |
| Mid-Cap Growth Fund—R Class                 | 0       | (b)     | (b)     |
| Mid-Cap Value                                    | 73,000  | 64,000  | 64,000  |
| Mid-Cap Value Fund—Advisor Class            | 0       | (b)     | (b)     |
| Mid-Cap Value Fund —R Class                 | 0       | (b)     | (b)     |
| New America Growth                               | 64,000  | 64,000  | 64,000  |
| New Era                                          | 64,000  | 64,000  | 64,000  |
| New Horizons                                     | 84,000  | 84,000  | 84,000  |
| Real Estate                                      | 64,000  | 64,000  | 64,000  |
| Science & Technology                         | 71,000  | 72,000  | 75,000  |
| Science & Technology Fund—Advisor Class | 8,000   | 7,000   | 2,000   |
| Small-Cap Stock                                  | 97,000  | 98,000  | 95,000  |
| Small-Cap Stock Fund—Advisor Class          | 2,000   | 1,000   | (a)     |
| Small-Cap Value                                  | 77,000  | 79,000  | 75,000  |
| Small-Cap Value Fund—Advisor Class          | 2,000   | (a)     | (a)     |
| Total Equity Market Index                        | 64,000  | 64,000  | 64,000  |
| Value                                            | 77,000  | 79,000  | 75,000  |
| Value Fund—Advisor Class                    | 2,000   | (a)     | 2,000   |

----

| Balanced Fund                 | $185,170  |
|-------------------------------|-----------|
| Blue Chip Growth Fund         | 657,594   |
| Capital Appreciation Fund     | 134,353   |
| Capital Opportunity Fund      | 1,426     |
| Dividend Growth Fund          | 3,570     |
| Equity Income Fund            | 744,120   |
| Equity Index 500 Fund         | 96,758    |
| Financial Services Fund       | 9,181     |
| Growth & Income Fund      | 14,576    |
| Growth Stock Fund             | 65,126    |
| Health Sciences Fund          | 75,985    |
| Mid-Cap Growth Fund           | 1,499,183 |
| Mid-Cap Value Fund            | 60,679    |
| New America Growth Fund       | 89,728    |
| New Era Fund                  | 28,365    |
| New Horizons Fund             | 407,958   |
| Science & Technology Fund | 298,912   |
| Small-Cap Stock Fund          | 1,042,903 |
| Small-Cap Value Fund          | 276,634   |
| Value Fund                    | 126,242   |

----

| Blue Chip Growth Fund—Advisor Class         | $1,586,037 |
|--------------------------------------------------|------------|
| Equity Income Fund—Advisor Class            | 1,897,356  |
| Equity Income Fund—R Class                  | 1,249      |
| Growth Stock Fund—Advisor Class             | 252        |
| Mid-Cap Growth Fund—Advisor Class           | 82,856     |
| Mid-Cap Value Fund—Advisor Class            | 649        |
| Science & Technology Fund—Advisor Class | 1,448,036  |
| Small-Cap Stock Fund—Advisor Class          | 288,280    |
| Small-Cap Value Fund—Advisor Class          | 301,201    |
| Value Fund—Advisor Class                    | 96,266     |

----

| Blue Chip Growth Fund—Advisor Class         | $1,144,000 |
|--------------------------------------------------|------------|
| Equity Income Fund—Advisor Class            | 1,389,000  |
| Mid-Cap Growth Fund—Advisor Class           | 72,000     |
| Science & Technology Fund—Advisor Class | 1,133,000  |
| Small-Cap Stock Fund—Advisor Class          | 223,000    |
| Small-Cap Value Fund—Advisor Class          | 219,000    |
| Value Fund—Advisor Class                    | 69,000     |

----

----

----

----

|                                     | 2002       | 2001       | 2000       |
|-------------------------------------|------------|------------|------------|
||
| Balanced                            | $1,341,000 | $1,203,000 | $399,000   |
| Blue Chip Growth                    | 7,802,000  | 7,972,000  | 7,485,000  |
| Capital Appreciation                | 2,513,000  | 2,345,000  | 1,305,000  |
| Capital Opportunity                 | 127,000    | 101,000    | 121,000    |
| Developing Technologies             | 94,000     | 72,000     | 42,000     |
| Diversified Small-Cap Growth        | 88,000     | 55,000     | 105,000    |
| Dividend Growth                     | 554,000    | 640,000    | 1,070,000  |
| Equity Income                       | 8,255,000  | 7,344,000  | 8,687,000  |
| Equity Index 500                    | 339,000    | 193,000    | 331,000    |
| Extended Equity Market Index        | 42,000     | 42,000     | 51,000     |
| Financial Services                  | 604,000    | 539,000    | 348,000    |
| Global Technology                   | 543,000    | 510,000    | 362,000    |
| Growth & Income                 | 3,408,000  | 4,538,000  | 6,522,000  |
| Growth Stock                        | 6,963,000  | 8,332,000  | 10,878,000 |
| Health Sciences                     | 2,768,000  | 2,732,000  | 2,560,000  |
| Institutional Large-Cap Growth      | 15,000     | 2,000      | *          |
| Institutional Large-Cap Value       | 7,000      | 5,000      | 3,000      |
| Institutional Mid-Cap Equity Growth | 489,000    | 565,000    | 547,000    |
| Institutional Small-Cap Stock       | 571,000    | 265,000    | 128,000    |
| Media & Telecommunications      | 4,243,000  | 3,993,000  | 3,517,000  |
| Mid-Cap Growth                      | 9,544,000  | 11,886,000 | 8,893,000  |
| Mid-Cap Value                       | 3,708,000  | 1,050,000  | 272,000    |
| New America Growth                  | 2,048,000  | 1,823,000  | 3,730,000  |
| New Era                             | 960,000    | 1,411,000  | 2,352,000  |
| New Horizons                        | 8,357,000  | 7,929,000  | 13,876,000 |
| Real Estate                         | 126,000    | 114,000    | 51,000     |
| Science & Technology            | 8,785,000  | 15,035,000 | 13,388,000 |
| Small-Cap Stock                     | 5,313,000  | 2,865,000  | 2,214,000  |
| Small-Cap Value                     | 4,163,000  | 1,656,000  | 891,000    |
| Total Equity Market Index           | 36,000     | 40,000     | 30,000     |
| Value                               | 2,120,000  | 2,221,000  | 1,330,000  |

----

----

| Fund                                | 2002  | 2001  | 2000   |
|-------------------------------------|-------|-------|--------|
| Balanced                            | 49.1% | 36.0% | 16.5%  |
| Blue Chip Growth                    | 46.2  | 48.3  | 50.9   |
| Capital Appreciation                | 17.6  | 25.1  | 32.4   |
| Capital Opportunity                 | 48.2  | 53.6  | 64.7   |
| Developing Technologies(b)          | 81.5  | 107.5 | 232.6* |
| Diversified Small-Cap Growth        | 43.8  | 30.3  | 66.0   |
| Dividend Growth                     | 20.4  | 34.9  | 35.7   |
| Equity Income                       | 15.2  | 17.3  | 21.9   |
| Equity Index 500                    | 6.6   | 4.0   | 9.1    |
| Extended Equity Market Index        | 21.0  | 31.3  | 30.5   |
| Financial Services                  | 49.7  | 54.8  | 32.5   |
| Global Technology                   | 211.4 | 189.2 | 123.6* |
| Growth & Income                 | 44.7  | 65.9  | 80.3   |
| Growth Stock                        | 46.9  | 64.1  | 74.3   |
| Health Sciences                     | 62.7  | 74.6  | 110.6  |
| Institutional Large-Cap Growth      | 91.3  | 98.2* | (a)    |
| Institutional Large-Cap Value       | 25.3  | 106.3 | 58.4*  |
| Institutional Mid-Cap Equity Growth | 38.1  | 48.6  | 67.5   |
| Institutional Small-Cap Stock       | 19.1  | 26.9  | 15.8*  |
| Media & Telecommunications(b)   | 184.9 | 241.1 | 197.5  |
| Mid-Cap Growth                      | 36.0  | 43.0  | 53.6   |
| Mid-Cap Value                       | 51.1  | 57.5  | 31.9   |
| New America Growth                  | 61.5  | 52.1  | 81.4   |
| New Era                             | 11.5  | 17.9  | 28.5   |
| New Horizons                        | 23.7  | 27.4  | 47.2   |
| Real Estate                         | 9.8   | 37.2  | 19.0   |
| Science & Technology            | 60.8  | 143.6 | 134.1  |
| Small-Cap Stock                     | 15.3  | 16.5  | 32.8   |
| Small-Cap Value                     | 12.2  | 16.8  | 14.4   |
| Total Equity Market Index           | 5.6   | 8.6   | 7.6    |
| Value                               | 29.6  | 42.2  | 55.9   |

----

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| Cumulative Performance Percentage ChangePeriodsEnded 12/31/02 |        |        |         |            |          |
|---------------------------------------------------------------|--------|--------|---------|------------|----------|
||
| Balanced                                                      | -8.54% | 14.64% | 116.64% | 39,022.50% | 12/31/39 |
| Blue Chip Growth                                              | -24.23 | -2.28  | —  | 153.07     | 06/30/93 |
| Blue Chip Growth Fund—Advisor Class                      | -24.26 | — | —  | -40.46     | 03/31/00 |
| Blue Chip Growth Fund—R Class                            | — | — | —  | 7.66       | 09/30/02 |
| Capital Appreciation                                          | 0.54   | 53.38  | 206.37  | 579.25     | 06/30/86 |
| Capital Opportunity                                           | -22.25 | -16.27 | —  | 73.10      | 11/30/94 |
| Developing Technologies                                       | -48.69 | — | —  | -74.31     | 08/31/00 |
| Diversified Small-Cap Growth                                  | -27.50 | -20.68 | —  | -15.05     | 06/30/97 |
| Dividend Growth                                               | -18.47 | -3.34  | 154.67  | 154.67     | 12/30/92 |
| Equity Income                                                 | -13.04 | 13.37  | 181.49  | 686.24     | 10/31/85 |
| Equity Income Fund—Advisor Class                         | -13.18 | — | —  | 2.78       | 03/31/00 |
| Equity Income Fund—R Class                               | — | — | —  | 9.15       | 09/30/02 |
| Equity Index 500                                              | -22.21 | -4.09  | 136.98  | 229.25     | 03/30/90 |
| Extended Equity Market Index                                  | -18.12 | — | —  | -6.11      | 01/30/98 |
| Financial Services                                            | -10.10 | 35.11  | —  | 116.70     | 09/30/96 |
| Global Technology                                             | -29.89 | — | —  | -66.70     | 09/29/00 |
| Growth & Income                                           | -23.84 | -7.35  | 112.34  | 637.59     | 12/21/82 |
| Growth Stock                                                  | -23.00 | 8.40   | 154.94  | 23,224.02  | 04/11/50 |
| Growth Stock Fund—Advisor Class                          | -23.16 | — | —  | -23.16     | 12/31/01 |
| Growth Stock Fund—R Class                                | — | — | —  | 8.14       | 09/30/02 |
| Health Sciences                                               | -27.74 | 36.64  | —  | 106.82     | 12/29/95 |
| Institutional Large-Cap Growth                                | -24.94 | — | —  | -14.43     | 10/31/01 |
| Institutional Large-Cap Value                                 | -14.64 | — | —  | 3.03       | 03/31/00 |
| Institutional Mid-Cap Equity Growth                           | -21.60 | 26.95  | —  | 74.49      | 07/31/96 |
| Institutional Small-Cap Stock                                 | -14.36 | — | —  | -1.69      | 03/31/00 |
| Media & Telecommunications(a)                             | -28.39 | 30.25  | —  | 134.81     | 10/13/93 |
| Mid-Cap Growth                                                | -21.22 | 26.55  | 233.61  | 315.47     | 06/30/92 |
| Mid-Cap Growth Fund—Advisor Class                        | -21.45 | — | —  | -24.04     | 03/31/00 |
| Mid-Cap Growth Fund—R Class                              | — | — | —  | 8.39       | 09/30/02 |
| Mid-Cap Value                                                 | -7.38  | 36.47  | —  | 101.74     | 06/28/96 |
| Mid-Cap Value Fund—Advisor Class                         | — | — | —  | 8.66       | 09/30/02 |
| Mid-Cap Value Fund—R Class                               | — | — | —  | 8.66       | 09/30/02 |
| New America Growth                                            | -28.54 | -25.11 | 70.74   | 436.93     | 09/30/85 |
| New Era                                                       | -6.34  | 17.80  | 137.91  | 2,252.61   | 01/20/69 |
| New Horizons                                                  | -26.60 | -1.46  | 140.83  | 7,178.34   | 06/03/60 |
| Real Estate                                                   | 5.38   | 27.27  | —  | 37.22      | 10/31/97 |
| Science & Technology                                      | -40.58 | -34.20 | 71.05   | 312.30     | 09/30/87 |
| Science & Technology Fund—Advisor Class              | -40.57 | — | —  | -79.40     | 03/31/00 |
| Small-Cap Stock                                               | -14.21 | 18.18  | 192.28  | 35,564.46  | 06/01/56 |
| Small-Cap Stock Fund—Advisor Class                       | -14.41 | — | —  | -2.57      | 03/31/00 |
| Small-Cap Value                                               | -1.76  | 27.08  | 218.45  | 420.44     | 06/30/88 |
| Small-Cap Value Fund—Advisor Class                       | -2.02  | — | —  | 38.19      | 03/31/00 |
| Total Equity Market Index                                     | -21.16 | — | —  | -4.69      | 01/30/98 |
| Value                                                         | -16.58 | 14.42  | —  | 174.02     | 09/30/94 |
| Value Fund—Advisor Class                                 | -16.67 | — | —  | -2.69      | 03/31/00 |

----

| Average Annual Compound Rates of ReturnPeriodsEnded 12/31/02 |        |        |        |        |          |
|--------------------------------------------------------------|--------|--------|--------|--------|----------|
||
| Balanced                                                     | -8.54% | 2.77%  | 8.04%  | 9.94%  | 12/31/39 |
| Blue Chip Growth                                             | -24.23 | -0.46  | — | 10.26  | 06/30/93 |
| Blue Chip Growth Fund—Advisor Class                     | -24.26 | — | — | -17.16 | 03/31/00 |
| Blue Chip Growth Fund—R Class                           | — | — | — | (b)    | 09/30/02 |
| Capital Appreciation                                         | 0.54   | 8.93   | 11.85  | 12.31  | 06/30/86 |
| Capital Opportunity                                          | -22.25 | -3.49  | — | 7.02   | 11/30/94 |
| Developing Technologies                                      | -48.69 | — | — | -44.15 | 08/31/00 |
| Diversified Small-Cap Growth                                 | -27.50 | -4.53  | — | -2.92  | 06/30/97 |
| Dividend Growth                                              | -18.47 | -0.68  | 9.80   | 9.80   | 12/30/92 |
| Equity Income                                                | -13.04 | 2.54   | 10.90  | 12.76  | 10/31/85 |
| Equity Income Fund—Advisor Class                        | -13.18 | — | — | 1.00   | 03/31/00 |
| Equity Income Fund—R Class                              | — | — | — | (b)    | 09/30/02 |
| Equity Index 500                                             | -22.21 | -0.83  | 9.01   | 9.79   | 03/30/90 |
| Extended Equity Market Index                                 | -18.12 | — | — | -1.27  | 01/30/98 |
| Financial Services                                           | -10.10 | 6.20   | — | 13.17  | 09/30/96 |
| Global Technology                                            | -29.89 | — | — | -38.60 | 09/29/00 |
| Growth & Income                                          | -23.84 | -1.52  | 7.82   | 10.49  | 12/21/82 |
| Growth Stock                                                 | -23.00 | 1.63   | 9.81   | 10.89  | 04/11/50 |
| Growth Stock Fund—Advisor Class                         | -23.16 | — | — | -23.16 | 12/31/01 |
| Growth Stock Fund—R Class                               | — | — | — | (b)    | 09/30/02 |
| Health Sciences                                              | -27.74 | 6.44   | — | 10.93  | 12/29/95 |
| Institutional Large-Cap Growth                               | -24.94 | — | — | -12.51 | 10/31/01 |
| Institutional Large-Cap Value                                | -14.64 | — | — | 1.09   | 03/31/00 |
| Institutional Mid-Cap Equity Growth                          | -21.60 | 4.89   | — | 9.06   | 07/31/96 |
| Institutional Small-Cap Stock                                | -14.36 | — | — | -0.62  | 03/31/00 |
| Media & Telecommunications(a)                            | -28.39 | 5.43   | — | 9.70   | 10/13/93 |
| Mid-Cap Growth                                               | -21.22 | 4.82   | 12.80  | 14.52  | 06/30/92 |
| Mid-Cap Growth Fund—Advisor Class                       | -21.45 | — | — | -9.50  | 03/31/00 |
| Mid-Cap Growth Fund—R Class                             | — | — | — | (b)    | 09/30/02 |
| Mid-Cap Value                                                | -7.38  | 6.42   | — | 11.39  | 06/28/96 |
| Mid-Cap Value Fund—Advisor Class                        | — | — | — | (b)    | 09/30/02 |
| Mid-Cap Value Fund—R Class                              | — | — | — | (b)    | 09/30/02 |
| New America Growth                                           | -28.54 | -5.62  | 5.50   | 10.23  | 09/30/85 |
| New Era                                                      | -6.34  | 3.33   | 9.05   | 9.75   | 01/20/69 |
| New Horizons                                                 | -26.60 | -0.29  | 9.19   | 10.59  | 06/03/60 |
| Real Estate                                                  | 5.38   | 4.94   | — | 6.32   | 10/31/97 |
| Science & Technology                                     | -40.58 | -8.03  | 5.51   | 9.73   | 09/30/87 |
| Science & Technology Fund—Advisor Class             | -40.57 | — | — | -43.65 | 03/31/00 |
| Small-Cap Stock                                              | -14.21 | 3.40   | 11.32  | 13.45  | 06/01/56 |
| Small-Cap Stock Fund—Advisor Class                      | -14.41 | — | — | -0.94  | 03/31/00 |
| Small-Cap Value                                              | -1.76  | 4.91   | 12.28  | 12.05  | 06/30/88 |
| Small-Cap Value Fund—Advisor Class                      | -2.02  | — | — | 12.46  | 03/31/00 |
| Total Equity Market Index                                    | -21.16 | — | — | -0.97  | 01/30/98 |
| Value                                                        | -16.58 | 2.73   | — | 12.99  | 09/30/94 |
| Value Fund—Advisor Class                                | -16.67 | — | — | -0.99  | 03/31/00 |

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| ANNUAL REPORT REFERENCES:                                                               |       |       |       |       |
|-----------------------------------------------------------------------------------------|-------|-------|-------|-------|
||
| Financial Highlights, December 31, 2002                                                 | 8     | 8     | 12    | 9     |
| Statement of Net Assets, December 31, 2002                                              | 11-18 | 9-11  | 13-18 | 10-15 |
| Statement of Operations, year endedDecember 31, 2002                                    | 19    | 12    | 19    | 16    |
| Statement of Changes in Net Assets, years ended December 31, 2002, andDecember 31, 2001 | 20-21 | 13    | 20    | 17    |
| Notes to Financial Statements,          December 31, 2002                               | 22-26 | 14-18 | 21-24 | 18-22 |
| Report of Independent Accountants                                                       | 27    | 19    | 25    | 23    |

|                                                                                         | DIVIDENDGROWTH | gROWTHsTOCK | BLUE CHIPGROWTH | TOTAL EQUTIYMARKETindex |
|-----------------------------------------------------------------------------------------|----------------|-------------|-----------------|-------------------------|
| Financial Highlights, December 31, 2002                                                 | 10             | 10          | 13              | 1                       |
| Statement of Net Assets, December 31, 2002                                              | 11-17          | 13-19       | 16-22           | 2-59                    |
| Statement of Operations, year endedDecember 31, 2002                                    | 18             | 20          | 23              | 60                      |
| Statement of Changes in Net Assets, years endedDecember 31, 2002, and December 31, 2001 | 19             | 21-22       | 24-25           | 61                      |
| Notes to Financial Statements, December 31, 2002                                        | 20-23          | 23-28       | 26-31           | 62-65                   |
| Report of Independent Accountants                                                       | 24             | 29          | 32              | 66                      |

|                                                                                         | VALUE | Mid-CapValue | RealEstate | Institutionalmid-cap equitygrowth |
|-----------------------------------------------------------------------------------------|-------|--------------|------------|-----------------------------------|
| Financial Highlights, December 31, 2002                                                 | 8     | 9            | 8          | 8                                 |
| Statement of Net Assets, December 31, 2002                                              | 10-17 | 12-18        | 9-11       | 9-12                              |
| Statement of Operations, year endedDecember 31, 2002                                    | 18    | 19           | 12         | 13                                |
| Statement of Changes in Net Assets, years endedDecember 31, 2002, and December 31, 2001 | 19-20 | 20-21        | 13         | 14                                |
| Notes to Financial Statements, December 31, 2002                                        | 21-25 | 22-27        | 14-17      | 15-16                             |
| Report of Independent Accountants                                                       | 26    | 28           | 18         | 17                                |

|                                                                                          | CapitalOPPORTUNITY | DEVELOPINGTechnologies |
|------------------------------------------------------------------------------------------|--------------------|------------------------|
| Financial Highlights, December 31, 2002                                                  | 9                  | 8                      |
| Portfolio of Investments,December 31, 2002                                               | 10-22              | 9-12                   |
| Statement of Operations, year endedDecember 31, 2002                                     | 23                 | 13                     |
| Statement of Changes in Net Assets, years ended December 31, 2002, and December 31, 2001 | 24                 | 14                     |
| Notes to Financial Statements, December 31, 2002                                         | 25-29              | 15-19                  |
| Report of Independent Accountants                                                        | 30                 | 20                     |

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|                                                                                          | extendedequitymarket index |
|------------------------------------------------------------------------------------------|----------------------------|
| Financial Highlights, December 31, 2002                                                  | 2                          |
| Portfolio of Investments, December 31, 2002                                              | 3-70                       |
| Statement of Assets and Liabilities,December 31, 2002                                    | 71                         |
| Statement of Operations, year endedDecember 31, 2002                                     | 72                         |
| Statement of Changes in Net Assets, years ended December 31, 2002, and December 31, 2001 | 73                         |
| Notes to Financial Statements, December 31, 2002                                         | 74-77                      |
| Report of Independent Accountants                                                        | 78                         |

|                                                                                         | diversified Small-capGrowth | gROWTH& Income | hEALTHSCIENCES |
|-----------------------------------------------------------------------------------------|-----------------------------|--------------------|----------------|
| Financial Highlights, December 31, 2002                                                 | 9                           | 10                 | 8              |
| Statement of Net Assets, December 31, 2002                                              | 10-21                       | 11-17              | 9-15           |
| Statement of Operations, year endedDecember 31, 2002                                    | 22                          | 18                 | 16             |
| Statement of Changes in Net Assets, years endedDecember 31, 2002, and December 31, 2001 | 23                          | 19                 | 17             |
| Notes to Financial Statements, December 31, 2002                                        | 24-28                       | 20-24              | 18-22          |
| Report of Independent Accountants                                                       | 29                          | 25                 | 23             |

|                                                                                            | GlobalTechnology | Media &TELECOMMUNICATIONS | InstitutionalLARGE-CAPVALUe |
|--------------------------------------------------------------------------------------------|------------------|-------------------------------|-----------------------------|
| Financial Highlights, December 31, 2002                                                    | 8                | 8                             | 5                           |
| Statement of Net Assets, December 31, 2002                                                 | 9-12             | 9-13                          | 6-8                         |
| Statement of Operations, December 31, 2002                                                 | 13               | 14                            | 9                           |
| Statement of Changes in Net Assets, periods ended December 31, 2002, and December 31, 2001 | 14               | 15                            | 10                          |
| Notes to Financial Statements, December 31, 2002                                           | 15-18            | 16-19                         | 11-12                       |
| Report of Independent Accountants                                                          | 19               | 20                            | 13                          |

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|                                                                                         | Science &technology | Equityindex 500 |
|-----------------------------------------------------------------------------------------|-------------------------|-----------------|
| Financial Highlights, December 31, 2002                                                 | 8                       | 1               |
| Statement of Net Assets, December 31, 2002                                              | 10-14                   | 2-20            |
| Statement of Operations, December 31, 2002                                              | 15                      | 21              |
| Statement of Changes in Net Assets,years ended December 31, 2002, and December 31, 2001 | 16                      | 22              |
| Notes to Financial Statements, December 31, 2002                                        | 17-21                   | 23-28           |
| Report of Independent Accountants                                                       | 22                      | 29              |

|                                                                                         | balanced | newhorizons | capital appreciation | MID-CAPGROWTH |
|-----------------------------------------------------------------------------------------|----------|-------------|----------------------|---------------|
| Financial Highlights, December 31, 2002                                                 | 11       | 11          | 9                    | 14            |
| Portfolio of Investments, December 31, 2002                                             | 12-41    | 12-21       | 10-17                | 17-23         |
| Statement of Assets and Liabilities,December 31, 2002                                   | 42       | 22          | 18                   | 24            |
| Statement of Operations, year endedDecember 31, 2002                                    | 43       | 23          | 19                   | 25            |
| Statement of Changes in Net Assets, years endedDecember 31, 2002, and December 31, 2001 | 44       | 24          | 20                   | 26            |
| Notes to Financial Statements, December 31, 2002                                        | 45-49    | 25-29       | 21-25                | 27-32         |
| Report of Independent Accountants                                                       | 50       | 30          | 26                   | 33            |

|                                                                                         | SMALL-CAPSTOCK |
|-----------------------------------------------------------------------------------------|----------------|
| Financial Highlights, December 31, 2002                                                 | 12             |
| Portfolio of Investments, December 31, 2002                                             | 14-24          |
| Statement of Assets and Liabilities, December 31, 2002                                  | 25             |
| Statement of Operations, year ended December 31, 2002                                   | 26             |
| Statement of Changes in Net Assets, years endedDecember 31, 2002, and December 31, 2001 | 27-28          |
| Notes to Financial Statements, December 31, 2002                                        | 29-33          |
| Report of Independent Accountants                                                       | 34             |

|                                                                                         | small-capvalue |
|-----------------------------------------------------------------------------------------|----------------|
| Financial Highlights, December 31, 2002                                                 | 7              |
| Portfolio of Investments, December 31, 2002                                             | 9-20           |
| Statement of Assets and Liabilities,December 31, 2002                                   | 21             |
| Statement of Operations, year endedDecember 31, 2002                                    | 22             |
| Statement of Changes in Net Assets, years endedDecember 31, 2002, and December 31, 2001 | 23-24          |
| Notes to Financial Statements, December 31, 2002                                        | 25-30          |
| Report of Independent Accountants                                                       | 31             |

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|                                                                                         | InstitutionalSmall-cap stock |
|-----------------------------------------------------------------------------------------|------------------------------|
| Financial Highlights, December 31, 2002                                                 | 7                            |
| Statement of Net Assets, December 31, 2002                                              | 8-12                         |
| Statement of Operations, December 31, 2002                                              | 13                           |
| Statement of Changes in Net Assets, years endedDecember 31, 2002, and December 31, 2001 | 14                           |
| Notes to Financial Statements, December 31, 2002                                        | 15-16                        |
| Report of Independent Accountants                                                       | 17                           |

|                                                                                                                                                          | institutionalLarge-capgrowth |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|
| Financial Highlights, December 31, 2002                                                                                                                  | 6                            |
| Statement of Net Assets, December 31, 2002                                                                                                               | 7-8                          |
| Statement of Operations, for the period ended December 31, 2002                                                                                          | 9                            |
| Statement of Changes in Net Assets, year ended December 31, 2002, and period fromOctober 31, 200l (commencement of operations) through December 31, 2001 | 10                           |
| Notes to Financial Statements, December 31, 2002                                                                                                         | 11-12                        |
| Report of Independent Accountants                                                                                                                        | 13                           |

|                                                                                                    | bLUE cHIPgROWTHfUND—aDVISORcLASS | equity incomeFund—AdvisorClass | vALUE fUND—aDVISOR cLASS |
|----------------------------------------------------------------------------------------------------|---------------------------------------|-------------------------------------|-------------------------------|
| Financial Highlights, December 31, 2002                                                            | 14                                    | 9                                   | 9                             |
| Statement of Net Assets, December 31, 2002                                                         | 16-22                                 | 11-18                               | 10-17                         |
| Statement of Operations, year ended December 31, 2002                                              | 23                                    | 19                                  | 18                            |
| Statement of Changes in Net Assets, for the periods ended December 31, 2002, and December 31, 2001 | 24-25                                 | 20-21                               | 19-20                         |
| Notes to Financial Statements,December 31, 2002                                                    | 26-31                                 | 22-26                               | 21-25                         |
| Report of Independent Accountants                                                                  | 32                                    | 27                                  | 26                            |

|                                                                                                    | Mid-Cap Growth Fund—Advisor Class | SMALL-CAP STOCK FUND—Advisor Class | Small-CapVALUE FUND—Advisor Class |
|----------------------------------------------------------------------------------------------------|----------------------------------------|-----------------------------------------|----------------------------------------|
| Financial Highlights, December 31, 2002                                                            | 15                                     | 13                                      | 8                                      |
| Portfolio of Investments, December 31, 2002                                                        | 17-23                                  | 14-24                                   | 9-20                                   |
| Statement of Assets and Liabilities, December 31, 2002                                             | 24                                     | 25                                      | 21                                     |
| Statement of Operations, year ended December 31, 2002                                              | 25                                     | 26                                      | 22                                     |
| Statement of Changes in Net Assets, for the periods ended December 31, 2002, and December 31, 2001 | 26                                     | 27-28                                   | 23-24                                  |
| Notes to Financial Statements, December 31, 2002                                                   | 27-32                                  | 29-33                                   | 25-30                                  |
| Report of Independent Accountants                                                                  | 33                                     | 34                                      | 31                                     |

----

|                                                                                                    | Science &technology fund—advisor class | Growth StOCK FUNDAdvisorclass | MID-CAPVALUE FUNDADVISORclass |
|----------------------------------------------------------------------------------------------------|-------------------------------------------------|-------------------------------|-------------------------------|
| Financial Highlights, December 31, 2002                                                            | 9                                               | 11                            | 10                            |
| Statement of Net Assets, December 31, 2002                                                         | 10-14                                           | 13-19                         | 12-18                         |
| Statement of Operations, year ended December 31, 2002                                              | 15                                              | 20                            | 19                            |
| Statement of Changes in Net Assets, for the periods ended December 31, 2002, and December 31, 2001 | 16                                              | 21-22                         | 20-21                         |
| Notes to Financial Statements, December 31, 2002                                                   | 17-21                                           | 23-28                         | 22-27                         |
| Report of Independent Accountants                                                                  | 22                                              | 29                            | 28                            |

|                                                                                                    | bLUE cHIPgROWTHfUND—RcLASS | equityincomeFund—RClass | MID-CAPvALUE fUND—R cLASS |
|----------------------------------------------------------------------------------------------------|---------------------------------|------------------------------|--------------------------------|
| Financial Highlights, December 31, 2002                                                            | 15                              | 10                           | 11                             |
| Statement of Net Assets, December 31, 2002                                                         | 16-22                           | 11-18                        | 12-18                          |
| Statement of Operations, year ended December 31, 2002                                              | 23                              | 19                           | 19                             |
| Statement of Changes in Net Assets, for the periods ended December 31, 2002, and December 31, 2001 | 24-25                           | 20-21                        | 20-21                          |
| Notes to Financial Statements,December 31, 2002                                                    | 26-31                           | 22-26                        | 22-27                          |
| Report of Independent Accountants                                                                  | 32                              | 27                           | 28                             |

|                                                                                                    | MID-CapGROWTH Fund—RClass |
|----------------------------------------------------------------------------------------------------|--------------------------------|
| Financial Highlights, December 31, 2002                                                            | 16                             |
| Portfolio of Investments, December 31, 2002                                                        | 17-23                          |
| Statement of Assets and Liabilities, December 31, 2002                                             | 24                             |
| Statement of Operations, year ended December 31, 2002                                              | 25                             |
| Statement of Changes in Net Assets, for the periods ended December 31, 2002, and December 31, 2001 | 26                             |
| Notes to Financial Statements, December 31, 2002                                                   | 27-32                          |
| Report of Independent Accountants                                                                  | 33                             |
|                                                                                                    | gROWTHSTOCKfUND—RcLASS |
|----------------------------------------------------------------------------------------------------|-----------------------------|
| Financial Highlights, December 31, 2002                                                            | 12                          |
| Statement of Net Assets, December 31, 2002                                                         | 13-19                       |
| Statement of Operations, year ended December 31, 2002                                              | 20                          |
| Statement of Changes in Net Assets, for the periods ended December 31, 2002, and December 31, 2001 | 21-22                       |
| Notes to Financial Statements,December 31, 2002                                                    | 23-28                       |
| Report of Independent Accountants                                                                  | 29                          |

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| **Name**                  | Positions andOffices WithUnderwriter | Positions and Offices WithRegistrant |
|---------------------------|--------------------------------------|--------------------------------------|
| James S. Riepe            | Chairman of the Boardand Director    | Chairman of the Board                |
| Edward C. Bernard         | President and Director               | None                                 |
| 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                                 |
| Patricia M. Archer        | 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                                 |
| Meredith C. Callanan      | Vice President                       | None                                 |
| John H. Cammack           | Vice President                       | None                                 |
| Susan R. Camp             | Vice President                       | None                                 |
| Ann R. Campbell           | Vice President                       | None                                 |
| Christine M. Carolan      | Vice President                       | None                                 |
| Joseph A. Carrier         | Vice President                       | None                                 |
| Laura H. Chasney          | Vice President                       | None                                 |
| Renee M. Christoff        | Vice President                       | None                                 |
| Jerome A. Clark           | Vice President                       | None                                 |
| Joseph A. Crumbling       | Vice President                       | None                                 |
| Christine S. Fahlund      | Vice President                       | None                                 |
| Laurie L. Fierro          | Vice President                       | None                                 |
| Forrest R. Foss           | 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                                 |
| David J. Healy            | Vice President                       | None                                 |
| Joanne M. Healy           | Vice President                       | None                                 |
| Joseph P. Healy           | Vice President                       | None                                 |
| Walter J. Helmlinger      | Vice President                       | None                                 |
| Duane E. Higdon           | Vice President                       | None                                 |
| Christopher A. Jarmush    | Vice President                       | None                                 |
| Salvador G. LaBella       | Vice President                       | None                                 |
| Steven A. Larson          | Vice President                       | None                                 |
| Cynthia W. LaRue          | Vice President                       | None                                 |
| Gayle A. Lomax            | Vice President                       | None                                 |
| Gayatri Malik             | Vice President                       | None                                 |
| Sarah McCafferty          | Vice President                       | None                                 |
| Mark J. Mitchell          | Vice President                       | None                                 |
| Nancy M. Morris           | Vice President                       | None                                 |
| George A. Murnaghan       | 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                                 |
| Regina M. Pizzonia        | Vice President                       | None                                 |
| Kathleen G. Polk          | Vice President                       | None                                 |
| Peter Preisler            | Vice President                       | None                                 |
| Pamela D. Preston         | Vice President                       | None                                 |
| Kylelane Purcell          | 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                                 |
| Kristin E. Seeberger      | Vice President                       | None                                 |
| John W. Seufert           | Vice President                       | None                                 |
| Donna B. Singer           | Vice President                       | None                                 |
| Carole H. Smith           | Vice President                       | None                                 |
| Scott Such                | Vice President                       | None                                 |
| Jerome Tuccille           | Vice President                       | None                                 |
| Walter L. Wdowiak         | Vice President                       | None                                 |
| Barbara A. O`Connor       | Treasurer                            | None                                 |
| Barbara A. Van Horn       | Secretary                            | None                                 |
| Kimberly B. Andersen      | Assistant Vice President             | None                                 |
| Shane Baldino             | Assistant Vice President             | None                                 |
| Richard J. Barna          | Assistant Vice President             | None                                 |
| Catherine L. Berkenkemper | Assistant Vice President             | None                                 |
| Elizabeth A. Cairns       | Assistant Vice President             | None                                 |
| Sheila P. Callahan        | Assistant Vice President             | None                                 |
| Patricia M. Cannon        | Assistant Vice President             | None                                 |
| Jodi Ann Casson           | Assistant Vice President             | None                                 |
| Renee L. Chapman          | Assistant Vice President             | None                                 |
| Linsley G. Craig          | Assistant Vice President             | None                                 |
| Jon Derek Dry             | Assistant Vice President             | None                                 |
| Dominick J. Dunnigan      | Assistant Vice President             | None                                 |
| Cheryl L. Emory           | Assistant Vice President             | None                                 |
| Bruce S. Fulton           | Assistant Vice President             | None                                 |
| John A. Galateria         | Assistant Vice President             | None                                 |
| Karen L. Glooch           | Assistant Vice President             | None                                 |
| Jason L. Gounaris         | Assistant Vice President             | None                                 |
| David A.J. Groves         | Assistant Vice President             | None                                 |
| Kristen L. Heerema        | Assistant Vice President             | None                                 |
| David A. Hueser           | Assistant Vice President             | None                                 |
| Shawn M. Isaacson         | Assistant Vice President             | None                                 |
| Suzanne M. Knoll          | Assistant Vice President             | None                                 |
| Patricia B. Lippert       | Assistant Vice President             | Secretary                            |
| Lois Lynch                | Assistant Vice President             | None                                 |
| Karen M. Magness          | Assistant Vice President             | None                                 |
| Amy L. Marker             | Assistant Vice President             | None                                 |
| C. Lillian Matthews       | Assistant Vice President             | None                                 |
| Janice D. McCrory         | Assistant Vice President             | None                                 |
| Jennifer H. McDonnell     | Assistant Vice President             | None                                 |
| John T. McGuigan          | Assistant Vice President             | None                                 |
| Daniel M. Middelton       | Assistant Vice President             | None                                 |
| Laurie K. Mitchell        | Assistant Vice President             | None                                 |
| Thomas R. Morelli         | Assistant Vice President             | None                                 |
| Clark P. Neel             | Assistant Vice President             | None                                 |
| Danielle Nicholson Smith  | Assistant Vice President             | None                                 |
| JeanneMarie B. Patella    | Assistant Vice President             | None                                 |
| Jean E. Ramos-Izquierdo   | Assistant Vice President             | None                                 |
| Seamus A. Ray             | Assistant Vice President             | None                                 |
| Shawn D. Reagan           | Assistant Vice President             | None                                 |
| Jennifer L. Richardson    | Assistant Vice President             | None                                 |
| Kristin M. Rodriguez      | Assistant Vice President             | None                                 |
| Ramon D. Rodriguez        | Assistant Vice President             | None                                 |
| Deborah D. Seidel         | Assistant Vice President             | None                                 |
| Kevin C. Shea             | Assistant Vice President             | None                                 |
| Thomas L. Siedell         | Assistant Vice President             | None                                 |
| John A. Stranovsky        | Assistant Vice President             | None                                 |
| Robyn S. Thompson         | Assistant Vice President             | None                                 |
| Judith B. Ward            | Assistant Vice President             | None                                 |
| William R. Weker, Jr.     | Assistant Vice President             | None                                 |
| Natalie C. Widdowson      | Assistant Vice President             | None                                 |
| Mary G. Williams          | Assistant Vice President             | None                                 |
| Linda C. Wright           | Assistant Vice President             | None                                 |
| Timothy R. Yee            | Assistant Vice President             | None                                 |

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