----

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| 1 |  | About the Funds                                        |    |
|---|--|--------------------------------------------------------|----|
|   |  | Objective, Strategy, Risks, and Expenses               | 1  |
|   |  | Other Information About the Funds                      | 10 |
|   |  | Some Characteristics of Municipal Securities           | 11 |
|   |  | Some Basics of Fixed-Income Investing                  | 13 |
|   |  |                                                        |    |
| 2 |  | Information About Accounts in T. Rowe Price Funds |    |
|   |  | Pricing Shares and Receiving Sale Proceeds             | 16 |
|   |  | Useful Information on Distributions and Taxes          | 21 |
|   |  | Transaction Procedures and SpecialRequirements         | 27 |
|   |  | Account Maintenance and Small Account Fees             | 31 |
|   |  |                                                        |    |
| 3 |  | More About the Funds                                   |    |
|   |  | Organization and Management                            | 32 |
|   |  | Understanding Performance Information                  | 35 |
|   |  | Investment Policies and Practices                      | 36 |
|   |  | Disclosure of Fund Portfolio Information               | 46 |
|   |  | Financial Highlights                                   | 47 |
|   |  |                                                        |    |
| 4 |  | Investing With T. Rowe Price                           |    |
|   |  | Account Requirements and TransactionInformation        | 52 |
|   |  | Opening a New Account                                  | 53 |
|   |  | Purchasing Additional Shares                           | 55 |
|   |  | Exchanging and Redeeming Shares                        | 56 |
|   |  | Rights Reserved by the Funds                           | 58 |
|   |  | Information About Your Services                        | 59 |
|   |  | T. Rowe Price Brokerage                           | 61 |
|   |  | Investment Information                                 | 62 |
|   |  | T. Rowe Price Privacy Policy                      | 63 |

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| Fund               | Credit-quality categories                     | Income*         | Expectedshare pricevolatility* | Expected averagematurity |
|--------------------|-----------------------------------------------|-----------------|--------------------------------|--------------------------|
| Money              | Two highest                                   | Low             | Stable                         | 90 days or less          |
|                    |                                               |                 |                                |                          |
| Short-Intermediate | Predominately four highest                    | Low to moderate | Low to moderate                | 2 to 5 years             |
|                    |                                               |                 |                                |                          |
| Income             | Predominately four highest                    | High            | Higher                         | Over 10 years            |
|                    |                                               |                 |                                |                          |
| High Yield         | Generally low-quality to upper-medium quality | Highest         | Higher                         | Over 10 years            |

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|  |  |
|--|--|

| The fund`s return for the three months ended 3/31/09was 0.09%. | The fund`s return for the three months ended 3/31/09was 2.28%. |
|----------------------------------------------------------------|----------------------------------------------------------------|

|  |  |
|--|--|

| The fund`s return for the three months ended 3/31/09was 4.51%. | The fund`s return for the three months ended 3/31/09was 6.73%. |
|----------------------------------------------------------------|----------------------------------------------------------------|

|                                                                     | Periods ended December 31, 2008 |       |       |
|---------------------------------------------------------------------|--------------------------------------|-------|-------|
||
| Money Fund                                                          | 1.94%                                | 2.17% | 2.15% |
| Lipper Tax-Exempt Money Market Funds Average                        | 1.69                                 | 1.99  | 2.01  |
| Short-Intermediate Fund                                             |                                      |       |       |
| Returns before taxes                                                | 3.00                                 | 2.53  | 3.50  |
| Returns after taxes on distributions                                | 3.00                                 | 2.53  | 3.48  |
| Returns after taxes on distributions and sale of fund shares        | 3.14                                 | 2.61  | 3.50  |
| Barclays Capital Municipal Bond 1-5 Year Blend (1-6 Maturity) Index | 5.39                                 | 3.31  | 4.10  |
| Lipper Short-Intermediate Municipal Debt Funds Average              | 0.60                                 | 1.94  | 2.99  |
| Income Fund                                                         |                                      |       |       |
| Returns before taxes                                                | -5.81                                | 1.83  | 3.54  |
| Returns after taxes on distributions                                | -5.81                                | 1.83  | 3.54  |
| Returns after taxes on distributions and sale of fund shares        | -2.19                                | 2.25  | 3.73  |
| Barclays Capital Municipal Bond Index                               | -2.47                                | 2.71  | 4.26  |
| Lipper General Municipal Debt Funds Average                         | -9.09                                | 0.53  | 2.44  |
| High Yield Fund                                                     |                                      |       |       |
| Returns before taxes                                                | -21.49                               | -1.23 | 1.41  |
| Returns after taxes on distributions                                | -21.49                               | -1.24 | 1.40  |
| Returns after taxes on distributions and sale of fund shares        | -12.17                               | -0.13 | 2.06  |
| Barclays Capital Municipal Revenue BondIndex                        | -6.31                                | 2.15  | 3.92  |
| Lipper High Yield Municipal Debt Funds Average                      | -25.11                               | -2.48 | 0.57  |

----

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|                    | Annual fund operating expenses(expenses that are deducted from fund assets)  |       |       |  |
|--------------------|-----------------------------------------------------------------------------------|-------|-------|--|
||
| Money              | 0.41%a                                                                            | 0.09% | 0.50% |  |
| Short-Intermediate | 0.41                                                                              | 0.10  | 0.51  |  |
| Income             | 0.46                                                                              | 0.07  | 0.53  |  |
| High Yield         | 0.61                                                                              | 0.10  | 0.71  |  |

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| Fund               | 1 year | 3 years | 5 years | 10 years |  |
|--------------------|--------|---------|---------|----------|--|
| Money              | $51    | $160    | $280    | $628     |  |
| Short-Intermediate | 52     | 164     | 285     | 640      |  |
| Income             | 54     | 170     | 296     | 665      |  |
| High Yield         | 73     | 227     | 395     | 883      |  |

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| If your | A tax-free yield of |      |      |      |      |      |      |  |
|---------|---------------------|------|------|------|------|------|------|--|
||
||
| 25%     | 1.3%                | 2.7% | 4.0% | 5.3% | 6.7% | 8.0% | 9.3% |  |
| 28%     | 1.4                 | 2.8  | 4.2  | 5.6  | 6.9  | 8.3  | 9.7  |  |
| 33%     | 1.5                 | 3.0  | 4.5  | 6.0  | 7.5  | 9.0  | 10.5 |  |
| 35%     | 1.5                 | 3.1  | 4.6  | 6.2  | 7.7  | 9.2  | 10.8 |  |

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|          | Price per $1,000 of a Municipal Bond if Interest Rates: |      |      |        |        |  |
|----------|---------------------------------------------------------|------|------|--------|--------|--|
||
||
| 1 year   | 0.43%                                                   | $990 | $980 | $1,010 | $1,020 |  |
| 3 years  | 1.23                                                    | 971  | 943  | 1,030  | 1,061  |  |
| 5 years  | 1.84                                                    | 954  | 910  | 1,049  | 1,100  |  |
| 10 years | 2.93                                                    | 918  | 845  | 1,090  | 1,189  |  |
| 20 years | 4.25                                                    | 878  | 779  | 1,145  | 1,314  |  |
| 30 years | 4.54                                                    | 856  | 750  | 1,182  | 1,402  |  |

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| T. Rowe PriceFunds With Redemption Fees   |      |                    |  |
|------------------------------------------------|------|--------------------|--|
||
| Africa & Middle East                       | 2%   | 90 daysor less     |  |
| Diversified Small-Cap Growth                   | 1%   | 90 daysor less     |  |
| Emerging Europe & Mediterranean            | 2%   | 90 daysor less     |  |
| Emerging Markets Bond                          | 2%   | 90 daysor less     |  |
| Emerging Markets Stock                         | 2%   | 90 daysor less     |  |
| Equity Index 500                               | 0.5% | 90 daysor less     |  |
| European Stock                                 | 2%   | 90 daysor less     |  |
| Extended Equity Market Index                   | 0.5% | 90 daysor less     |  |
| Global Large-Cap Stock                         | 2%   | 90 daysor less     |  |
| Global Real Estate                             | 2%   | 90 daysor less     |  |
| Global Stock                                   | 2%   | 90 daysor less     |  |
| High Yield                                     | 1%   | 90 daysor less     |  |
| International Bond                             | 2%   | 90 daysor less     |  |
| International Discovery                        | 2%   | 90 daysor less     |  |
| International Equity Index                     | 2%   | 90 daysor less     |  |
| International Growth & Income              | 2%   | 90 daysor less     |  |
| International Stock                            | 2%   | 90 days or less    |  |
| Japan                                          | 2%   | 90 daysor less     |  |
| Latin America                                  | 2%   | 90 daysor less     |  |
| New Asia                                       | 2%   | 90 days or less    |  |
| Overseas Stock                                 | 2%   | 90 daysor less     |  |
| Real Estate                                    | 1%   | 90 daysor less     |  |
| Small-Cap Value                                | 1%   | 90 daysor less     |  |
| Spectrum International                         | 2%   | 90 daysor less     |  |
| Tax-Efficient Multi-Cap Growth                 | 1%   | less than 365 days |  |
| Total Equity Market Index                      | 0.5% | 90 daysor less     |  |
| U.S. Bond Index                                | 0.5% | 90 daysor less     |  |

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

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| Tax-Free and Municipal Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|
| Regular monthly dividends (including those from the state-specific tax-free funds) are expected to be exempt from federal income taxes.Exemption is not guaranteed, since the fund has the right under certain conditions to invest in nonexempt securities.A fund may invest in Build America Bonds authorized by the American Recovery and Reinvestment Act of 2009, as well as other qualified tax credit bonds. Investments in these bonds will result in taxable interest income, although the federal income tax on such interest income may be fully or partially offset by the specified tax credits that are available to the bondholders. A fund may elect to pass through to the shareholders taxable interest income and any corresponding tax credits. Any available tax credits—which are also included in federal taxable income—can generally be used to offset federal regular income tax and alternative minimum tax, but those tax credits are generally not refundable.Tax-exempt dividends paid to Social Security recipients may increase the portion of benefits that is subject to tax.For state-specific funds, the monthly dividends you receive are expected to be exempt from state and local income tax of that particular state. For other funds, a small portion of your income dividend may be exempt from state and local income taxes.If a fund invests in certain "private activity" bonds not exempt from alternative minimum tax (AMT), shareholders who are subject to the AMT must include income generated by those bonds in their AMT calculation. Private activity bonds that are issued in 2009 and 2010, and refunding bonds issued in 2009 and 2010 to refund private activity bonds that were issued from the beginning of 2004 to the end of 2008, are exempt from AMT. The portion of a fund`s income dividend that should be included in your AMT calculation, if any, will be reported to you in January on Form 1099-INT. |  |

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

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| 0.334%* | First $50 billion |
|---------|-------------------|
|         |                   |
| 0.305%  | Next $30 billion  |
|         |                   |
| 0.300%  | Next $40 billion  |
|         |                   |
| 0.295%  | Next $40 billion  |
|         |                   |
| 0.290%  | Next $60 billion  |
|         |                   |
| 0.285%  | Thereafter        |

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|                 | Moody`sInvestorsService, Inc. | Standard& Poor`sCorporation | FitchRatings |                                                     | Definition            |               |                                                 |  |
|-----------------|-------------------------------|---------------------------------|--------------|-----------------------------------------------------|-----------------------|---------------|-------------------------------------------------|--|
| Long Term       | Aaa                           | AAA                             | AAA          |                                                     | Highest quality       |               |                                                 |  |
|                 | Aa                            | AA                              | AA           |                                                     | High quality          |               |                                                 |  |
|                 | A                             | A                               | A            |                                                     | Upper-medium grade    |               |                                                 |  |
|                 | Baa                           | BBB                             | BBB          |                                                     | Medium grade          |               |                                                 |  |
|                 | Ba                            | BB                              | BB           |                                                     | Speculative           |               |                                                 |  |
|                 | B                             | B                               | B            |                                                     | Highly speculative    |               |                                                 |  |
|                 | Caa                           | CCC                             | CCC          |                                                     | Vulnerable to default |               |                                                 |  |
|                 | Ca                            | CC                              | CC           |                                                     | Default is imminent   |               |                                                 |  |
|                 | C                             | C                               | C            |                                                     | Probably in default   |               |                                                 |  |
|                 | Moody`s                       |                                 | S&P      |                                                     |                       | Fitch Ratings |                                                 |  |
| Short Term      | MIG1/VMIG1                    | Best quality                    | SP-1+SP-1    | Very strong qualityStrong grade                     |                       | F-1+F-1       | Exceptionally strong qualityVery strong quality |  |
|                 | MIG2/VMIG2                    | High quality                    | SP-2         | Satisfactory grade                                  |                       | F-2           | Good quality                                    |  |
|                 | MIG3/VMIG3                    | Favorable quality               |              |                                                     |                       | F-3           | Fair quality                                    |  |
|                 | SG                            | Speculative quality             | SP-3         | Speculative grade                                   |                       | F-5           | Weak quality                                    |  |
| CommercialPaper | P-1                           | Superior quality                | A-1+A-1      | Extremely strong qualityStrong quality              |                       | F-1+F-1       | Exceptionally strong qualityVery strong quality |  |
|                 | P-2                           | Strong quality                  | A-2          | Satisfactory quality                                |                       | F-2           | Good quality                                    |  |
|                 | P-3                           | Acceptable quality              | A-3BC        | Adequate qualitySpeculative qualityDoubtful quality |                       | F-3F-5        | Fair qualityWeak quality                        |  |

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|                                                                  | Year ended February 28 |         |         |         |         |  |
|------------------------------------------------------------------|------------------------|---------|---------|---------|---------|--|
||
|                                                                  |                        |         |         |         |         |  |
| Net asset value,beginning of period                              | $1.000                 | $1.000  | $1.000  | $1.000  | $1.000  |  |
| Income From Investment Operations                                |                        |         |         |         |         |  |
| Net investment income                                            | 0.009                  | 0.023   | 0.030   | 0.031   | 0.016   |  |
| Net gains or losses on securities (both realized and unrealized) | —                 | (0.001) | —  | —  | —  |  |
| Total from investment operations                                 | 0.009                  | 0.022   | 0.030   | 0.031   | 0.016   |  |
| Less Distributions                                               |                        |         |         |         |         |  |
| Dividends (from net investment income)                           | (0.009)                | (0.022) | (0.030) | (0.031) | (0.016) |  |
| Distributions (fromcapital gains)                                | —                 | —  | —  | —  | —  |  |
| Total distributions                                              | (0.009)                | (0.022) | (0.030) | (0.031) | (0.016) |  |
| Net asset value,end of period                                    | $1.000                 | $1.000  | $1.000  | $1.000  | $1.000  |  |
| Total return                                                     | 0.86%                  | 2.20%   | 3.08%   | 3.12%   | 1.60%   |  |
| Ratios/Supplemental Data                                         |                        |         |         |         |         |  |
| Net assets, end of period (in millions)                          | $832                   | $1,073  | $852    | $1,081  | $990    |  |
| Ratio of expenses to average net assets                          | 0.51%                  | 0.48%   | 0.47%   | 0.47%   | 0.50%   |  |
| Ratio of net income to average net assets                        | 0.86%                  | 2.20%   | 3.02%   | 3.05%   | 1.62%   |  |

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|                                                                  | Year ended February 28 |          |          |          |          |  |
|------------------------------------------------------------------|------------------------|----------|----------|----------|----------|--|
||
|                                                                  |                        |          |          |          |          |  |
| Net asset value,beginning of period                              | $5.54                  | $5.40    | $5.34    | $5.34    | $5.34    |  |
| Income From Investment Operations                                |                        |          |          |          |          |  |
| Net investment income                                            | 0.14                   | 0.15     | 0.17     | 0.18     | 0.18     |  |
| Net gains or losses on securities (both realized and unrealized) | (0.14)                 | (0.06)   | —   | —   | 0.08     |  |
| Total from investment operations                                 | —                 | 0.09     | 0.17     | 0.18     | 0.26     |  |
| Less Distributions                                               |                        |          |          |          |          |  |
| Dividends (from net investment income)                           | (0.14)                 | (0.15)   | (0.17)   | (0.18)   | (0.18)   |  |
| Distributions (fromcapital gains)                                | —                 | —   | —   | —   | —   |  |
| Total distributions                                              | (0.14)                 | (0.15)   | (0.17)   | (0.18)   | (0.18)   |  |
| Net asset value,end of period                                    | $5.40                  | $5.34    | $5.34    | $5.34    | $5.42    |  |
| Total return                                                     | 0.09%                  | 1.77%    | 3.31%    | 3.49%    | 4.89%    |  |
| Ratios/Supplemental Data                                         |                        |          |          |          |          |  |
| Net assets, end of period (in thousands)                         | $563,259               | $507,387 | $489,967 | $527,864 | $634,746 |  |
| Ratio of expenses to average net assets                          | 0.51%                  | 0.51%    | 0.51%    | 0.51%    | 0.51%    |  |
| Ratio of net income to average net assets                        | 2.66%                  | 2.88%    | 3.27%    | 3.42%    | 3.31%    |  |
| Portfolio turnover rate                                          | 27.5%                  | 29.7%    | 46.9%    | 43.2%    | 24.9%    |  |

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|                                                                  | Year ended February 28 |        |        |         |        |  |
|------------------------------------------------------------------|------------------------|--------|--------|---------|--------|--|
||
|                                                                  |                        |        |        |         |        |  |
| Net asset value, beginning of period                             | $10.21                 | $10.06 | $10.02 | $10.07  | $9.44  |  |
| Income From Investment Operations                                |                        |        |        |         |        |  |
| Net investment income                                            | 0.43                   | 0.44   | 0.44   | 0.44    | 0.44   |  |
| Net gains or losses on securities (both realized and unrealized) | (0.15)                 | (0.04) | 0.05   | (0.63)  | (0.23) |  |
| Total from investment operations                                 | 0.28                   | 0.40   | 0.49   | (0.19)  | 0.21   |  |
| Less Distributions                                               |                        |        |        |         |        |  |
| Dividends (from net investment income)                           | (0.43)                 | (0.44) | (0.44) | (0.44)  | (0.44) |  |
| Distributions (fromcapital gains)                                | —                 | — | — | —  | — |  |
| Total distributions                                              | (0.43)                 | (0.44) | (0.44) | (0.44)  | (0.44) |  |
| Net asset value,end of period                                    | $10.06                 | $10.02 | $10.07 | $9.44   | $9.21  |  |
| Total return                                                     | 2.87%                  | 4.02%  | 5.03%  | (1.98)% | 2.22%  |  |
| Ratios/Supplemental Data                                         |                        |        |        |         |        |  |
| Net assets, end of period (in millions)                          | $1,459                 | $1,480 | $1,504 | $1,477  | $1,459 |  |
| Ratio of expenses to average net assets                          | 0.54%                  | 0.53%  | 0.52%  | 0.52%   | 0.53%  |  |
| Ratio of net income to average net assets                        | 4.33%                  | 4.37%  | 4.44%  | 4.42%   | 4.68%  |  |
| Portfolio turnover rate                                          | 29.8%                  | 31.0%  | 28.1%  | 29.9%   | 41.4%  |  |

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|                                                                  | Year ended February 28 |        |        |         |          |  |
|------------------------------------------------------------------|------------------------|--------|--------|---------|----------|--|
||
|                                                                  |                        |        |        |         |          |  |
| Net asset value, beginning of period                             | $11.83                 | $11.86 | $11.99 | $12.18  | $10.88   |  |
| Income From Investment Operations                                |                        |        |        |         |          |  |
| Net investment income                                            | 0.60                   | 0.58   | 0.58   | 0.57    | 0.57     |  |
| Net gains or losses on securities (both realized and unrealized) | 0.03                   | 0.13   | 0.20   | (1.30)  | (1.89)   |  |
| Total from investment operations                                 | 0.63                   | 0.71   | 0.78   | (0.73)  | (1.32)   |  |
| Less Distributions                                               |                        |        |        |         |          |  |
| Dividends (from net investment income)                           | (0.60)                 | (0.58) | (0.58) | (0.57)  | (0.57)   |  |
| Distributions (fromcapital gains)                                | —                 | — | (0.01) | —  | —   |  |
| Total distributions                                              | (0.60)                 | (0.58) | (0.59) | (0.57)  | (0.57)   |  |
| Net asset value,end of period                                    | $11.86                 | $11.99 | $12.18 | $10.88  | $8.99    |  |
| Total return                                                     | 5.49%                  | 6.14%  | 6.67%  | (6.18)% | (12.54)% |  |
| Ratios/Supplemental Data                                         |                        |        |        |         |          |  |
| Net assets, end of period (in millions)                          | $1,266                 | $1,431 | $1,603 | $1,350  | $1,217   |  |
| Ratio of expenses to average net assets                          | 0.70%                  | 0.70%  | 0.72%  | 0.72%   | 0.71%    |  |
| Ratio of net income to average net assets                        | 5.12%                  | 4.91%  | 4.84%  | 4.87%   | 5.61%    |  |
| Portfolio turnover rate                                          | 22.8%                  | 20.0%  | 25.2%  | 31.2%   | 28.7%    |  |

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| 1 |  | About the Fund                                             |    |
|---|--|------------------------------------------------------------|----|
|   |  | Objective, Strategy, Risks, and Expenses                   | 1  |
|   |  | Other Information About the Fund                           | 6  |
|   |  | Some Characteristics of Municipal Securities               | 7  |
|   |  | Some Basics of Fixed-Income Investing                      | 9  |
|   |  |                                                            |    |
| 2 |  | Information About Accounts in T. RowePrice Funds      |    |
|   |  | Pricing Shares and Receiving Sale Proceeds                 | 12 |
|   |  | Useful Information on Distributions and Taxes              | 16 |
|   |  | Transaction Procedures and SpecialRequirements             | 20 |
|   |  | Distribution, Shareholder Servicing, andRecordkeeping Fees | 23 |
|   |  |                                                            |    |
| 3 |  | More About the Fund                                        |    |
|   |  | Organization and Management                                | 24 |
|   |  | Understanding Performance Information                      | 26 |
|   |  | Investment Policies and Practices                          | 27 |
|   |  | Disclosure of Fund Portfolio Information                   | 37 |
|   |  | Financial Highlights                                       | 38 |
|   |  |                                                            |    |
| 4 |  | Investing With T. Rowe Price                               |    |
|   |  | Account Requirements and TransactionInformation            | 40 |
|   |  | Purchasing Additional Shares                               | 41 |
|   |  | Exchanging and Redeeming Shares                            | 42 |
|   |  | Rights Reserved by the Funds                               | 42 |
|   |  | T. Rowe Price Privacy Policy                          | 44 |

----

----

----

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|                                                              | Periods endedDecember 31, 2008 |       |       |  |
|--------------------------------------------------------------|-------------------------------------|-------|-------|--|
||
| Tax-Free Income Fund—Advisor Class                      |                                     |       |       |  |
| Returns before taxes                                         | -6.11%                              | 1.53% | 1.97% |  |
| Returns after taxes on distributions                         | -6.11                               | 1.53  | 1.97  |  |
| Returns after taxes on distributions and sale of fund shares | -2.50                               | 1.94  | 2.32  |  |
| Barclays Capital Municipal Bond Index                        | -2.47                               | 2.71  | 3.01  |  |
| Lipper General Municipal Debt Funds Average                  | -9.09                               | 0.53  | 1.11  |  |

----

|                                       | Annual fund operating expenses(expenses that are deducted from fund assets) |
|---------------------------------------|-----------------------------------------------------------------------------|
| Management fee                        | 0.46%a                                                                      |
| Distribution and service (12b-1) fees | 0.25%                                                                       |
| Other expenses                        | 0.15%                                                                       |
| Total annual fund operating expenses  | 0.86%                                                                       |

| 1 year | 3 years | 5 years | 10 years |
|-------------|--------------|--------------|---------------|
| $88         | $274         | $477         | $1,061        |

----

| If your | A tax-free yield of |      |      |      |      |      |      |  |
|---------|---------------------|------|------|------|------|------|------|--|
||
||
| 25%     | 1.3%                | 2.7% | 4.0% | 5.3% | 6.7% | 8.0% | 9.3% |  |
| 28%     | 1.4                 | 2.8  | 4.2  | 5.6  | 6.9  | 8.3  | 9.7  |  |
| 33%     | 1.5                 | 3.0  | 4.5  | 6.0  | 7.5  | 9.0  | 10.5 |  |
| 35%     | 1.5                 | 3.1  | 4.6  | 6.2  | 7.7  | 9.2  | 10.8 |  |

----

|          | Price per $1,000 of a Municipal Bond if Interest Rates: |      |      |        |        |  |
|----------|---------------------------------------------------------|------|------|--------|--------|--|
||
||
| 1 year   | 0.43%                                                   | $990 | $980 | $1,010 | $1,020 |  |
| 3 years  | 1.23                                                    | 971  | 943  | 1,030  | 1,061  |  |
| 5 years  | 1.84                                                    | 954  | 910  | 1,049  | 1,100  |  |
| 10 years | 2.93                                                    | 918  | 845  | 1,090  | 1,189  |  |
| 20 years | 4.25                                                    | 878  | 779  | 1,145  | 1,314  |  |
| 30 years | 4.54                                                    | 856  | 750  | 1,182  | 1,402  |  |

----

----

----

| T. Rowe PriceAdvisor Class Funds With Redemption Fees  |    |                 |  |
|-------------------------------------------------------------|----|-----------------|--|
||
| Global Large-Cap Stock—Advisor Class                   | 2% | 90 daysor less  |  |
| Global Real Estate—Advisor Class                       | 2% | 90 daysor less  |  |
| Global Stock—Advisor Class                             | 2% | 90 daysor less  |  |
| High Yield—Advisor Class                               | 1% | 90 days or less |  |
| International Bond—Advisor Class                       | 2% | 90 days or less |  |
| International Growth & Income—Advisor Class        | 2% | 90 days or less |  |
| International Stock—Advisor Class                      | 2% | 90 days or less |  |
| Real Estate—Advisor Class                              | 1% | 90 days or less |  |
| Small-Cap Value—Advisor Class                          | 1% | 90 days or less |  |

----

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

----

----

----

----

----

----

----

| 0.334%* | First $50 billion |
|---------|-------------------|
|         |                   |
| 0.305%  | Next $30 billion  |
|         |                   |
| 0.300%  | Next $40 billion  |
|         |                   |
| 0.295%  | Next $40 billion  |
|         |                   |
| 0.290%  | Next $60 billion  |
|         |                   |
| 0.285%  | Thereafter        |

----

----

----

----

----

----

----

|                 |  | Moody`sInvestorsService, Inc. | Standard &Poor`sCorporation | Fitch Ratings |                                        | Definition         |               |                                                 |  |
|-----------------|--|-------------------------------|---------------------------------|---------------|----------------------------------------|--------------------|---------------|-------------------------------------------------|--|
| Long Term       |  | Aaa                           | AAA                             | AAA           |                                        | Highest quality    |               |                                                 |  |
|                 |  | Aa                            | AA                              | AA            |                                        | High quality       |               |                                                 |  |
|                 |  | A                             | A                               | A             |                                        | Upper-medium grade |               |                                                 |  |
|                 |  | Baa                           | BBB                             | BBB           |                                        | Medium grade       |               |                                                 |  |
|                 |  | Moody`s                       |                                 | S&P       |                                        |                    | Fitch Ratings |                                                 |  |
| Short Term      |  | MIG1/VMIG1                    | Best quality                    | SP-1+SP-1     | Very strong qualityStrong grade        |                    | F-1+F-1       | Exceptionally strong qualityVery strong quality |  |
|                 |  | MIG2/VMIG2                    | High quality                    | SP-2          | Satisfactory grade                     |                    | F-2           | Good credit quality                             |  |
| CommercialPaper |  | P-1                           | Superior quality                | A-1+A-1       | Extremely strong qualityStrong quality |                    | F-1+F-1       | Exceptionally strong qualityVery strong quality |  |
|                 |  | P-2                           | Strong quality                  | A-2           | Satisfactory quality                   |                    | F-2           | Good credit quality                             |  |

----

|                                                                  | Year ended February 28 |          |          |          |          |  |
|------------------------------------------------------------------|------------------------|----------|----------|----------|----------|--|
||
|                                                                  |                        |          |          |          |          |  |
| Net asset value,beginning of period                              | 10.21                  | 10.07    | 10.03    | 10.08    | 9.45     |  |
| Income From Investment Operations                                |                        |          |          |          |          |  |
| Net investment income                                            | 0.40                   | 0.40     | 0.41     | 0.41     | 0.41     |  |
| Net gains or losses on securities (both realized and unrealized) | (0.14)                 | (0.04)   | 0.05     | (0.63)   | (0.23)   |  |
| Total from investment operations                                 | 0.26                   | 0.36     | 0.46     | (0.22)   | 0.18     |  |
| Less Distributions                                               |                        |          |          |          |          |  |
| Dividends (from net investment income)                           | (0.40)                 | (0.40)   | (0.41)   | (0.41)   | (0.41)   |  |
| Distributions (fromcapital gains)                                | —                 | —   | —   | —   | —   |  |
| Returns of capital                                               | —                 | —   | —   | —   | —   |  |
| Total distributions                                              | (0.40)                 | (0.40)   | (0.41)   | (0.41)   | (0.41)   |  |
| Net asset value,end of period                                    | $10.07                 | $10.03   | $10.08   | $9.45    | $9.22    |  |
| Total return                                                     | 2.65%                  | 3.69%    | 4.70%    | (2.29)%  | 1.89%    |  |
| Ratios/Supplemental Data                                         |                        |          |          |          |          |  |
| Net assets, end of period(in thousands)                          | $238,538               | $308,267 | $347,605 | $319,960 | $319,499 |  |
| Ratio of expenses to average net assets                          | 0.85%                  | 0.84%    | 0.84%    | 0.84%    | 0.85%    |  |
| Ratio of net income to average net assets                        | 4.00%                  | 4.05%    | 4.11%    | 4.09%    | 4.32%    |  |
| Portfolio turnover rate                                          | 29.8%                  | 31.0%    | 28.1%    | 29.9%    | 41.4%    |  |

----

----

----

----

----

----

----

----

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| PART I — TABLE OF CONTENTS  |     |  |                                               |     |
|----------------------------------|-----|--|-----------------------------------------------|-----|
||
||
||
| Management of the Funds          | 12  |  | Distributor for the Funds                     | 132 |
| Principal Holders of Securities  | 78  |  | Portfolio Transactions                        | 135 |
| Investment Management Agreements | 110 |  | Independent Registered Public Accounting Firm | 167 |
| Other Shareholder Services       | 127 |  | Part II                                       | 168 |

| Fund                                                      | Fund Category                         | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
|-----------------------------------------------------------|---------------------------------------|-----------------|--------------------|------------------------|-----------------|
| Africa & Middle East                                  | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Balanced                                                  | Blended                               | Dec 31          | Dec 31             | June 30                | May 1           |
| Blue Chip Growth                                          | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Blue Chip Growth Fund—Advisor Class                  | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Blue Chip Growth Fund—R Class                   | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Blue Chip Growth Portfolio                                | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| Blue Chip Growth Portfolio—II                        | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| California Tax-Free Bond                                  | State Tax-Free Bond                   | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| California Tax-Free Money                                 | State Tax-Free Money                  | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Capital Appreciation                                      | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Capital Appreciation Fund—Advisor Class              | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Capital Opportunity                                       | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Capital Opportunity Fund—Advisor Class               | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Capital Opportunity Fund—R Class                | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Corporate Income                                          | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| Diversified Mid-Cap Growth                                | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Diversified Small-Cap Growth                              | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Dividend Growth                                           | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Dividend Growth Fund—Advisor Class                   | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Emerging Europe & Mediterranean                       | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Emerging Markets Bond                                     | International Bond                    | Dec 31          | Dec 31             | June 30                | May 1           |
| Emerging Markets Stock                                    | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Equity Income                                             | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Equity Income Fund—Advisor Class                     | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Equity Income Fund—R Class                      | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Equity Income Portfolio                                   | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| Equity Income Portfolio—II                           | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| Equity Index 500                                          | Index Equity                          | Dec 31          | Dec 31             | June 30                | May 1           |
| Equity Index 500 Portfolio                                | Index EquityVariable Annuity          | Dec 31          | Dec 31             | June 30                | May 1           |
| European Stock                                            | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Extended Equity Market Index                              | Index Equity                          | Dec 31          | Dec 31             | June 30                | May 1           |
| Financial Services                                        | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Georgia Tax-Free Bond                                     | State Tax-Free Bond                   | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Global Large-Cap Stock                                    | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Global Large-Cap Stock Fund—Advisor Class            | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Global Real Estate                                        | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Global Real Estate Fund—Advisor Class                | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Global Stock                                              | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Global Stock Fund—Advisor Class                      | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Global Technology                                         | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| GNMA                                                      | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| TRP Government Reserve Investment                         | Taxable Money                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Growth & Income                                       | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Growth Stock                                              | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Growth Stock Fund—Advisor Class                      | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Growth Stock Fund—R Class                       | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Health Sciences                                           | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Health Sciences Portfolio                                 | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| Health Sciences Portfolio—II                         | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| High Yield                                                | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| High Yield Fund—Advisor Class                        | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| Inflation Protected Bond                                  | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| Institutional Africa & Middle East                    | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Institutional Core Plus                                   | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| Institutional Emerging Markets Bond                       | International Bond                    | Dec 31          | Dec 31             | June 30                | May 1           |
| Institutional Emerging Markets Equity                     | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Institutional Floating Rate                               | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| Institutional Foreign Equity                              | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Institutional Global Equity                               | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Institutional Global Large-Cap Equity                     | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Institutional High Yield                                  | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| Institutional International Bond                          | International Bond                    | Dec 31          | Dec 31             | June 30                | May 1           |
| Institutional Large-Cap Core Growth                       | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Institutional Large-Cap Growth                            | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Institutional Large-Cap Value                             | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Institutional Mid-Cap Equity Growth                       | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Institutional Small-Cap Stock                             | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Institutional U.S. Structured Research                    | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| International Bond                                        | International Bond                    | Dec 31          | Dec 31             | June 30                | May 1           |
| International Bond Fund—Advisor Class                | International Bond                    | Dec 31          | Dec 31             | June 30                | May 1           |
| International Discovery                                   | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| International Equity Index                                | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| International Growth & Income                         | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| International Growth & Income Fund—Advisor Class | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| International Growth & Income Fund—R Class  | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| International Stock                                       | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| International Stock Fund—Advisor Class               | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| International Stock Fund—R Class                | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| International Stock Portfolio                             | International Equity Variable Annuity | Dec 31          | Dec 31             | June 30                | May 1           |
| Japan                                                     | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Latin America                                             | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Limited-Term Bond Portfolio                               | BondVariable Annuity                  | Dec 31          | Dec 31             | June 30                | May 1           |
| Limited-Term Bond Portfolio—II                       | BondVariable Annuity                  | Dec 31          | Dec 31             | June 30                | May 1           |
| Maryland Short-Term Tax-Free Bond                         | State Tax-Free Bond                   | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Maryland Tax-Free Bond                                    | State Tax-Free Bond                   | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Maryland Tax-Free Money                                   | State Tax-Free Money                  | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Media & Telecommunications                            | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Mid-Cap Growth                                            | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Mid-Cap Growth Fund—Advisor Class                    | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Mid-Cap Growth Fund—R Class                     | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Mid-Cap Growth Portfolio                                  | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| Mid-Cap Growth Portfolio—II                          | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| Mid-Cap Value                                             | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Mid-Cap Value Fund—Advisor Class                     | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Mid-Cap Value Fund—R Class                      | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| New America Growth                                        | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| New America Growth Fund—Advisor Class                | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| New America Growth Portfolio                              | EquityVariable Annuity                | Dec 31          | Dec 31             | June 30                | May 1           |
| New Asia                                                  | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| New Era                                                   | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| New Horizons                                              | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| New Income                                                | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| New Income Fund—Advisor Class                        | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| New Income Fund—R Class                         | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| New Jersey Tax-Free Bond                                  | State Tax-Free Bond                   | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| New York Tax-Free Bond                                    | State Tax-Free Bond                   | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| New York Tax-Free Money                                   | State Tax-Free Money                  | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Overseas Stock                                            | International Equity                  | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Personal Strategy Balanced                                | Blended                               | May 31          | May 31             | Nov 30                 | Oct 1           |
| Personal Strategy Balanced Portfolio                      | BlendedVariable Annuity               | Dec 31          | Dec 31             | June 30                | May 1           |
| Personal Strategy Growth                                  | Blended                               | May 31          | May 31             | Nov 30                 | Oct 1           |
| Personal Strategy Income                                  | Blended                               | May 31          | May 31             | Nov 30                 | Oct 1           |
| Prime Reserve                                             | Taxable Money                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Prime Reserve Portfolio                                   | MoneyVariable Annuity                 | Dec 31          | Dec 31             | June 30                | May 1           |
| Real Estate                                               | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Real Estate Fund—Advisor Class                       | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| TRP Reserve Investment                                    | Taxable Money                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2005                                           | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2005 Fund—Advisor Class                   | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2005 Fund—R Class                    | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2010                                           | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2010 Fund—Advisor Class                   | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2010 Fund—R Class                    | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2015                                           | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2015 Fund—Advisor Class                   | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2015 Fund—R Class                    | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2020                                           | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2020 Fund—Advisor Class                   | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2020 Fund—R Class                    | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2025                                           | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2025 Fund—Advisor Class                   | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2025 Fund—R Class                    | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2030                                           | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2030 Fund—Advisor Class                   | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2030 Fund—R Class                    | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2035                                           | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2035 Fund—Advisor Class                   | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2035 Fund—R Class                    | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2040                                           | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2040 Fund—Advisor Class                   | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2040 Fund—R Class                    | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2045                                           | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2045 Fund—Advisor Class                   | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2045 Fund—R Class                    | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2050                                           | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2050 Fund—Advisor Class                   | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2050 Fund—R Class                    | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2055                                           | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2055 Fund—Advisor Class                   | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement 2055 Fund—R Class                    | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement Income                                         | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement Income Fund—Advisor Class                 | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Retirement Income Fund—R Class                  | Fund-of-Funds                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Science & Technology                                  | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Science & Technology Fund—Advisor Class          | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Short-Term Bond                                           | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| Short-Term Bond Fund—Advisor Class                   | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| Short-Term Income                                         | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| Small-Cap Stock                                           | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Small-Cap Stock Fund—Advisor Class                   | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Small-Cap Value                                           | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Small-Cap Value Fund—Advisor Class                   | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Spectrum Growth                                           | Fund-of-Funds                         | Dec 31          | Dec 31             | June 30                | May 1           |
| Spectrum Income                                           | Fund-of-Funds                         | Dec 31          | Dec 31             | June 30                | May 1           |
| Spectrum International                                    | Fund-of-Funds                         | Dec 31          | Dec 31             | June 30                | May 1           |
| Strategic Income                                          | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| Strategic Income Fund—Advisor Class                  | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| Summit Cash Reserves                                      | Taxable Money                         | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Summit GNMA                                               | Taxable Bond                          | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Summit Municipal Income                                   | Tax-Free Bond                         | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Summit Municipal Intermediate                             | Tax-Free Bond                         | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Summit Municipal Money Market                             | Tax-Free Money                        | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| Tax-Efficient Balanced                                    | Blended                               | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Tax-Efficient Growth                                      | Equity                                | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Tax-Efficient Multi-Cap Growth                            | Equity                                | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Tax-Exempt Money                                          | Tax-Free Money                        | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Tax-Free High Yield                                       | Tax-Free Bond                         | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Tax-Free Income                                           | Tax-Free Bond                         | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Tax-Free Income Fund—Advisor Class                   | Tax Free Bond                         | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Tax-Free Short-Intermediate                               | Tax-Free Bond                         | Feb 28          | Feb 28             | Aug 30                 | July 1          |
| Total Equity Market Index                                 | Index Equity                          | Dec 31          | Dec 31             | June 30                | May 1           |
| U.S. Bond Index                                           | Index Bond                            | Oct 31          | Oct 31             | Apr 30                 | March 1         |
| U.S. Large-Cap Core                                       | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| U.S. Large-Cap Core Fund—Advisor Class               | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| U.S. Treasury Intermediate                                | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| U.S. Treasury Long-Term                                   | Taxable Bond                          | May 31          | May 31             | Nov 30                 | Oct 1           |
| U.S. Treasury Money                                       | Taxable Money                         | May 31          | May 31             | Nov 30                 | Oct 1           |
| Value                                                     | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Value Fund—Advisor Class                             | Equity                                | Dec 31          | Dec 31             | June 30                | May 1           |
| Virginia Tax-Free Bond                                    | State Tax-Free Bond                   | Feb 28          | Feb 28             | Aug 30                 | July 1          |

----

----

----

----

----

----

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| Name, Year of Birth, and Numberof Portfolios in Fund ComplexOverseen by Director | Principal Occupation(s)During Past 5 Years                                                                                                                                                                                                                                                                                                                                                                                                 | Directorshipsof Public Companies                                                  |
|----------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|
| Jeremiah E. Casey1940126 portfolios                                              | Director, National Life Insurance (2001 to 2005); Director, The Rouse Company, real estate developers (1990 to 2004)                                                                                                                                                                                                                                                                                                                       | None                                                                              |
| Anthony W. Deering1945126 portfolios                                             | Chairman, Exeter Capital, LLC, a private investment firm (2004 to present); Director, Under Armour (2008 to present); Director, Vornado Real Estate Investment Trust (2004 to present); Director, Mercantile Bankshares (2002 to 2007); Member, Advisory Board, Deutsche Bank North America (2004 to present); Director, Chairman of the Board, and Chief Executive Officer, The Rouse Company, real estate developers (1997 to 2004) | Under Armour, Vornado Real Estate Investment Trust andDeutsche Bank North America |
| Donald W. Dick, Jr.1943126 portfolios                                            | Principal, EuroCapital Advisors, LLC, an acquisition and management advisory firm(1995 to present)                                                                                                                                                                                                                                                                                                                                         | None                                                                              |
| Karen N. Horn1943126 portfolios                                                  | Director, Eli Lilly and Company (1987 to present); Director, Simon Property Group (2004 to present); Director, Norfolk Southern (2008 to present); Director, Georgia Pacific (2004 to 2005)                                                                                                                                                                                                                                                | Norfolk Southern, Eli Lilly and Company, and Simon Property Group                 |
| Theo C. Rodgers1941126 portfolios                                                | President, A&R Development Corporation(1977 to present)                                                                                                                                                                                                                                                                                                                                                                                | None                                                                              |
| John G. Schreiber1946126 portfolios                                              | Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Partner, Blackstone Real Estate Advisors, L.P. (1992 to present)                                                                                                                                                                                                                                                                      | None                                                                              |
| MarkR. Tercek1957126 portfolios                                                  | President and Chief Executive Officer, The Nature Conservancy(2008 to present); Managing Director, The Goldman Sachs Group, Inc.(1984 to 2008)                                                                                                                                                                                                                                                                                             | None                                                                              |

----

| Name, Year of Birth, and Numberof Portfolios in Fund ComplexOverseen by Director | Principal Occupation(s)During Past 5 Years                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Directorshipsof Public Companies |
|----------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|
| Edward C. Bernard1956126 portfolios                                              | Director and Vice President, T. Rowe Price; Vice Chairman of the Board, Director, and Vice President, T. Rowe Price Group, Inc.; Chairman of the Board, Director, and President, T. Rowe Price Investment Services, Inc.; Chairman of the Board and Director, T. Rowe Price Global Asset Management Limited, T. Rowe Price Global Investment Services Limited, T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Savings Bank, and T. Rowe Price Services, Inc.; Director, T. Rowe Price International, Inc.; Chief Executive Officer, Chairman of the Board, Director, and President, T. Rowe Price Trust CompanyChairman of the Board, all funds | None                             |
| John H. Laporte; CFA194516 portfolios                                            | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust CompanyPresident, New Horizons Fund; Executive Vice President, Spectrum Funds; Vice President, Diversified Small-Cap Growth Fund, Health Sciences Fund, Personal Strategy Funds, and Retirement Funds                                                                                                                                                                                                                                                                                                                                                                                                         | None                             |
| Mary J. Miller; CFA195539 portfolios                                             | Director, T. Rowe Price Trust Company; Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc.President, Strategic Income Fund, Tax-Free Income Fund, and U.S. Treasury Funds; Executive Vice President, Spectrum Funds; Vice President, Corporate Income Fund, GNMA Fund, Inflation Protected Bond Fund, Personal Strategy Funds, Prime Reserve Fund, TRP Reserve Investment Funds, Retirement Funds, Summit Funds, Tax-Efficient Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund                                                                                                                                        | None                             |
| Brian C. Rogers; CFA, CIC195571 portfolios                                       | Chief Investment Officer, Director, and Vice President, T. Rowe Price; Chairman of the Board, Chief Investment Officer, Director, and Vice President, T. Rowe Price Group, Inc.;Vice President, T. Rowe Price Trust CompanyPresident, Equity Income Fund and Institutional Equity Funds; Vice President, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and Value Fund                                                                                                                                                                                                                                                                                                              | None                             |

----

----

| Fund/Corporation/Trust           | Number of portfolios | Independent Directors |      |      |      |      |      |      |
|----------------------------------|----------------------|-----------------------|------|------|------|------|------|------|
||
| Balanced                         | 1                    | 2005                  | 2001 | 1991 | 2003 | 2005 | 2001 | 2009 |
| Blue Chip Growth                 | 1                    | 2005                  | 2001 | 1993 | 2003 | 2005 | 2001 | 2009 |
| California Tax-Free Income Trust | 2                    | 2006                  | 1986 | 2001 | 2003 | 2005 | 1992 | 2009 |
| Capital Appreciation             | 1                    | 2005                  | 2001 | 1986 | 2003 | 2005 | 2001 | 2009 |
| Capital Opportunity              | 1                    | 2005                  | 2001 | 1994 | 2003 | 2005 | 2001 | 2009 |
| Corporate Income                 | 1                    | 2006                  | 1995 | 2001 | 2003 | 2005 | 1995 | 2009 |
| Diversified Mid-Cap Growth       | 1                    | 2005                  | 2003 | 2003 | 2003 | 2005 | 2003 | 2009 |
| Diversified Small-Cap Growth     | 1                    | 2005                  | 2001 | 1997 | 2003 | 2005 | 2001 | 2009 |
| Dividend Growth                  | 1                    | 2005                  | 2001 | 1992 | 2003 | 2005 | 2001 | 2009 |
| Equity Income                    | 1                    | 2005                  | 2001 | 1994 | 2003 | 2005 | 2001 | 2009 |
| Equity Series                    | 7                    | 2005                  | 2001 | 1994 | 2003 | 2005 | 2001 | 2009 |
| Financial Services               | 1                    | 2005                  | 2001 | 1996 | 2003 | 2005 | 2001 | 2009 |
| Fixed Income Series              | 2                    | 2006                  | 1994 | 2001 | 2003 | 2005 | 1994 | 2009 |
| Global Real Estate               | 1                    | 2008                  | 2008 | 2008 | 2008 | 2008 | 2008 | 2009 |
| Global Technology                | 1                    | 2005                  | 2001 | 2000 | 2003 | 2005 | 2001 | 2009 |
| GNMA                             | 1                    | 2006                  | 1985 | 2001 | 2003 | 2005 | 1992 | 2009 |
| Growth & Income              | 1                    | 2005                  | 2001 | 1982 | 2003 | 2005 | 2001 | 2009 |
| Growth Stock                     | 1                    | 2005                  | 2001 | 1980 | 2003 | 2005 | 2001 | 2009 |
| Health Sciences                  | 1                    | 2005                  | 2001 | 1995 | 2003 | 2005 | 2001 | 2009 |
| High Yield                       | 1                    | 2006                  | 1984 | 2001 | 2003 | 2005 | 1992 | 2009 |
| Index Trust                      | 3                    | 2005                  | 2001 | 1994 | 2003 | 2005 | 2001 | 2009 |
| Inflation Protected Bond         | 1                    | 2006                  | 2002 | 2002 | 2003 | 2005 | 2002 | 2009 |
| Institutional Equity             | 6                    | 2005                  | 2001 | 1996 | 2003 | 2005 | 2001 | 2009 |
| Institutional Income             | 3                    | 2006                  | 2002 | 2002 | 2003 | 2005 | 2002 | 2009 |
| Institutional International      | 7                    | 2006                  | 1991 | 1989 | 2003 | 2006 | 2001 | 2009 |
| International                    | 15                   | 2006                  | 1991 | 1988 | 2003 | 2006 | 2001 | 2009 |
| International Index              | 1                    | 2006                  | 2000 | 2000 | 2003 | 2006 | 2001 | 2009 |
| International Series             | 1                    | 2006                  | 1994 | 1994 | 2003 | 2006 | 2001 | 2009 |
| Media & Telecommunications   | 1                    | 2005                  | 2001 | 1997 | 2003 | 2005 | 2001 | 2009 |
| Mid-Cap Growth                   | 1                    | 2005                  | 2001 | 1992 | 2003 | 2005 | 2001 | 2009 |
| Mid-Cap Value                    | 1                    | 2005                  | 2001 | 1996 | 2003 | 2005 | 2001 | 2009 |
| New America Growth               | 1                    | 2005                  | 2001 | 1985 | 2003 | 2005 | 2001 | 2009 |
| New Era                          | 1                    | 2005                  | 2001 | 1994 | 2003 | 2005 | 2001 | 2009 |
| New Horizons                     | 1                    | 2005                  | 2001 | 1994 | 2003 | 2005 | 2001 | 2009 |
| New Income                       | 1                    | 2006                  | 1980 | 2001 | 2003 | 2005 | 1992 | 2009 |
| Personal Strategy                | 3                    | 2005                  | 2001 | 1994 | 2003 | 2005 | 2001 | 2009 |
| Prime Reserve                    | 1                    | 2006                  | 1979 | 2001 | 2003 | 2005 | 1992 | 2009 |
| Real Estate                      | 1                    | 2005                  | 2001 | 1997 | 2003 | 2005 | 2001 | 2009 |
| TRP Reserve Investment           | 2                    | 2006                  | 1997 | 2001 | 2003 | 2005 | 1997 | 2009 |
| Retirement                       | 12                   | 2005                  | 2002 | 2002 | 2003 | 2005 | 2002 | 2009 |
| Science & Technology         | 1                    | 2005                  | 2001 | 1994 | 2003 | 2005 | 2001 | 2009 |
| Short-Term Bond                  | 1                    | 2006                  | 1983 | 2001 | 2003 | 2005 | 1992 | 2009 |
| Short-Term Income                | 1                    | 2006                  | 2006 | 2006 | 2006 | 2006 | 2006 | 2009 |
| Small-Cap Stock                  | 1                    | 2005                  | 2001 | 1992 | 2003 | 2005 | 2001 | 2009 |
| Small-Cap Value                  | 1                    | 2005                  | 2001 | 1994 | 2003 | 2005 | 2001 | 2009 |
| Spectrum                         | 3                    | 2005                  | 2001 | 1999 | 2003 | 2005 | 2001 | 2009 |
| State Tax-Free Income Trust      | 8                    | 2006                  | 1986 | 2001 | 2003 | 2005 | 1992 | 2009 |
| Strategic Income                 | 1                    | 2008                  | 2008 | 2008 | 2008 | 2008 | 2008 | 2009 |
| Summit                           | 2                    | 2006                  | 1993 | 2001 | 2003 | 2005 | 1993 | 2009 |
| Summit Municipal                 | 3                    | 2006                  | 1993 | 2001 | 2003 | 2005 | 1993 | 2009 |
| Tax-Efficient                    | 3                    | 2005                  | 2001 | 1997 | 2003 | 2005 | 2001 | 2009 |
| Tax-Exempt Money                 | 1                    | 2006                  | 1983 | 2001 | 2003 | 2005 | 1992 | 2009 |
| Tax-Free High Yield              | 1                    | 2006                  | 1984 | 2001 | 2003 | 2005 | 1992 | 2009 |
| Tax-Free Income                  | 1                    | 2006                  | 1983 | 2001 | 2003 | 2005 | 1992 | 2009 |
| Tax-Free Short-Intermediate      | 1                    | 2006                  | 1983 | 2001 | 2003 | 2005 | 1992 | 2009 |
| U.S. Bond Index                  | 1                    | 2006                  | 2000 | 2001 | 2003 | 2005 | 2000 | 2009 |
| U.S. Large-Cap Core              | 1                    | 2009                  | 2009 | 2009 | 2009 | 2009 | 2009 | 2009 |
| U.S. Treasury                    | 3                    | 2006                  | 1989 | 2001 | 2003 | 2005 | 1992 | 2009 |
| Value                            | 1                    | 2005                  | 2001 | 1994 | 2003 | 2005 | 2001 | 2009 |

----

| Fund/Corporation/Trust           | Number of Portfolios | Inside Directors |        |        |        |
|----------------------------------|----------------------|------------------|--------|--------|--------|
||
| Balanced                         | 1                    | 2006             | — | — | 2006   |
| Blue Chip Growth                 | 1                    | 2006             | — | — | 2006   |
| California Tax-Free Income Trust | 2                    | 2006             | — | 2004   | — |
| Capital Appreciation             | 1                    | 2006             | — | — | 2006   |
| Capital Opportunity              | 1                    | 2006             | 1994   | — | — |
| Corporate Income                 | 1                    | 2006             | — | 2004   | — |
| Diversified Mid-Cap Growth       | 1                    | 2006             | 2006   | — | — |
| Diversified Small-Cap Growth     | 1                    | 2006             | 1997   | — | — |
| Dividend Growth                  | 1                    | 2006             | — | — | 2006   |
| Equity Income                    | 1                    | 2006             | — | — | 2006   |
| Equity Series                    | 7                    | 2006             | 1994   | — | — |
| Financial Services               | 1                    | 2006             | — | — | 2006   |
| Fixed Income Series              | 2                    | 2006             | — | 2004   | — |
| Global Real Estate               | 1                    | 2008             | — | — | 2008   |
| Global Technology                | 1                    | 2006             | — | — | 2006   |
| GNMA                             | 1                    | 2006             | — | 2004   | — |
| Growth & Income              | 1                    | 2006             | — | — | 2006   |
| Growth Stock                     | 1                    | 2006             | — | — | 2006   |
| Health Sciences                  | 1                    | 2006             | 1995   | — | — |
| High Yield                       | 1                    | 2006             | — | 2004   | — |
| Index Trust                      | 3                    | 2006             | — | — | 2006   |
| Inflation Protected Bond         | 1                    | 2006             | — | 2004   | — |
| Institutional Equity             | 6                    | 2006             | — | — | 2006   |
| Institutional Income             | 3                    | 2006             | — | 2004   | — |
| Institutional International      | 7                    | 2006             | — | — | 2006   |
| International                    | 15                   | 2006             | — | — | 2006   |
| International Index              | 1                    | 2006             | — | — | 2006   |
| International Series             | 1                    | 2006             | — | — | 2006   |
| Media & Telecommunications   | 1                    | 2006             | — | — | 2006   |
| Mid-Cap Growth                   | 1                    | 2006             | — | — | 2006   |
| Mid-Cap Value                    | 1                    | 2006             | — | — | 2006   |
| New America Growth               | 1                    | 2006             | 1985   | — | — |
| New Era                          | 1                    | 2006             | — | — | 2006   |
| New Horizons                     | 1                    | 2006             | 1988   | — | — |
| New Income                       | 1                    | 2006             | — | 2004   | — |
| Personal Strategy                | 3                    | 2006             | — | — | 2006   |
| Prime Reserve                    | 1                    | 2006             | — | 2004   | — |
| Real Estate                      | 1                    | 2006             | — | — | 2006   |
| TRP Reserve Investment           | 2                    | 2006             | — | 2004   | — |
| Retirement                       | 12                   | 2006             | — | — | 2006   |
| Science & Technology         | 1                    | 2006             | 1988   | — | — |
| Short-Term Bond                  | 1                    | 2006             | — | 2004   | — |
| Short-Term Income                | 1                    | 2006             | — | 2006   | — |
| Small-Cap Stock                  | 1                    | 2006             | 1994   | — | — |
| Small-Cap Value                  | 1                    | 2006             | 1994   | — | — |
| Spectrum                         | 3                    | 2006             | — | — | 2006   |
| State Tax-Free Income Trust      | 8                    | 2006             | — | 2004   | — |
| Strategic Income                 | 1                    | 2008             | — | 2008   | — |
| Summit                           | 2                    | 2006             | — | 2004   | — |
| Summit Municipal                 | 3                    | 2006             | — | 2004   | — |
| Tax-Efficient                    | 3                    | 2006             | — | — | 2006   |
| Tax-Exempt Money                 | 1                    | 2006             | — | 2004   | — |
| Tax-Free High Yield              | 1                    | 2006             | — | 2004   | — |
| Tax-Free Income                  | 1                    | 2006             | — | 2004   | — |
| Tax-Free Short-Intermediate      | 1                    | 2006             | — | 2004   | — |
| U.S. Bond Index                  | 1                    | 2006             | — | 2004   | — |
| U.S. Large-Cap Core              | 1                    | 2009             | — | — | 2009   |
| U.S. Treasury                    | 3                    | 2006             | — | 2004   | — |
| Value                            | 1                    | 2006             | — | — | 2006   |

----

| Fund      | Name                                                                                                                                       | Position HeldWith Fund                                                                                           |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|
| All funds | Roger L. Fiery IIIGregory S. GolczewskiDavid OestreicherDeborah D. SeidelJulie L. WaplesGregory K. HinklePatricia B. LippertJohn R. Gilner | Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentTreasurerSecretaryChief Compliance Officer |

----

| Fund                                                                                                                                                                                                                                                                                                                                                                                                  | Name                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Position HeldWith Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Balanced                                                                                                                                                                                                                                                                                                                                                                                              | Edmund M. Notzon IIIRichard T. WhitneyE. Frederick BairWendy R. DiffenbaughAnna M. DopkinPaul A. KarpersRobert M. LarkinsJohn D. LinehanRaymond A. MillsLarry J. Puglia(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Blue Chip Growth                                                                                                                                                                                                                                                                                                                                                                                      | Larry J. PugliaP. Robert BartoloPeter J. BatesG. Mark BussardRichard de los ReyesShawn T. DriscollDavid J. EiswertHenry M. EllenbogenThomas J. HuberJoshua B. NelsonJason NogueiraTimothy E. ParkerRobert W. SharpsTaymour R. Tamaddon(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| California Tax-Free Income Trust     California Tax-Free Bond     California Tax-Free Money                                                                                                                                                                                                                                                                                                           | Hugh D. McGuirkJoseph K. LynaghKonstantine B. MallasSteven G. BrooksG. Richard DentCharles E. EmrichAlan D. LevensonLinda A. MurphyTimothy G. TaylorM. Helena CondezChen Shao(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Capital Appreciation                                                                                                                                                                                                                                                                                                                                                                                  | David R. GirouxFrancisco AlonsoJeffrey W. ArricaleRyan BurgessMark S. FinnPaul D. Greene IIJohn D. LinehanPaul M. MassaroHeather K. McPhersonJoseph M. MilanoSudhir NandaRobert T. Quinn, Jr.Gabriel SolomonWilliam J. StrombergTaymour R. TamaddonSusan G. TrollEric L. VeielTamara P. Wiggs(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                             | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Capital Opportunity                                                                                                                                                                                                                                                                                                                                                                                   | Anna M. DopkinKennard W. AllenFrancisco AlonsoPeter J. BatesDavid J. EiswertAnn M. HolcombJennifer MartinPhilip A. NesticoJason NogueiraTimothy E. ParkerCharles G. PepinRobert T. Quinn, Jr.Gabriel SolomonEric L. Veiel(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Corporate Income                                                                                                                                                                                                                                                                                                                                                                                      | David A. TiberiiMark J. VaselkivSteve BootheSteven G. BrooksAlan D. LevensonMichael J. McGonigleMary J. MillerVernon A. Reid, Jr.Theodore E. RobsonEdward A. WieseThea N. WilliamsMichael J. Grogan(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Diversified Mid-Cap Growth                                                                                                                                                                                                                                                                                                                                                                            | Donald J. PetersDonald J. EasleyBrian W.H. BerghuisSudhir NandaPhilip A. NesticoJohn F. WakemanMark R. Weigman(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Diversified Small-Cap Growth                                                                                                                                                                                                                                                                                                                                                                          | Sudhir NandaWendy R. DiffenbaughAnna M. DopkinDonald J. EasleyJohn H. LaporteCurt J. OrgantMichael T. RobertsJ. David Wagner(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Dividend Growth                                                                                                                                                                                                                                                                                                                                                                                       | Thomas J. HuberPeter J. BatesDavid M. LeeDaniel MartinoJason NogueiraTimothy E. ParkerRobert T. Quinn, Jr.Gabriel SolomonWilliam J. StrombergEric L. Veiel(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Equity Income                                                                                                                                                                                                                                                                                                                                                                                         | Brian C. RogersJeffrey W. ArricaleAndrew M. BrooksMark S. FinnDavid R. GirouxPaul D. Greene IIThomas J. HuberJohn D. LinehanJason B. PolunRobert T. Quinn, Jr.Eric L. Veiel(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Financial Services                                                                                                                                                                                                                                                                                                                                                                                    | Jeffrey W. ArricaleAnna M. DopkinChristopher T. FortuneIan C. McDonaldMichael J. McGonigleHwee Jan NgJason B. PolunFrederick A. RizzoGabriel SolomonMitchell J.K. ToddEric L. VeielTamara P. Wiggs(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Global Real Estate                                                                                                                                                                                                                                                                                                                                                                                    | David M. LeeNina P. JonesYoichiro KaiRobert J. MarcotteRaymond A. MillsEric C. MoffettPhilip A. NesticoMarta Yago(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Global Technology                                                                                                                                                                                                                                                                                                                                                                                     | David J. EiswertKennard W. AllenChristopher W. CarlsonHenry M. EllenbogenDaniel FlaxRobert N. GenslerRhett K. HunterDaniel MartinoHiroaki OwakiJoshua K. SpencerThomas H. WatsonAlison Mei Ling YipNalin Yogasundram(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| GNMA                                                                                                                                                                                                                                                                                                                                                                                                  | Andrew McCormickChristopher P. BrownKeir R. JoyceAlan D. LevensonMary J. MillerJohn D. Wells(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Growth & Income                                                                                                                                                                                                                                                                                                                                                                                   | Thomas J. HuberFrancisco AlonsoJeffrey W. ArricaleG. Mark BussardShawn T. DriscollDavid R. GirouxDavid M. LeeDavid L. RowlettGabriel SolomonJoshua K. Spencer(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Growth Stock                                                                                                                                                                                                                                                                                                                                                                                          | P. Robert BartoloKennard W. AllenHenry M. EllenbogenJoseph B. FathRobert N. GenslerBarry HendersonKris H. JennerJason NogueiraLarry J. PugliaRobert W. SharpsRobert W. SmithTaymour R. TamaddonEric L. Veiel(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Health Sciences                                                                                                                                                                                                                                                                                                                                                                                       | Kris H. JennerG. Mark BussardMelissa C. GallagherAndrew R. HymanSusan J. KleinJohn H. LaporteJay S. MarkowitzGraham M. McPhailJason NogueiraCharles G. PepinJohn C.A. ShermanTaymour R. Tamaddon(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| High Yield                                                                                                                                                                                                                                                                                                                                                                                            | Mark J. VaselkivDavid C. BeersAndrew M. BrooksJustin T. GerbereuxPaul A. KarpersPaul M. MassaroMichael J. McGonigleBrian A. RubinWalter P. Stuart IIIThomas E. TewksburyThea N. Williams(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Index Trust     Equity Index 500     Extended Equity Market Index     Total Equity Market Index                                                                                                                                                                                                                                                                                                       | E. Frederick BairKen D. UematsuWendy R. DiffenbaughSharon E. JanvierSudhir NandaPaul W. Wojcik(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Inflation Protected Bond                                                                                                                                                                                                                                                                                                                                                                              | Daniel O. ShackelfordBrian J. BrennanAlan D. LevensonAndrew McCormickMary J. MillerDimitri V. GrechenkoGeoffrey M. Hardin(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Institutional Equity Funds  Institutional Large-Cap Core Growth     Institutional Large-Cap Growth     Institutional Large-Cap Value     Institutional Mid-Cap Equity Growth     Institutional Small-Cap Stock     Institutional U.S. Structured Research                                                                                                                                             | Brian C. RogersBrian W.H. BerghuisAnna M. DopkinDavid R. GirouxJohn D. LinehanGregory A. McCrickardLarry J. PugliaRobert W. SharpsAnn M. HolcombJoseph M. MilanoJ. David WagnerJohn F. Wakeman(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Institutional Income Funds    Institutional Core Plus    Institutional Floating Rate    Institutional High Yield                                                                                                                                                                                                                                                                                      | Mark J. VaselkivBrian J. BrennanJustin T. GerbereuxPaul A. KarpersPaul M. MassaroAndrew M. BrooksMichael J. ConeliusSteven C. HuberIan D. KelsonAndrew McCormickMichael J. McGonigleDaniel O. ShackelfordWalter P. Stuart IIIThomas E. TewksburyDavid A. TiberiiThea N. WilliamsDavid C. BeersBrian A. Rubin(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                              | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Institutional International Funds     Institutional Africa & Middle East     Institutional Emerging Markets Bond     Institutional Emerging Markets Equity     Institutional Foreign Equity     Institutional Global Equity     Institutional Global Large-Cap Equity     Institutional International Bond                                                                                        | Christopher D. AldersonR. Scott BergMichael J. ConeliusRobert N. GenslerIan D. KelsonJoseph RohmRobert W. SmithJeffrey W. ArricaleMark C.J. Bickford-SmithRichard N. ClattenburgFrances DydascoMark J.T. EdwardsHenry M. EllenbogenNiall P. GallagherM. Campbell GunnKris H. JennerAnh LuCharles M. OberGonzalo PangaroJeffrey RottinghausRobert W. SharpsDean Tenerelli(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                  | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| International Funds     Africa & Middle East     Emerging Europe & Mediterranean     Emerging Markets Bond     Emerging Markets Stock     European Stock     Global Large-Cap Stock     Global Stock     International Bond     International Discovery     International Growth & Income     International Stock     Japan     Latin America     New Asia     Overseas Stock             | Christopher D. AldersonR. Scott BergJose Costa BuckMichael J. ConeliusFrances DydascoRobert N. GenslerM. Campbell GunnS. Leigh InnesIan D. KelsonAnh LuRaymond A. MillsGonzalo PangaroJoseph RohmRobert W. SmithDean TenerelliJustin ThomsonUlle AdamsonJeffrey W. ArricaleMark C.J. Bickford-SmithBrian J. BrennanArchibald A. CiganerRichard N. ClattenburgRichard de los ReyesMark J.T. EdwardsHenry M. EllenbogenMay FooNiall P. GallagherRahul GhoshBenjamin GriffithsKris H. JennerLillian Yan LiJohn D. LinehanSebastien MalletSusanta MazumdarInigo MijangosPhilip A. NesticoHwee Jan NgSridhar NishtalaCharles M. OberHiroaki OwakiAustin PowellFrederick A. RizzoChristopher J. RotheryJeffrey RottinghausFederico SantilliFrancisco SersaleRobert W. SharpsJohn C.A. ShermanJonty Starbuck | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President |
| International Funds (continued)     Africa & Middle East     Emerging Europe & Mediterranean     Emerging Markets Bond     Emerging Markets Stock     European Stock     Global Large-Cap Stock     Global Stock     International Bond     International Discovery     International Growth & Income     International Stock     Japan     Latin America     New Asia     Overseas Stock | Miki TakeyamaMitchell J.K. ToddVerena E. WachnitzHiroshi WatanabeChristopher S. WhitehouseClive M. WilliamsErnest C. YeungAlison Mei Ling YipChristopher Yip(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| International Index Fund     International Equity Index                                                                                                                                                                                                                                                                                                                                               | E. Frederick BairNeil SmithKen D. UematsuPaul W. Wojcik(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | PresidentExecutive Vice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Media & Telecommunications                                                                                                                                                                                                                                                                                                                                                                        | Henry M. EllenbogenUlle AdamsonP. Robert BartoloDavid J. EiswertJoseph B. FathMay FooPaul D. Greene IIDaniel MartinoCurt J. OrgantRobert W. SmithJustin P. WhiteChristopher S. WhitehouseErnest C. Yeung(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Mid-Cap Growth                                                                                                                                                                                                                                                                                                                                                                                        | Brian W.H. BerghuisJohn F. WakemanKennard W. AllenP. Robert BartoloDonald J. EasleyHenry M. EllenbogenKris H. JennerRobert J. MarcotteDaniel MartinoJoseph M. MilanoClark R. ShieldsTaymour R. Tamaddon(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Mid-Cap Value                                                                                                                                                                                                                                                                                                                                                                                         | David J. WallackHeather K. McPhersonPeter J. BatesChristopher W. CarlsonJonathan ChouHenry M. EllenbogenMark S. FinnGregory A. McCrickardJoseph M. MilanoJ. David Wagner(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| New America Growth                                                                                                                                                                                                                                                                                                                                                                                    | Joseph M. MilanoFrancisco AlonsoJeffrey W. ArricaleP. Robert BartoloBrian W.H. BerghuisShawn T. DriscollJason NogueiraCurt J. OrgantRobert W. SharpsClark R. ShieldsCraig A. ThieseEric L. Veiel(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| New Era                                                                                                                                                                                                                                                                                                                                                                                               | Charles M. OberRyan BurgessRichard de los ReyesShawn T. DriscollMark S. FinnDavid M. LeeSusanta MazumdarHeather K. McPhersonTimothy E. ParkerCraig A. ThieseDavid J. Wallack(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| New Horizons                                                                                                                                                                                                                                                                                                                                                                                          | John H. LaporteKennard W. AllenFrancisco AlonsoBrian W.H. BerghuisG. Mark BussardChristopher W. CarlsonHugh M. Evans IIIJoseph B. FathKris H. JennerJay S. MarkowitzGraham M. McPhailJoshua NelsonJason NogueiraTimothy E. ParkerClark R. ShieldsMichael F. SolaTaymour R. TamaddonAshley R. Woodruff(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                     | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| New Income                                                                                                                                                                                                                                                                                                                                                                                            | Daniel O. ShackelfordBrian J. BrennanSteven C. HuberAlan D. LevensonAndrew McCormickVernon A. Reid, Jr.David A. TiberiiDimitri V. GrechenkoMichael J. Grogan(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Personal Strategy Funds     Personal Strategy Balanced     Personal Strategy Growth     Personal Strategy Income                                                                                                                                                                                                                                                                                      | Edmund M. Notzon IIIChristopher D. AldersonJerome A. ClarkIan D. KelsonJohn H. LaporteJohn D. LinehanMary J. MillerRaymond A. MillsLarry J. PugliaBrian C. RogersCharles M. ShriverRobert W. SmithMark J. VaselkivRichard T. Whitney(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Prime Reserve                                                                                                                                                                                                                                                                                                                                                                                         | Joseph K. LynaghSteve BootheSteven G. BrooksG. Richard DentAlisa Fiumara-YochDylan JonesAlan D. LevensonMary J. MillerSusan G. TrollEdward A. Wiese(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Real Estate                                                                                                                                                                                                                                                                                                                                                                                           | David M. LeeRichard N. ClattenburgAnna M. DopkinJoseph B. FathThomas J. HuberNina P. JonesMichael LasotaPhilip A. NesticoCharles M. OberTheodore E. Robson(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| TRP Reserve Investment Funds     TRP Government Reserve Investment     TRP Reserve Investment                                                                                                                                                                                                                                                                                                         | Joseph K. LynaghSteve BootheSteven G. BrooksG. Richard DentAlan D. LevensonMary J. MillerEdward A. WieseDylan Jones(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Retirement Funds     Retirement 2005     Retirement 2010     Retirement 2015     Retirement 2020     Retirement 2025     Retirement 2030     Retirement 2035     Retirement 2040     Retirement 2045     Retirement 2050     Retirement 2055     Retirement Income                                                                                                                                    | Edmund M. Notzon IIIJerome A. ClarkChristopher D. AldersonIan D. KelsonJohn H. LaporteWyatt A. LeeMary J. MillerBrian C. RogersRobert W. SmithMark J. VaselkivRichard T. Whitney(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Science & Technology                                                                                                                                                                                                                                                                                                                                                                              | Kennard W. AllenBrian W.H. BerghuisDavid J. EiswertHenry M. EllenbogenDaniel FlaxRhett K. HunterHiroaki OwakiMichael F. SolaJoshua K. SpencerThomas H. WatsonAlison Mei Ling YipNalin Yogasundram(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Short-Term Bond                                                                                                                                                                                                                                                                                                                                                                                       | Edward A. WieseBrian J. BrennanSteven G. BrooksCharles B. HillAndrew McCormickCheryl A. MickelVernon A. Reid, Jr.Daniel O. ShackelfordJohn D. WellsBridget A. EbnerMichael J. GroganGeoffrey M. HardinKeir R. Joyce(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Short-Term Income                                                                                                                                                                                                                                                                                                                                                                                     | Edward A. WieseBrian J. BrennanSteven G. BrooksJerome A. ClarkCharles B. HillEdmund M. Notzon IIIVernon A. Reid, Jr.Daniel O. ShackelfordJohn D. WellsBridget A. EbnerMichael J. GroganGeoffrey M. HardinKeir R. Joyce(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Small-Cap Stock                                                                                                                                                                                                                                                                                                                                                                                       | Gregory A. McCrickardFrancisco AlonsoPreston G. AtheyIra W. CarnahanHugh M. Evans IIIChristopher T. FortuneRobert J. MarcotteJay S. MarkowitzJoseph M. MilanoCurt J. OrgantMichael F. SolaJ. David WagnerKwame C. Webb(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Small-Cap Value                                                                                                                                                                                                                                                                                                                                                                                       | Preston G. AtheyHugh M. Evans IIIChristopher T. FortuneSusan J. KleinGregory A. McCrickardCurt J. OrgantJ. David WagnerKwame C. Webb(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Spectrum Funds     Spectrum Growth     Spectrum Income     Spectrum International                                                                                                                                                                                                                                                                                                                     | Edmund M. Notzon IIIChristopher D. AldersonJohn H. LaporteMary J. MillerMark C.J. Bickford-SmithRaymond A. MillsBrian C. RogersCharles M. ShriverRobert W. Smith(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| State Tax-Free Income Trust     Georgia Tax-Free Bond     Maryland Short-Term Tax-Free Bond     Maryland Tax-Free Bond     Maryland Tax-Free Money     New Jersey Tax-Free Bond     New York Tax-Free Bond     New York Tax-Free Money     Virginia Tax-Free Bond                                                                                                                                     | Hugh D. McGuirkCharles B. HillJoseph K. LynaghKonstantine B. MallasJonathan M. ChirungaG. Richard DentCharles E. EmrichKathryn A. FloydMarcy M. LashAlan D. LevensonLinda A. MurphyTimothy G. TaylorM. Helena CondezChen Shao(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Strategic Income                                                                                                                                                                                                                                                                                                                                                                                      | Mary J. MillerSteven C. HuberMichael J. ConeliusIan D. KelsonAndrew McCormickMichael J. McGonigleDavid StanleyDavid A. TiberiiMark J. Vaselkiv(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Summit Funds     Summit Cash Reserves     Summit GNMA                                                                                                                                                                                                                                                                                                                                                 | Edward A. WieseJoseph K. LynaghAndrew McCormickSteve BootheChristopher P. BrownG. Richard DentAlisa Fiumara-YochKeir R. JoyceAlan D. LevensonMary J. MillerSusan G. TrollJohn D. WellsDylan Jones(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Summit Municipal Funds     Summit Municipal Income     Summit Municipal Intermediate     Summit Municipal Money Market                                                                                                                                                                                                                                                                                | Hugh D. McGuirkCharles B. HillJoseph K. LynaghKonstantine B. MallasR. Lee Arnold, Jr.G. Richard DentMarcy M. LashAlan D. LevensonJames M. MurphyTimothy G. TaylorEdward A. WieseM. Helena CondezKathryn A. FloydHomero J.F. RadwayChen Shao(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | PresidentExecutive Vice PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Tax-Efficient Funds     Tax-Efficient Balanced     Tax-Efficient Growth     Tax-Efficient Multi-Cap Growth                                                                                                                                                                                                                                                                                            | Donald J. PetersHugh D. McGuirkDonald J. EasleyCharles E. EmrichMary J. MillerWilliam J. StrombergMark R. Weigman(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Tax-Exempt Money                                                                                                                                                                                                                                                                                                                                                                                      | Joseph K. LynaghSteven G. BrooksG. Richard DentMarcy M. LashAlan D. LevensonMary J. MillerEdward A. WieseM. Helena CondezChen Shao(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Tax-Free High Yield                                                                                                                                                                                                                                                                                                                                                                                   | James M. MurphyR. Lee Arnold, Jr.G. Richard DentCharles B. HillMarcy M. LashKonstantine B. MallasHugh D. McGuirkMary J. MillerM. Helena CondezChen ShaoTimothy G. Taylor(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Tax-Free Income                                                                                                                                                                                                                                                                                                                                                                                       | Mary J. MillerKonstantine B. MallasR. Lee Arnold, Jr.G. Richard DentCharles B. HillMarcy M. LashHugh D. McGuirkJames M. MurphyM. Helena CondezChen ShaoTimothy G. Taylor(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Tax-Free Short-Intermediate                                                                                                                                                                                                                                                                                                                                                                           | Charles B. HillG. Richard DentCharles E. EmrichMarcy M. LashKonstantine B. MallasHugh D. McGuirkMary J. MillerTimothy G. TaylorEdward A. WieseM. Helena CondezHomero J.F. RadwayChen Shao(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| U.S. Bond Index                                                                                                                                                                                                                                                                                                                                                                                       | Robert M. Larkins(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| U.S. Large-Cap Core Fund                                                                                                                                                                                                                                                                                                                                                                              | Jeffrey RottinghausJeffrey W. ArricalePeter J. BatesShawn T. DriscollJoseph B. FathMark S. FinnJohn D. LinehanGeorge MarzanoJason NogueiraTimothy E. ParkerRobert T. Quinn, Jr.Robert W. Sharps(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| U.S. Treasury Funds     U.S. Treasury Intermediate     U.S. Treasury Long-Term     U.S. Treasury Money                                                                                                                                                                                                                                                                                                | Mary J. MillerBrian J. BrennanJoseph K. LynaghSteve BootheSteven G. BrooksG. Richard DentDimitri V. GrechenkoGeoffrey M. HardinAlan D. LevensonVernon A. Reid, Jr.Daniel O. ShackelfordDylan Jones(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | PresidentExecutive Vice PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentAssistant Vice PresidentAssistant Vice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Value                                                                                                                                                                                                                                                                                                                                                                                                 | John D. LinehanMark S. FinnJeffrey W. ArricalePeter J. BatesRyan BurgessIra W. CarnahanDavid R. GirouxHeather K. McPhersonRobert T. Quinn, Jr.Brian C. RogersEric L. VeielTamara P. Wiggs(See preceding table for remaining officers)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | PresidentExecutive Vice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice PresidentVice President                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

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| Name, Year of Birth, and Principal Occupation(s)During Past 5 Years                                                                                                                                                                                                                                                                                                                                                                               | Position(s) Held With Fund(s)                                                                                                                                                                                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ulle Adamson, 1979Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; CFA                                                                                                                                                                                                                                                                                                                                  | Vice President, International Funds and Media & Telecommunications Fund                                                                                                                                                                                                                                  |
| Christopher D. Alderson, 1962Chief Executive Officer, Director, and President, T. Rowe Price International, Inc.; Vice President, T Rowe Price Global Investment Services Limited and T. Rowe Price Group, Inc.                                                                                                                                                                                                                    | President, Institutional International Funds and International Funds; Executive Vice President, Spectrum Funds; Vice President, Personal Strategy Funds and Retirement Funds                                                                                                                                 |
| Kennard W. Allen, 1977Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                       | President, Science & Technology Fund; Vice President, Capital Opportunity Fund, Global Technology Fund, Growth Stock Fund, Mid-Cap Growth Fund, and New Horizons Fund                                                                                                                                    |
| Francisco Alonso, 1978Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                       | Vice President, Capital Appreciation Fund, Capital Opportunity Fund,Growth & Income Fund, New America Growth Fund, New Horizons Fund, and Small-Cap Stock Fund                                                                                                                                           |
| R. Lee Arnold, Jr., 1970Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.; CFA, CPA                                                                                                                                                                                                                                                                                                                 | Executive Vice President, Tax-Free High Yield Fund; Vice President, Summit Municipal Funds and Tax-Free Income Fund                                                                                                                                                                                          |
| Jeffrey W. Arricale, 1971Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA                                                                                                                                                                                                                                                                                                                                               | President, Financial Services Fund; Vice President, Capital Appreciation Fund, Equity Income Fund, Growth & Income Fund, Institutional International Funds, International Funds, New America Growth Fund, U.S. Large-Cap Core Fund, and Value Fund                                                       |
| Preston G. Athey, 1949Vice President, T. Rowe Price, T Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC                                                                                                                                                                                                                                                    | President, Small-Cap Value Fund; Vice President, Small-Cap Stock Fund                                                                                                                                                                                                                                        |
| E. Frederick Bair, 1969Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA                                                                                                                                                                                                                                                                                                         | President, Index Trust and International Index Fund; Vice President, Balanced Fund                                                                                                                                                                                                                           |
| P. Robert Bartolo, 1972Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA                                                                                                                                                                                                                                                                                                              | President, Growth Stock Fund; Vice President, Blue Chip Growth Fund, Media & Telecommunications Fund, Mid-Cap Growth Fund, and New America Growth Fund                                                                                                                                                   |
| Peter J. Bates, 1974Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                         | Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Dividend Growth Fund, Mid-Cap Value Fund, U.S. Large-Cap Core Fund, and Value Fund                                                                                                                                                          |
| David C. Beers, 1970Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                    | Vice President, High Yield Fund; Assistant Vice President, Institutional Income Funds                                                                                                                                                                                                                        |
| R. Scott Berg, 1972Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                     | Executive Vice President, Institutional International Funds and International Funds                                                                                                                                                                                                                          |
| Brian W.H. Berghuis, 1958Vice President, T. Rowe Price,T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                             | President, Mid-Cap Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Diversified Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, and Science & Technology Fund                                                                                         |
| Mark C.J. Bickford-Smith, 1962Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                           | Vice President, Institutional International Funds, International Funds, and Spectrum Funds                                                                                                                                                                                                                   |
| Steve Boothe, 1977Vice President, T. Rowe Price; CFA                                                                                                                                                                                                                                                                                                                                                                                              | Vice President, Corporate Income Fund, Prime Reserve Fund, TRP Reserve Investment Funds, Summit Funds, and U.S. Treasury Funds                                                                                                                                                                               |
| Brian J. Brennan, 1964Vice President, T. Rowe Price, T Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                         | Executive Vice President, Institutional Income Funds and U.S. Treasury Funds; Vice President, Inflation Protected Bond Fund, International Funds, New Income Fund, Short-Term Bond Fund, and Short-Term Income Fund                                                                                          |
| Andrew M. Brooks, 1956Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                       | Vice President, Equity Income Fund, High Yield Fund, and Institutional Income Funds                                                                                                                                                                                                                          |
| Steven G. Brooks, 1954Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                  | Vice President, California Tax-Free Income Trust, Corporate Income Fund, Prime Reserve Fund, TRP Reserve Investment Funds, Short-Term Bond Fund, Short-Term Income Fund, Tax-Exempt Money Fund, and U.S. Treasury Funds                                                                                      |
| Christopher P. Brown, 1977Assistant Vice President, T. Rowe Price; formerly Fixed-Income Analyst Trader, Riggs Investment Advisors, Inc. (to 2005); Investment Analyst, Cambridge Associates, LLC (to 2004)                                                                                                                                                                                                                             | Vice President, GNMA Fund and Summit Funds                                                                                                                                                                                                                                                                   |
| Jose Costa Buck, 1972Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                    | Executive Vice President, International Funds                                                                                                                                                                                                                                                                |
| Ryan Burgess, 1974Vice President, T. Rowe Price; formerly intern, T. Rowe Price (to 2006); Vice President and Senior Portfolio Manager, Evergreen Private Asset Management (to 2005); CFA                                                                                                                                                                                                                                               | Vice President, Capital Appreciation Fund, New Era Fund, and Value Fund                                                                                                                                                                                                                                      |
| G. Mark Bussard, 1972Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Co-founder and Chief Operating Officer, Rivanna Pharmaceuticals (to 2006); student, Darden Graduate School of Business and University of Virginia (to 2004)                                                                                                                                                                                       | Vice President, Blue Chip Growth Fund, Growth & Income Fund, Health Sciences Fund, and New Horizons Fund                                                                                                                                                                                                 |
| Christopher W. Carlson, 1967Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                 | Vice President, Global Technology Fund, Mid-Cap Value Fund, and New Horizons Fund                                                                                                                                                                                                                            |
| Ira W. Carnahan, 1963Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Associate Editor, Forbes Magazine (to 2005); CFA                                                                                                                                                                                                                                                                                                  | Vice President, Small-Cap Stock Fund and Value Fund                                                                                                                                                                                                                                                          |
| Jonathan M. Chirunga, 1966Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                   | Vice President, State Tax-Free Income Trust                                                                                                                                                                                                                                                                  |
| Jonathan Chou, 1980Employee, T. Rowe Price; student, Darden Graduate School of Business Administration, University of Virginia (to 2008); and Principal, Gladstone Management Corporation (to 2006)                                                                                                                                                                                                                                               | Vice President, Mid-Cap Value Fund                                                                                                                                                                                                                                                                           |
| Archibald A. Ciganer, 1976Vice President, T Rowe Price Global Investment Services Limited and T. Rowe Price Group, Inc.; formerly Senior Associate, Corporate Finance Tokyo (to 2005); CFA                                                                                                                                                                                                                                              | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Jerome A. Clark, 1961Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                  | Executive Vice President, Retirement Funds; Vice President, Personal Strategy Funds and Short-Term Income Fund                                                                                                                                                                                               |
| Richard N. Clattenburg, 1979Vice President, T. Rowe Price, T. Rowe Price Global Investment Services Limited,and T. Rowe Price Group, Inc.; formerly Financial Analyst, Goldman Sachs (to 2005); CFA                                                                                                                                                                                                                                     | Vice President, Institutional International Funds, International Funds, and Real Estate Fund                                                                                                                                                                                                                 |
| M. Helena Condez, 1962Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                                                                                                                          | Assistant Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund                                                                                 |
| Michael J. Conelius, 1964Vice President, T. Rowe Price, T Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                              | Executive Vice President, Institutional International Funds and International Funds; Vice President, Institutional Income Funds and Strategic Income Fund                                                                                                                                                    |
| Richard de los Reyes, 1975Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Analyst, Soros Fund Management (to 2006)                                                                                                                                                                                                                                                                                                | Vice President, Blue Chip Growth Fund, International Funds, and New Era Fund                                                                                                                                                                                                                                 |
| G. Richard Dent, 1960Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                        | Vice President, California Tax-Free Income Trust, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds      |
| Wendy R. Diffenbaugh, 1954Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                                                                                                                      | Vice President, Balanced Fund, Diversified Small-Cap Growth Fund, and Index Trust                                                                                                                                                                                                                            |
| Anna M. Dopkin, 1967Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                                 | President, Capital Opportunity Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund, Diversified Small-Cap Growth Fund, Financial Services Fund, and Real Estate Fund                                                                                                   |
| Shawn T. Driscoll, 1975Vice President, T. Rowe Price Group, Inc.; formerly Equity Research Analyst, MTB Investment Advisors (to 2006);                                                                                                                                                                                                                                                                                                       | Vice President, Blue Chip Growth Fund, Growth & Income Fund, New America Growth Fund, New Era Fund, and U.S. Large-Cap Core Fund                                                                                                                                                                         |
| Frances Dydasco, 1966Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                    | Executive Vice President, International Funds; Vice President, Institutional International Funds                                                                                                                                                                                                             |
| Donald J. Easley, 1971Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                  | Executive Vice President, Diversified Mid-Cap Growth Fund; Vice President, Diversified Small-Cap Growth Fund,Mid-Cap Growth Fund, and Tax-Efficient Funds                                                                                                                                                    |
| Bridget A. Ebner, 1970Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                                                                                                                          | Assistant Vice President, Short-Term Bond Fund and Short-Term Income Fund                                                                                                                                                                                                                                    |
| Mark J.T. Edwards, 1957Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                  | Vice President, Institutional International Funds and International Funds                                                                                                                                                                                                                                    |
| David J. Eiswert, 1972Vice President, T. Rowe Price, T Rowe Price Global Investment Services Limited, and T. Rowe Price Group, Inc.;CFA                                                                                                                                                                                                                                                                                            | President, Global Technology Fund; Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Media & Telecommunications Fund, and Science & Technology Fund                                                                                                                                   |
| Henry M. Ellenbogen, 1973Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                    | President, Media & Telecommunications Fund; Vice President, Blue Chip Growth Fund, Global Technology Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, Mid-Cap Value Fund, and Science & Technology Fund                                         |
| Charles E. Emrich, 1961Vice President, T. Rowe Price; formerly First Vice President/Credit Analyst, Legg Mason Wood Walker, Inc. (to 2005)                                                                                                                                                                                                                                                                                                   | Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Tax-Efficient Funds, and Tax-Free Short-Intermediate Fund                                                                                                                                                                     |
| Hugh M. Evans III, 1966Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                 | Vice President, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund                                                                                                                                                                                                                            |
| Joseph B. Fath, 1971Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA                                                                                                                                                                                                                                                                                                                                                    | Vice President, Growth Stock Fund, Media & Telecommunications Fund, New Horizons Fund, Real Estate Fund, and U.S. Large-Cap Core Fund                                                                                                                                                                    |
| Roger L. Fiery III, 1959Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Trust Company; CPA                                                                                                                                                                                                                                                                     | Vice President, all funds                                                                                                                                                                                                                                                                                    |
| Mark S. Finn, 1963Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA                                                                                                                                                                                                                                                                                                                                                 | Executive Vice President, Value Fund; Vice President, Capital Appreciation Fund,Capital Opportunity Fund, Equity Income Fund, Mid-Cap Value Fund, New Era Fund, and U.S. Large-Cap Core Fund                                                                                                                 |
| Alisa Fiumara-Yoch, 1974Vice President, T. Rowe Price; CFA                                                                                                                                                                                                                                                                                                                                                                                   | Vice President, Prime Reserve Fund and Summit Funds                                                                                                                                                                                                                                                          |
| Daniel Flax, 1974Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, Columbia Business School (to 2006); Equity Analyst/Trader, Madoff Securities International (London) (to 2004)                                                                                                                                                                                                                                | Vice President, Global Technology Fund and Science & Technology Fund                                                                                                                                                                                                                                     |
| Kathryn A. Floyd, 1982Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                                                                                                                               | Vice President, State Tax-Free Income Trust; Assistant Vice President,Summit Municipal Funds                                                                                                                                                                                                                 |
| May Foo, 1977Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; CFA                                                                                                                                                                                                                                                                                                                                       | Vice President, International Funds and Media & Telecommunications Fund                                                                                                                                                                                                                                  |
| Christopher T. Fortune, 1973Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly intern, Hillman Capital Management (to 2005)                                                                                                                                                                                                                                                                                               | Vice President, Financial Services Fund, Small-Cap Stock Fund, and Small-Cap Value Fund                                                                                                                                                                                                                      |
| Melissa C. Gallagher, 1974Vice President, T. Rowe Price International; formerly European Pharmaceuticals and Biotech Analyst, Bear Stearns International Ltd. (to 2008)                                                                                                                                                                                                                                                                           | Vice President, Health Sciences Fund                                                                                                                                                                                                                                                                         |
| Robert N. Gensler, 1957Vice President, T. Rowe Price, T Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                            | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Technology Fund and Growth Stock Fund                                                                                                                                                            |
| Justin T. Gerbereux, 1975Vice President, T. Rowe Price and T. Rowe Price Group, Inc.;CFA                                                                                                                                                                                                                                                                                                                                                     | Executive Vice President, Institutional Income Funds; Vice President, High Yield Fund                                                                                                                                                                                                                        |
| Rahul Ghosh, 1976Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Analyst, Warburg Pincus (2006)                                                                                                                                                                                                                                                                                                    | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| John R. Gilner, 1961Chief Compliance Officer and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Investment Services, Inc.                                                                                                                                                                                                                                                                        | Chief Compliance Officer, all funds                                                                                                                                                                                                                                                                          |
| David R. Giroux, 1975Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                                | President, Capital Appreciation Fund; Executive Vice President, Institutional Equity Funds; Vice President, Equity Income Fund, Growth & Income Fund, and Value Fund                                                                                                                                     |
| Gregory S. Golczewski, 1966Vice President, T. Rowe Price and T. Rowe Price Trust Company                                                                                                                                                                                                                                                                                                                                                | Vice President, all funds                                                                                                                                                                                                                                                                                    |
| Dimitri V. Grechenko, 1963Assistant Vice President, T. Rowe Price; formerly Investment Analytics Specialist, Assistant Vice President, Legg Mason Wood Walker, Inc.(to 2006); andWealth Advisor, Legg Mason Wood Walker, Inc. (to 2005); CFA                                                                                                                                                                                                      | Vice President, U.S. Treasury Funds; Assistant Vice President, Inflation Protected Bond Fund and New Income Fund                                                                                                                                                                                             |
| Paul D. Greene II, 1978Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, Graduate School of Business, Stanford University (to 2006); Finance & Operations Analyst, ArvinMeritor, Inc. (to 2004)                                                                                                                                                                                                        | Vice President, Capital Appreciation Fund, Equity Income Fund, and Media & Telecommunications Fund                                                                                                                                                                                                       |
| Benjamin Griffiths, 1977Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Investment Manager, Baillie Gifford (to 2006); CFA                                                                                                                                                                                                                                                                         | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Michael J. Grogan, 1971Vice President, T. Rowe Price; CFA                                                                                                                                                                                                                                                                                                                                                                                    | Assistant Vice President, Corporate Income Fund, New Income Fund, Short-Term Bond Fund, and Short-Term Income Fund                                                                                                                                                                                           |
| M. Campbell Gunn, 1956Vice President, T. Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                           | Executive Vice President, International Funds; Vice President, Institutional International Funds                                                                                                                                                                                                             |
| Geoffrey M. Hardin, 1971Vice President, T. Rowe Price; formerly, Investment Analyst, Morgan Stanley`s Alternative Investment Partners Group (to 2007); Associate Portfolio Manager, Smith Breeden Associates (to 2005)                                                                                                                                                                                                                            | Vice President, U.S. Treasury Funds; Assistant Vice President, Inflation Protected Bond Fund, Short-Term Bond Fund, and Short-Term Income Fund                                                                                                                                                               |
| Barry Henderson, 1966Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Research Analyst, Soros Fund Management (to 2006)                                                                                                                                                                                                                                                                                            | Vice President, Growth Stock Fund                                                                                                                                                                                                                                                                            |
| Charles B. Hill, 1961Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                   | President, Tax-Free Short-Intermediate Fund; Executive Vice President, State Tax-Free Income Trust and Summit Municipal Funds; Vice President, Short-Term Bond Fund, Short-Term Income Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund                                                              |
| Gregory K. Hinkle, 1958Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; formerly, partner, PricewaterhouseCoopers, LLP (to 2007); CPA                                                                                                                                                                                                                                                    | Treasurer, all funds                                                                                                                                                                                                                                                                                         |
| Ann M. Holcomb, 1972Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                                 | Vice President, Capital Opportunity Fund and Institutional Equity Funds                                                                                                                                                                                                                                      |
| Steven C. Huber, 1958Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly chief investment officer, Maryland State Retirement Agency pension fund (to 2006); CFA, FSA                                                                                                                                                                                                                                                       | Executive Vice President, Strategic Income Fund; Vice President, Institutional Income Funds and New Income Fund                                                                                                                                                                                              |
| Thomas J. Huber, 1966Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                                | President, Dividend Growth Fund and Growth & Income Fund; Vice President, Blue Chip Growth Fund, Equity Income Fund, and Real Estate Fund                                                                                                                                                                |
| Rhett K. Hunter, 1977Vice President, T. Rowe Price; formerly student, MIT Sloan School of Management (to 2007), Bowdoin College (to 2005)                                                                                                                                                                                                                                                                                                         | Vice President, Global Technology Fund and Science & Technology Fund                                                                                                                                                                                                                                     |
| Andrew R. Hyman, 1968Vice President, T. Rowe Price International, Inc.; formerly Principal, L. Capital Partners (to 2007); Health Care Analyst, Columbus Circle Investors (to 2005); M.D.                                                                                                                                                                                                                                                         | Vice President, Health Sciences Fund                                                                                                                                                                                                                                                                         |
| Susan L. Innes,1976Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; CFA                                                                                                                                                                                                                                                                                                                                           | Executive Vice President, International Funds                                                                                                                                                                                                                                                                |
| Sharon E. Janvier, 1975Assistant Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                                                                                                                    | Vice President, Index Trust                                                                                                                                                                                                                                                                                  |
| Kris H. Jenner, 1962Vice President, T. Rowe Price, T Rowe Price Global Investment Services Limited, and T. Rowe Price Group, Inc.; M.D., D. Phil.                                                                                                                                                                                                                                                                                  | President, Health Sciences Fund; Vice President, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, and New Horizons Fund                                                                                                                                       |
| Dylan Jones, 1971Assistant Vice President, T. Rowe Price; CFA                                                                                                                                                                                                                                                                                                                                                                                     | Vice President, Prime Reserve Fund; Assistant Vice President, TRP Reserve Investment Funds, Summit Funds, and U.S. Treasury Funds                                                                                                                                                                            |
| NinaP. Jones, 1980Employee, T. Rowe Price; formerly intern, T. Rowe Price (summer 2007); Senior Associate KPMG LLP; student, Columbia Business School; CPA                                                                                                                                                                                                                                                                                   | Vice President, Global Real Estate Fund and Real Estate Fund                                                                                                                                                                                                                                                 |
| Keir R. Joyce, 1972Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                     | Vice President, GNMA Fund and Summit Funds; Assistant Vice President, Short-Term Bond Fund and Short-Term Income Fund                                                                                                                                                                                        |
| Yoichiro Kai, 1973Vice President, T. Rowe Price Global Investment Services Limited; formerly Japanese Financial/Real Estate Sector Analyst/Portfolio Manager, Citadel Investment Group, Asia Limited (to 2009); Research Analyst, Japanese Equities & Sector Fund Portfolio Manager, Fidelity Investments Japan Limited (to 2007)                                                                                                             | Vice President, Global Real Estate Fund                                                                                                                                                                                                                                                                      |
| Paul A. Karpers, 1967Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                   | Executive Vice President, Institutional Income Funds; Vice President, Balanced Fund and High Yield Fund                                                                                                                                                                                                      |
| Ian D. Kelson, 1956Vice President, T. Rowe Price, T Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                           | Executive Vice President, Institutional International Funds and International Funds; Vice President, Institutional Income Funds,Personal Strategy Funds, Retirement Funds, and Strategic Income Fund                                                                                                         |
| Susan J. Klein, 1950Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                                                                                                                            | Vice President, Health Sciences Fund and Small-Cap Value Fund                                                                                                                                                                                                                                                |
| Steven Krichbaum, 1977Vice President, T. Rowe Price; formerly intern, T. Rowe Price (2006); Economist and statistical analyst, Colorado Department of Labor and Employment; student, Pomona College and University of Michigan, Stephen M. Ross School of Business                                                                                                                                                                           | Vice President, Financial Services Fund                                                                                                                                                                                                                                                                      |
| Robert M. Larkins, 1973Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                              | President, U.S. Bond Index Fund; Vice President, Balanced Fund                                                                                                                                                                                                                                               |
| Marcy M. Lash, 1963Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                          | Vice President, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund                                                                                                                             |
| Michael M. Lasota, 1982Employee, T. Rowe Price; formerly student, University of Chicago, Graduate School of Business (to 2008); associate, The Boston Consulting Group (to 2006)                                                                                                                                                                                                                                                                  | Vice President, Real Estate Fund                                                                                                                                                                                                                                                                             |
| David M. Lee, 1962Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                      | President, Global Real Estate Fund and Real Estate Fund; Vice President, Dividend Growth Fund, Growth & Income Fund, and New Era Fund                                                                                                                                                                    |
| Wyatt A. Lee, 1971Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                                   | Vice President, Retirement Funds                                                                                                                                                                                                                                                                             |
| Alan D. Levenson, 1958Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D.                                                                                                                                                                                                                                                                                                                                                | Vice President, California Tax-Free Income Trust, Corporate Income Fund, GNMA Fund, Inflation Protected Bond Fund, New Income Fund, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
| Lillian Yan Li, 1979Vice President, T. Rowe Price International, Inc.; Analyst, Deutsche Bank (Hong Kong) (to 2007); CFA                                                                                                                                                                                                                                                                                                                     | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| John D. Linehan, 1965Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                                | President, Value Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund, Capital Appreciation Fund, Equity Income Fund, International Funds, Personal Strategy Funds, and U.S. Large-Cap Core Fund                                                                        |
| Patricia B. Lippert, 1953Assistant Vice President, T. Rowe Price and T. Rowe Price Investment Services, Inc.                                                                                                                                                                                                                                                                                                                            | Secretary, all funds                                                                                                                                                                                                                                                                                         |
| Anh Lu, 1968Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                             | Executive Vice President, International Funds; Vice President, Institutional International Funds                                                                                                                                                                                                             |
| Joseph K. Lynagh, 1958Vice President, T. Rowe Price,T. Rowe Price Group, Inc. and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                                      | President, Prime Reserve Fund, Tax-Exempt Money Fund, and TRP Reserve Investment Funds; Executive Vice President, California Tax-Free Income Trust,State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, and U.S. Treasury Funds                                                                |
| Konstantine B. Mallas, 1963Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                  | Executive Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund; Vice President, Tax-Free High Yield Fundand Tax-Free Short-Intermediate Fund                                                                                      |
| Sebastien Mallet, 1974Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly student, London Business School(to 2005)                                                                                                                                                                                                                                                                                     | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Robert J. Marcotte, 1962Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                     | Vice President, Global Real Estate Fund, Mid-Cap Growth Fund, and Small-Cap Stock Fund                                                                                                                                                                                                                       |
| Jay S. Markowitz, 1962Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; M.D.                                                                                                                                                                                                                                                                                                                                                 | Vice President, Health Sciences Fund, New Horizons Fund, and Small-Cap Stock Fund                                                                                                                                                                                                                            |
| Jennifer Martin, 1972Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Research Analyst, Northern Trust (to 2005)                                                                                                                                                                                                                                                                                                   | Vice President, Capital Opportunity Fund                                                                                                                                                                                                                                                                     |
| Daniel Martino, 1974Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Research Analyst and Co-portfolio Manager, Taurus Asset Management (to 2006), Onex Public Markets Group (to 2006), and MFS Investment Management (to 2005); CFA                                                                                                                                                                               | Vice President, Dividend Growth Fund, Global Technology Fund, Media & Telecommunications Fund, and Mid-Cap Growth Fund                                                                                                                                                                                   |
| George Marzano,1980Assistant Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                                                                                                                   | Vice President, U.S. Large-Cap Core Fund                                                                                                                                                                                                                                                                     |
| Paul M. Massaro, 1975Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                   | Executive Vice President, Institutional Income Funds; Vice President, Capital Appreciation Fund and High Yield Fund                                                                                                                                                                                          |
| Susanta Mazumdar, 1968Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                   | Vice President, International Funds and New Era Fund                                                                                                                                                                                                                                                         |
| Andrew McCormick, 1960Vice President, T. Rowe Price,T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; formerly Chief Investment Officer, IMPAC Mortgage Holdings (to 2008); Senior Portfolio Manager, Avenue Capital Group(to 2006), and Senior Vice President, Portfolio Transactions, Federal National Mortgage Association (to 2005)                                                                                  | President, GNMA Fund; Executive Vice President, Summit Funds; Vice President, Inflation Protected Bond Fund, Institutional Income Funds, New Income Fund,Short-Term Bond Fund, and Strategic Income Fund                                                                                                     |
| Gregory A. McCrickard, 1958Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                          | President, Small-Cap Stock Fund; Executive Vice President, Institutional Equity Funds; Vice President, Mid-Cap Value Fund, Personal Strategy Funds, and Small-Cap Value Fund                                                                                                                                 |
| IanC. McDonald, 1971Vice President, T. Rowe Price; formerly Insurance Correspondent, The Wall Street Journal (to 2007); and Staff Reporter, The Wall Street Journal (2006)                                                                                                                                                                                                                                                                   | Vice President, Financial Services Fund                                                                                                                                                                                                                                                                      |
| Michael J. McGonigle, 1966Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                   | Vice President, Capital Appreciation Fund, Corporate Income Fund, Financial Services Fund, High Yield Fund, Institutional Income Funds, and Strategic Income Fund                                                                                                                                            |
| Hugh D. McGuirk, 1960Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                   | President, California Tax-Free Income Trust, State Tax-Free Income Trust, and Summit Municipal Funds; Executive Vice President, Tax-Efficient Funds; Vice President, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund                                                    |
| Graham M. McPhail, 1975Employee, T. Rowe Price; formerly Analyst, The Boston Company Asset Management (to 2008); Junior Portfolio Manager, J.L. Kaplan Associates (to 2006)                                                                                                                                                                                                                                                                       | Vice President, Health Sciences Fund and New Horizons Fund                                                                                                                                                                                                                                                   |
| Heather K. McPherson, 1967Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA                                                                                                                                                                                                                                                                                                                                              | Executive Vice President, Mid-Cap Value Fund; Vice President, Capital Appreciation Fund, New Era Fund, and Value Fund                                                                                                                                                                                        |
| Cheryl A. Mickel, 1967Vice President, T. Rowe Price,T. Rowe Price Group, Inc. and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                                      | Vice President, Short-Term Bond Fund                                                                                                                                                                                                                                                                         |
| Inigo Mijangos, 1975Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Analyst, Kepler Equities (to 2005)                                                                                                                                                                                                                                                                                             | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Joseph M. Milano, 1972Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                  | President, New America Growth Fund; Vice President, Capital Appreciation Fund, Institutional Equity Funds, Mid-Cap Growth Fund, Mid-Cap Value Fund, and Small-Cap Stock Fund                                                                                                                                 |
| Raymond A. Mills, 1960Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Trust Company; Ph.D., CFA                                                                                                                                                                                                                                                                | Executive Vice President, International Funds; Vice President, Balanced Fund, Global Real Estate Fund, Personal Strategy Funds, and Spectrum Funds                                                                                                                                                           |
| Eric C. Moffett, 1974Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Analyst, Fayez Sarofim & Company (to 2007)                                                                                                                                                                                                                                                                                | Vice President, Global Real Estate Fund                                                                                                                                                                                                                                                                      |
| James M. Murphy, 1967Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                   | President, Tax-Free High Yield Fund; Vice President, Summit Municipal Funds and Tax-Free Income Fund                                                                                                                                                                                                         |
| Linda A. Murphy, 1959Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                        | Vice President, California Tax-Free Income Trust and State Tax-Free Income Trust                                                                                                                                                                                                                             |
| Sudhir Nanda, 1959Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA                                                                                                                                                                                                                                                                                                                                               | President, Diversified Small-Cap Growth Fund; Vice President, Capital Appreciation Fund, Diversified Mid-Cap Growth Fund, and Index Trust                                                                                                                                                                    |
| Joshua Nelson, 1977Vice President, T. Rowe Price; formerly Assistant Vice President of Investment Banking, Citigroup Global Markets, Inc. (to 2005)                                                                                                                                                                                                                                                                                          | Vice President, Blue Chip Growth Fund and New Horizons Fund                                                                                                                                                                                                                                                  |
| Philip A. Nestico, 1976Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                      | Vice President, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Global Real Estate Fund, International Funds, and Real Estate Fund                                                                                                                                                                |
| Hwee Jan Ng, 1966Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Vice President of Equity Research, Merrill Lynch Investment Managers in Singapore (to 2005); CFA                                                                                                                                                                                                                             | Vice President, Financial Services Fund and International Funds                                                                                                                                                                                                                                              |
| Sridhar Nishtala, 1975Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                        | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Jason Nogueira, 1974Vice President, T. Rowe Price and T. Rowe Price Group, Inc.;CFA                                                                                                                                                                                                                                                                                                                                                     | Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Dividend Growth Fund, Growth Stock Fund, Health Sciences Fund, New America Growth Fund, New Horizons Fund, and U.S. Large-Cap Core Fund                                                                                                     |
| Edmund M. Notzon III, 1945Vice President, T. Rowe Price, T Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company; Ph.D., CFA                                                                                                                                                                                                | President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds; Vice President, Short-Term Income Fund                                                                                                                                                                              |
| Charles M. Ober, 1950Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                   | President, New Era Fund; Vice President, Institutional International Funds, International Funds, and Real Estate Fund                                                                                                                                                                                        |
| David Oestreicher, 1967Director and Vice President, T. Rowe Price Investment Services, Inc., T. Rowe Price Trust Company, and T. Rowe Price Services, Inc.; Vice President, T. Rowe Price, T. Rowe Price Global Asset Management Limited, T. Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc.,T. Rowe Price International, Inc., and T. Rowe Price Retirement Plan Services, Inc. | Vice President, all funds                                                                                                                                                                                                                                                                                    |
| Curt J. Organt, 1968Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                    | Vice President, Diversified Small-Cap Growth Fund, Media & Telecommunications Fund, New America Growth Fund, Small-Cap Stock Fund, and Small-Cap Value Fund                                                                                                                                              |
| Hiroaki Owaki, 1962Vice President, T. Rowe Price Global Investment Services Limited and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                       | Vice President, Global Technology Fund, International Funds, and Science & Technology Fund                                                                                                                                                                                                               |
| Gonzalo Pangaro, 1968Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; CFA                                                                                                                                                                                                                                                                                                                               | Executive Vice President, International Fundsand Institutional International Funds                                                                                                                                                                                                                           |
| Timothy E. Parker, 1974Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                 | Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Dividend Growth Fund, New Era Fund, New Horizons Fund, and U.S. Large-Cap Core Fund                                                                                                                                                         |
| Charles G. Pepin, 1966Director, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                | Vice President, Capital Opportunity Fund and Health Sciences Fund                                                                                                                                                                                                                                            |
| Donald J. Peters, 1959Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                       | President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds                                                                                                                                                                                                                                           |
| Jason B. Polun, 1974Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Vice President, Wellington Management LLP (to 2006); student, The Wharton Business School, University of Pennsylvania (to 2004); CFA                                                                                                                                                                                                          | Vice President, Equity Income Fund and Financial Services Fund                                                                                                                                                                                                                                               |
| Austin Powell, 1969Vice President, T. Rowe Price Global Investment Services Limited and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                  | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Larry J. Puglia, 1960Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA                                                                                                                                                                                                                                                                                                           | President, Blue Chip Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund, Growth Stock Fund,and Personal Strategy Funds                                                                                                                                         |
| Robert T. Quinn, Jr., 1972Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                   | Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Dividend Growth Fund, Equity Income Fund, U.S. Large-Cap Core Fund, and Value Fund                                                                                                                                                      |
| Homero J.F. Radway, 1976Assistant Vice President, T. Rowe Price; formerly Fixed Income and Derivative Associates, Credit Suisse First Boston (to 2007)                                                                                                                                                                                                                                                                                            | Assistant Vice President, Summit Municipal Funds and Tax-Free Short-Intermediate                                                                                                                                                                                                                             |
| Vernon A. Reid, Jr., 1954Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                    | Vice President, Corporate Income Fund, New Income Fund, Short-Term Bond Fund, Short-Term Income Fund, and U.S. Treasury Funds                                                                                                                                                                                |
| Frederick A. Rizzo, 1969Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Analyst, F&C Asset Management (London) (to 2006); Senior Equity Analyst, Citigroup (London) (to 2004)                                                                                                                                                                                                                  | Vice President, Financial Services Fund and International Funds                                                                                                                                                                                                                                              |
| Michael T. Roberts, 1980Vice President, T. Rowe Price; formerly student, Brown University, and Research Analyst, Chicago Board of Options Exchange (to 2005)                                                                                                                                                                                                                                                                                 | Vice President, Diversified Small-Cap Growth Fund                                                                                                                                                                                                                                                            |
| Theodore E. Robson, 1965Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                             | Vice President, Corporate Income Fund and Real Estate Fund                                                                                                                                                                                                                                                   |
| Joseph Rohm, 1966Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Equity Analyst, Insight Investment (to 2005)                                                                                                                                                                                                                                                                                 | Executive Vice President, Institutional International Funds and International Funds                                                                                                                                                                                                                          |
| Christopher J. Rothery, 1963Vice President, T Rowe Price Global Investment Services Limited, T. Rowe Price Group, Inc., and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                      | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Jeffrey Rottinghaus, 1970Vice President, T. Rowe Price, T Rowe Price Global Investment Services Limited, and T. Rowe Price Group, Inc.; CPA                                                                                                                                                                                                                                                                                        | President, U.S. Large-Cap Core Fund; Vice President, Institutional International Funds andInternational Funds                                                                                                                                                                                                |
| David L. Rowlett, 1975Employee, T. Rowe Price; formerly Analyst and Portfolio Manager, Neuberger Berman (to 2008); and Investment Banking Associate, Merrill Lynch & Company (to 2005); CFA                                                                                                                                                                                                                                                   | Vice President, Growth & Income Fund                                                                                                                                                                                                                                                                     |
| Brian A. Rubin, 1974Vice President, T. Rowe Price and T. Rowe Price Trust Company; CPA                                                                                                                                                                                                                                                                                                                                                            | Vice President, High Yield Fund; Assistant Vice President, Institutional Income Funds                                                                                                                                                                                                                        |
| Federico Santilli, 1974Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; CFA                                                                                                                                                                                                                                                                                                                             | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Deborah D. Seidel,1962Vice President, T. Rowe Price, T. Rowe Price Investment Services, Inc.,and T. Rowe Price Services, Inc.                                                                                                                                                                                                                                                                                                           | Vice President, all funds                                                                                                                                                                                                                                                                                    |
| Francisco Sersale, 1980Employee, T. Rowe Price; formerly Investment Analyst, Explorador Capital Management, LLC (to 2005)                                                                                                                                                                                                                                                                                                                         | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Daniel O. Shackelford, 1958Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                          | President, Inflation Protected Bond Fund and New Income Fund; Vice President, Institutional Income Funds, Short-Term Bond Fund, Short-Term Income Fund, and U.S. Treasury Funds                                                                                                                              |
| Chen Shao, 1980Employee, T. Rowe Price; formerly Junior Accountant, News America Corporation, and Reconciliation Associate, Cablevision Corporation (to 2005)                                                                                                                                                                                                                                                                                     | Assistant Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund                                                                                 |
| Robert W. Sharps, 1971Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA                                                                                                                                                                                                                                                                                                          | Executive Vice President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Growth Stock Fund, Institutional International Funds, International Funds, New America Growth Fund, and U.S. Large-Cap Core Fund                                                                                |
| John C.A. Sherman, 1969Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                  | Vice President, Health Sciences Fund and International Funds                                                                                                                                                                                                                                                 |
| Clark R. Shields, 1976Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, Harvard Business School (to 2006); Associate, MDT Advisers (to 2004)                                                                                                                                                                                                                                                               | Vice President, Mid-Cap Growth Fund, New America Growth Fund, and New Horizons Fund                                                                                                                                                                                                                          |
| Charles M. Shriver, 1967Vice President, T. Rowe Price, T Rowe Price Global Investment Services Limited, and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                         | Vice President, Personal Strategy Funds and Spectrum Funds                                                                                                                                                                                                                                                   |
| Neil Smith, 1972Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                         | Executive Vice President, International Index Fund                                                                                                                                                                                                                                                           |
| Robert W. Smith, 1961Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company                                                                                                                                                                                                                                                                                                                     | Executive Vice President, Institutional International Funds and International Funds; Vice President, Growth Stock Fund, Media & Telecommunications Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds                                                                                   |
| Michael F. Sola, 1969Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                   | Vice President,New Horizons Fund,Science & Technology Fund, and Small-Cap Stock Fund                                                                                                                                                                                                                     |
| Gabriel Solomon, 1977Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                             | Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Dividend Growth Fund, Financial Services Fund, and Growth & Income Fund                                                                                                                                                             |
| Joshua K. Spencer, 1973Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                 | Vice President, Global Technology Fund, Growth & Income Fund, and Science & Technology Fund                                                                                                                                                                                                     |
| DavidStanley,1963Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                             | Vice President, Strategic Income Fund                                                                                                                                                                                                                                                                        |
| Jonty Starbuck, 1975Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; Ph.D.                                                                                                                                                                                                                                                                                                                                   | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| William J. Stromberg, 1960Director and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                               | Vice President, Capital Appreciation Fund, Dividend Growth Fund, and Tax-Efficient Funds                                                                                                                                                                                                                     |
| Walter P. Stuart III, 1960Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                              | Vice President, High Yield Fund and Institutional Income Funds                                                                                                                                                                                                                                               |
| Miki Takeyama, 1970Vice President, T. Rowe Price Global Investment Services Limited and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                            | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Taymour R. Tamaddon, 1976Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                               | Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Growth Stock Fund, Health Sciences Fund, Mid-Cap Growth Fund, and New Horizons Fund                                                                                                                                                        |
| Timothy G. Taylor, 1975Vice President, T. Rowe Price; CFA                                                                                                                                                                                                                                                                                                                                                                                    | Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Short-Intermediate Fund; Assistant Vice President, Tax-Free High Yield Fund and Tax-Free Income Fund                                                                                     |
| Dean Tenerelli, 1964Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                     | Executive Vice President, International Funds; Vice President, Institutional International Funds                                                                                                                                                                                                             |
| Thomas E. Tewksbury, 1961Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company                                                                                                                                                                                                                                                                                                                      | Vice President, High Yield Fund and Institutional Income Funds                                                                                                                                                                                                                                               |
| Craig A. Thiese, 1975Vice President, T. Rowe Price; formerly Equity Trader, Rydex Investments (to 2006)                                                                                                                                                                                                                                                                                                                                      | Vice President, New America Growth Fund and New Era Fund                                                                                                                                                                                                                                                     |
| Justin Thomson, 1968Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                     | Executive Vice President, International Funds                                                                                                                                                                                                                                                                |
| David A. Tiberii, 1965Vice President, T. Rowe Price, T Rowe Price Global Investment Services Limited, and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                           | President, Corporate Income Fund; Vice President, Institutional Income Funds,New Income Fund, and Strategic Income Fund                                                                                                                                                                                      |
| Mitchell J.K. Todd, 1974Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                      | Vice President, Financial Services Fund and International Funds                                                                                                                                                                                                                                              |
| Susan G. Troll, 1966Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA                                                                                                                                                                                                                                                                                                                                                    | Vice President, Capital Appreciation Fund, Prime Reserve Fund, and Summit Funds                                                                                                                                                                                                                              |
| Ken D. Uematsu, 1969Vice President, T. Rowe Price and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                                                                       | Executive Vice President, Index Trust; Vice President, International Index Fund                                                                                                                                                                                                                              |
| Mark J. Vaselkiv, 1958Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Trust Company                                                                                                                                                                                                                                                                            | President, High Yield Fund and Institutional Income Funds; Executive Vice President, Corporate Income Fund; Vice President, Personal Strategy Funds, Retirement Funds, and Strategic Income Fund                                                                                                             |
| Eric L. Veiel, 1972Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Equity Analyst, Wachovia Securities (to 2005); CFA                                                                                                                                                                                                                                                                                           | Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Dividend Growth Fund, Equity Income Fund, Financial Services Fund, Growth Stock Fund, New America Growth Fund, and Value Fund                                                                                                           |
| Verena E. Wachnitz, 1978Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; CFA                                                                                                                                                                                                                                                                                                                                 | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| J. David Wagner, 1974Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA                                                                                                                                                                                                                                                                                                                                                   | Vice President, Diversified Small-Cap Growth Fund, Institutional Equity Funds, Mid-Cap Value Fund, Small-Cap Stock Fund, and Small-Cap Value Fund                                                                                                                                                            |
| John F. Wakeman, 1962Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                        | Executive Vice President, Mid-Cap Growth Fund; Vice President, Diversified Mid-Cap Growth Fund and Institutional Equity Funds                                                                                                                                                                                |
| David J. Wallack, 1960Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company                                                                                                                                                                                                                                                                                                                    | President, Mid-Cap Value Fund; Vice President, New Era Fund                                                                                                                                                                                                                                                  |
| Julie L. Waples, 1970Vice President, T. Rowe Price                                                                                                                                                                                                                                                                                                                                                                                           | Vice President, all funds                                                                                                                                                                                                                                                                                    |
| Hiroshi Watanabe, 1975Vice President, T. Rowe Price Global Investment Services Limitedand T. Rowe Price Group, Inc.; formerly Deputy Director, Space Industry Office, Manufacturing Industries Bureau (to 2006); Assistant Manager, Gas Safety Division, Nuclear and Industrial Safety Agency (to 2003); CFA                                                                                                                                 | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Thomas H. Watson, 1977Vice President, T. Rowe Price; formerly Strategy Analyst, Forrester Research (2002 to 2005)                                                                                                                                                                                                                                                                                                                                 | Vice President, Global Technology Fund and Science & Technology Fund                                                                                                                                                                                                                                     |
| Kwame C. Webb, 1982Vice President, T. Rowe Priceand T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                           | Vice President, Small-Cap Stock Fund and Small-Cap Value Fund                                                                                                                                                                                                                                                |
| Mark R. Weigman, 1962Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC                                                                                                                                                                                                                                                                                                           | Vice President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds                                                                                                                                                                                                                                      |
| John D. Wells, 1960Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Savings Bank                                                                                                                                                                                                                                                                                                                        | Vice President, GNMA Fund, Short-Term Bond Fund, Short-Term Income Fund, and Summit Funds                                                                                                                                                                                                                    |
| Justin P. White, 1981Employee, T. Rowe Price; formerly student, Tuck School of Business at Dartmouth (to 2008); and Senior Analyst, Analysis Group (to 2006)                                                                                                                                                                                                                                                                                      | Vice President, Media & Telecommunications Fund                                                                                                                                                                                                                                                          |
| Christopher S. Whitehouse, 1972Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Telecoms Analyst and Fund Manager, Deutsche Asset Management (to 2005)                                                                                                                                                                                                                                         | Vice President, International Funds and Media & Telecommunications Fund                                                                                                                                                                                                                                  |
| Richard T. Whitney, 1958Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                     | Executive Vice President, Balanced Fund; Vice President, Personal Strategy Funds and Retirement Funds                                                                                                                                                                                                        |
| Edward A. Wiese, 1959Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; Chief Investment Officer, Director, and Vice President, T. Rowe Price Savings Bank; CFA                                                                                                                                                                                                                       | President, Short-Term Bond Fund, Short-Term Income Fund, and Summit Funds; Vice President, Corporate Income Fund, Prime Reserve Fund, TRP Reserve Investment Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and Tax-Free Short-Intermediate Fund                                                      |
| Tamara P. Wiggs, 1979Vice President, T. Rowe Price; formerly Vice President,Institutional Equity Trading, Merrill Lynch & Co., Inc.(to 2007)                                                                                                                                                                                                                                                                                                  | Vice President, Capital Appreciation Fund, Financial Services Fund, and Value Fund                                                                                                                                                                                                                           |
| Clive M. Williams, 1966Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.                                                                                                                                                                                                                                                                                                                                       | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Thea N. Williams, 1961Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company                                                                                                                                                                                                                                                                                                                         | Vice President, Corporate Income Fund, High Yield Fund, and Institutional Income Funds                                                                                                                                                                                                                       |
| Paul W. Wojcik, 1970Vice President, T. Rowe Price,T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA                                                                                                                                                                                                                                                                                                                       | Vice President, Index Trust and International Index Fund                                                                                                                                                                                                                                                     |
| John Z. Wood, 1972Vice President, T. Rowe Price and T. Rowe Price Group, Inc.                                                                                                                                                                                                                                                                                                                                                                     | Vice President, Diversified Small-Cap Growth Fund                                                                                                                                                                                                                                                            |
| Ashley R. Woodruff, 1979Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Vice President and Senior Restaurants Analyst, Friedman, Billings, Ramsey & Co. (to 2006); CFA                                                                                                                                                                                                                                      | Vice President, New Horizons Fund                                                                                                                                                                                                                                                                            |
| Marta Yago,1977Vice President, T. Rowe Price International, Inc.; formerly anstudent, Columbia Business School (to 2007); Senior Associate, Fixed Income Division, Citigroup Investment Banking (to 2005)                                                                                                                                                                                                                                    | Vice President, Global Real Estate Fund                                                                                                                                                                                                                                                                      |
| Ernest C. Yeung, 1979Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; CFA                                                                                                                                                                                                                                                                                                                               | Vice President, International Funds and Media & Telecommunications Fund                                                                                                                                                                                                                                  |
| Alison Mei Ling Yip, 1966Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; formerly Analyst, Credit Suisse First Boston (to 2006)                                                                                                                                                                                                                                                                        | Vice President, Global Technology Fund, International Funds, and Science & Technology Fund                                                                                                                                                                                                               |
| Christopher Yip, 1975Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International, Inc.; CFA                                                                                                                                                                                                                                                                                                                                    | Vice President, International Funds                                                                                                                                                                                                                                                                          |
| Nalin Yogasundram, 1975Vice President, T. Rowe Price; formerly Equity Analyst Intern, American Century Investments (to 2006); Project Lead, Ceterus Networks (to 2005); Project Lead, Mahi Networks, (to 2004)                                                                                                                                                                                                                               | Vice President, Global Technology Fund and Science & Technology Fund                                                                                                                                                                                                                                     |

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| Directors      | Total Compensation |
|----------------|--------------------|
| Casey          | $217,500           |
| Deering (Lead) | 310,000            |
| Dick           | 210,000            |
| Fagin*         | 210,000            |
| Horn           | 225,000            |
| Rodgers        | 217,500            |
| Schreiber      | 210,000            |

| Fund                                          | Aggregate Compensation From Fund |        |       |       |        |       |       |
|-----------------------------------------------|----------------------------------|--------|-------|-------|--------|-------|-------|
||
| Africa & Middle East                      | $976                             | $1,391 | $943  | $943  | $1,010 | $976  | $943  |
| Balanced                                      | 2,204                            | 3,141  | 2,128 | 2,128 | 2,280  | 2,204 | 2,128 |
| Blue Chip Growth                              | 6,100                            | 8,695  | 5,890 | 5,890 | 6.311  | 6,100 | 5,890 |
| California Tax-Free Bond                      | 855                              | 1,219  | 826   | 826   | 885    | 855   | 826   |
| California Tax-Free Money                     | 752                              | 1,072  | 726   | 726   | 778    | 752   | 726   |
| Capital Appreciation                          | 5,825                            | 8,302  | 5,624 | 5,624 | 6,026  | 5,825 | 5,624 |
| Capital Opportunity                           | 803                              | 1,145  | 776   | 776   | 831    | 803   | 776   |
| Corporate Income                              | 807                              | 1,151  | 780   | 780   | 835    | 807   | 780   |
| Developing Technologies(a)                    | 612                              | 872    | 591   | 591   | 633    | 612   | 591   |
| Diversified Mid-Cap Growth                    | 736                              | 1,049  | 711   | 711   | 761    | 736   | 711   |
| Diversified Small-Cap Growth                  | 722                              | 1,029  | 697   | 697   | 747    | 722   | 697   |
| Dividend Growth                               | 1,111                            | 1,583  | 1,073 | 1,073 | 1,149  | 1,111 | 1,073 |
| Emerging Europe & Mediterranean           | 1,395                            | 1,988  | 1,346 | 1,346 | 1,443  | 1,395 | 1,346 |
| Emerging Markets Bond                         | 1,053                            | 1,501  | 1,017 | 1,017 | 1,089  | 1,053 | 1,017 |
| Emerging Markets Stock                        | 2,965                            | 4,226  | 2,863 | 2,863 | 3,067  | 2,965 | 2,863 |
| Equity Income                                 | 6,117                            | 8,719  | 5,906 | 5,906 | 6,328  | 6,117 | 5,906 |
| Equity Index 500                              | 5,888                            | 8,392  | 5,685 | 5,685 | 6,091  | 5,888 | 5,685 |
| European Stock                                | 1,176                            | 1,676  | 1,135 | 1,135 | 1,216  | 1,176 | 1,135 |
| Extended Equity Market Index                  | 868                              | 1,237  | 838   | 838   | 898    | 868   | 838   |
| Financial Services                            | 861                              | 1,227  | 831   | 831   | 891    | 861   | 831   |
| Georgia Tax-Free Bond                         | 752                              | 1,072  | 726   | 726   | 778    | 752   | 726   |
| Global Large-Cap Stock(b)                     | 114                              | 163    | 110   | 110   | 118    | 114   | 110   |
| Global Real Estate(b)                         | 114                              | 162    | 110   | 110   | 118    | 114   | 110   |
| Global Stock                                  | 1,205                            | 1,717  | 1,163 | 1,163 | 1,246  | 1,205 | 1,163 |
| Global Technology                             | 762                              | 1,086  | 736   | 736   | 788    | 762   | 736   |
| GNMA                                          | 1,432                            | 2,040  | 1,382 | 1,382 | 1,481  | 1,432 | 1,382 |
| TRP Government Reserve Investment             | 1,283                            | 1,829  | 1,239 | 1,239 | 1,327  | 1,283 | 1,239 |
| Growth & Income                           | 1,340                            | 1,910  | 1,294 | 1,294 | 1,386  | 1,340 | 1,294 |
| Growth Stock                                  | 6,117                            | 8,719  | 5,906 | 5,906 | 6,328  | 6,117 | 5,906 |
| Health Sciences                               | 1,846                            | 2,631  | 1,782 | 1,782 | 1,910  | 1,846 | 1,782 |
| High Yield                                    | 3,418                            | 4,872  | 3,301 | 3,301 | 3,536  | 3,418 | 3,301 |
| Inflation Protected Bond                      | 792                              | 1,129  | 765   | 765   | 820    | 792   | 765   |
| Institutional Africa & Middle East(c)     | 479                              | 682    | 462   | 462   | 495    | 479   | 462   |
| Institutional Concentrated Large-Cap Value(d) | 683                              | 973    | 659   | 659   | 706    | 683   | 659   |
| Institutional Core Plus                       | 734                              | 1,046  | 709   | 709   | 759    | 734   | 709   |
| Institutional Emerging Markets Bond           | 694                              | 989    | 670   | 670   | 718    | 694   | 670   |
| Institutional Emerging Markets Equity         | 888                              | 1,266  | 857   | 857   | 919    | 888   | 857   |
| Institutional Floating Rate(e)                | 886                              | 1,263  | 856   | 856   | 917    | 886   | 856   |
| Institutional Foreign Equity                  | 727                              | 1,037  | 702   | 702   | 752    | 727   | 702   |
| Institutional Global Equity                   | 734                              | 1,046  | 709   | 709   | 759    | 734   | 709   |
| Institutional Global Large-Cap Equity(b)      | 114                              | 162    | 110   | 110   | 118    | 114   | 110   |
| Institutional High Yield                      | 960                              | 1,368  | 927   | 927   | 993    | 960   | 927   |
| Institutional International Bond              | 714                              | 1,018  | 690   | 690   | 739    | 714   | 690   |
| Institutional Large-Cap Core Growth           | 738                              | 1,052  | 713   | 713   | 764    | 738   | 713   |
| Institutional Large-Cap Growth                | 1,432                            | 2,041  | 1,382 | 1,382 | 1,481  | 1,432 | 1,382 |
| Institutional Large-Cap Value                 | 846                              | 1,205  | 817   | 817   | 875    | 846   | 817   |
| Institutional Mid-Cap Equity Growth           | 932                              | 1,328  | 900   | 900   | 964    | 932   | 900   |
| Institutional Small-Cap Stock                 | 883                              | 1,259  | 853   | 853   | 914    | 883   | 853   |
| Institutional U.S. Structured Research        | 745                              | 1,062  | 719   | 719   | 771    | 745   | 719   |
| International Bond                            | 2,283                            | 3,254  | 2,205 | 2,205 | 2,362  | 2,283 | 2,205 |
| International Discovery                       | 1,945                            | 2,773  | 1,878 | 1,878 | 2,012  | 1,945 | 1,878 |
| International Equity Index                    | 943                              | 1,344  | 910   | 910   | 975    | 943   | 910   |
| International Growth & Income             | 2,131                            | 3,037  | 2,057 | 2,057 | 2,204  | 2,131 | 2,057 |
| International Stock                           | 3,895                            | 5,552  | 3,761 | 3,761 | 4,030  | 3,895 | 3,761 |
| Japan                                         | 853                              | 1,215  | 823   | 823   | 882    | 853   | 823   |
| Latin America                                 | 2,347                            | 3,345  | 2,266 | 2,266 | 2,428  | 2,347 | 2,266 |
| Maryland Short-Term Tax-Free Bond             | 766                              | 1,092  | 739   | 739   | 792    | 766   | 739   |
| Maryland Tax-Free Bond                        | 1,480                            | 2,110  | 1,429 | 1,429 | 1,531  | 1,480 | 1,429 |
| Maryland Tax-Free Money                       | 811                              | 1,155  | 783   | 783   | 839    | 811   | 783   |
| Media & Telecommunications                | 1,514                            | 2,158  | 1,462 | 1,462 | 1,566  | 1,514 | 1,462 |
| Mid-Cap Growth                                | 6,117                            | 8,719  | 5,906 | 5,906 | 6,328  | 6,117 | 5,906 |
| Mid-Cap Value                                 | 4,217                            | 6,010  | 4,071 | 4,071 | 4,362  | 4,217 | 4,071 |
| New America Growth                            | 1,091                            | 1,555  | 1,053 | 1,053 | 1,128  | 1,091 | 1,053 |
| New Asia                                      | 2,708                            | 3,860  | 2,615 | 2,615 | 2,801  | 2,708 | 2,615 |
| New Era                                       | 4,098                            | 5,840  | 3,956 | 3,956 | 4,239  | 4,098 | 3,956 |
| New Horizons                                  | 3,988                            | 5,684  | 3,851 | 3,851 | 4,126  | 3,988 | 3,851 |
| New Income                                    | 4,894                            | 6,975  | 4,725 | 4,725 | 5,062  | 4,894 | 4,725 |
| New Jersey Tax-Free Bond                      | 801                              | 1,142  | 774   | 774   | 829    | 801   | 774   |
| New York Tax-Free Bond                        | 838                              | 1,195  | 809   | 809   | 867    | 838   | 809   |
| New York Tax-Free Money                       | 761                              | 1,085  | 735   | 735   | 787    | 761   | 735   |
| Overseas Stock                                | 1,465                            | 2,087  | 1,414 | 1,414 | 1,515  | 1,465 | 1,414 |
| Personal Strategy Balanced                    | 1,435                            | 2,045  | 1,385 | 1,385 | 1,484  | 1,435 | 1,385 |
| Personal Strategy Growth                      | 1,286                            | 1,833  | 1,242 | 1,242 | 1,330  | 1,286 | 1,242 |
| Personal Strategy Income                      | 1,090                            | 1,554  | 1,053 | 1,053 | 1,128  | 1,090 | 1,053 |
| Prime Reserve                                 | 4,145                            | 5,907  | 4,002 | 4,002 | 4,287  | 4,145 | 4,002 |
| Real Estate                                   | 1,821                            | 2,596  | 1,758 | 1,758 | 1,884  | 1,821 | 1,758 |
| TRP Reserve Investment                        | 5,673                            | 8,086  | 5,478 | 5,478 | 5,869  | 5,673 | 5,478 |
| Retirement 2005                               | 1,137                            | 1,621  | 1,098 | 1,098 | 1,177  | 1,137 | 1,098 |
| Retirement 2010                               | 3,122                            | 4,450  | 3,015 | 3,015 | 3,230  | 3,122 | 3,015 |
| Retirement 2015                               | 2,544                            | 3,626  | 2,456 | 2,456 | 2,632  | 2,544 | 2,456 |
| Retirement 2020                               | 4,459                            | 6,336  | 4,306 | 4,306 | 4,613  | 4,459 | 4,306 |
| Retirement 2025                               | 2,369                            | 3,376  | 2,287 | 2,287 | 2,450  | 2,369 | 2,287 |
| Retirement 2030                               | 3,285                            | 4,683  | 3,172 | 3,172 | 3,399  | 3,285 | 3,172 |
| Retirement 2035                               | 1,591                            | 2,267  | 1,536 | 1,536 | 1,645  | 1,591 | 1,536 |
| Retirement 2040                               | 2,057                            | 2,931  | 1,986 | 1,986 | 2,128  | 2,057 | 1,986 |
| Retirement 2045                               | 1,003                            | 1,429  | 968   | 968   | 1,037  | 1,003 | 988   |
| Retirement 2050                               | 746                              | 1,063  | 720   | 720   | 772    | 746   | 720   |
| Retirement 2055                               | 707                              | 1,007  | 682   | 682   | 731    | 707   | 682   |
| Retirement Income                             | 1,414                            | 2,016  | 1,366 | 1,366 | 1,463  | 1,414 | 1,366 |
| Science & Technology                      | 2,074                            | 2,956  | 2,002 | 2,002 | 2,145  | 2,074 | 2,002 |
| Short-Term Bond                               | 1,645                            | 2,345  | 1,588 | 1,588 | 1,702  | 1,645 | 1,588 |
| Short-Term Income                             | 1,424                            | 2,029  | 1,375 | 1,375 | 1,473  | 1,424 | 1,375 |
| Small-Cap Stock                               | 3,652                            | 5,206  | 3,526 | 3,526 | 3,778  | 3,652 | 3,526 |
| Small-Cap Value                               | 3,431                            | 4,891  | 3,313 | 3,313 | 3,550  | 3,431 | 3,313 |
| Spectrum Growth                               | 2,445                            | 3,485  | 2,361 | 2,361 | 2,529  | 2,445 | 2,361 |
| Spectrum Income                               | 3,447                            | 4,913  | 3,328 | 3,328 | 3,566  | 3,447 | 3,328 |
| Spectrum International                        | 907                              | 1,292  | 875   | 875   | 938    | 907   | 875   |
| Strategic Income(f)                           | 29                               | 42     | 28    | 28    | 30     | 29    | 28    |
| Summit Cash Reserves                          | 4,029                            | 5,742  | 3,890 | 3,890 | 4,168  | 4,029 | 3,890 |
| Summit GNMA                                   | 726                              | 1,034  | 701   | 701   | 751    | 726   | 701   |
| Summit Municipal Income                       | 904                              | 1,288  | 873   | 873   | 935    | 904   | 873   |
| Summit Municipal Intermediate                 | 1,072                            | 1,528  | 1,035 | 1,035 | 1,109  | 1,072 | 1,035 |
| Summit Municipal Money Market                 | 868                              | 1,237  | 838   | 838   | 898    | 868   | 838   |
| Tax-Efficient Balanced                        | 700                              | 998    | 676   | 676   | 724    | 700   | 676   |
| Tax-Efficient Growth                          | 710                              | 1,011  | 685   | 685   | 734    | 710   | 685   |
| Tax-Efficient Multi-Cap Growth                | 700                              | 998    | 676   | 676   | 725    | 700   | 676   |
| Tax-Exempt Money                              | 1,257                            | 1,792  | 1,214 | 1,214 | 1,301  | 1,257 | 1,214 |
| Tax-Free High Yield                           | 1,453                            | 2,070  | 1,403 | 1,403 | 1,503  | 1,453 | 1,403 |
| Tax-Free Income                               | 1,680                            | 2,395  | 1,622 | 1,622 | 1,738  | 1,680 | 1,622 |
| Tax-Free Short-Intermediate                   | 980                              | 1,396  | 946   | 946   | 1,014  | 980   | 946   |
| Total Equity Market Index                     | 934                              | 1,331  | 902   | 902   | 966    | 934   | 902   |
| U.S. Bond Index                               | 839                              | 1,196  | 810   | 810   | 868    | 839   | 810   |
| U.S. Large-Cap Core(g)                        | 2,500                            | 2,500  | 2,500 | 2,500 | 2,500  | 2,500 | 2,500 |
| U.S. Treasury Intermediate                    | 888                              | 1,265  | 857   | 857   | 918    | 888   | 857   |
| U.S. Treasury Long-Term                       | 915                              | 1,305  | 884   | 884   | 947    | 915   | 884   |
| U.S. Treasury Money                           | 1,488                            | 2,121  | 1,437 | 1,437 | 1,539  | 1,488 | 1,437 |
| Value                                         | 4,707                            | 6,709  | 4,545 | 4,545 | 4,869  | 4,707 | 4,545 |
| Virginia Tax-Free Bond                        | 1,000                            | 1,425  | 966   | 966   | 1,035  | 1,000 | 966   |

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| Aggregate Holdings,All Funds                              | Independent Directors |               |                  |                  |                  |                  |
|-----------------------------------------------------------|-----------------------|---------------|------------------|------------------|------------------|------------------|
||
||
| Africa & Middle East                                  | None                  | over $100,000 | None             | None             | None             | None             |
| Balanced                                                  | None                  | None          | None             | None             | None             | None             |
| Blue Chip Growth                                          | $50,001-$100,000      | None          | $10,001-$50,000  | $10,001-$50,000  | None             | over $100,000    |
| Blue Chip Growth Fund—Advisor Class                  | None                  | None          | None             | None             | None             | None             |
| Blue Chip Growth Fund—R Class                        | None                  | None          | None             | None             | None             | None             |
| Blue Chip Growth Portfolio                                | None                  | None          | None             | None             | None             | None             |
| Blue Chip Growth Portfolio—II                        | None                  | None          | None             | None             | None             | None             |
| California Tax-Free Bond                                  | None                  | None          | None             | None             | None             | None             |
| California Tax-Free Money                                 | None                  | None          | None             | None             | None             | None             |
| Capital Appreciation                                      | None                  | None          | over $100,000    | None             | over $100,000    | None             |
| Capital Appreciation Fund—Advisor Class              | None                  | None          | None             | None             | None             | None             |
| Capital Opportunity                                       | $50,001-$100,000      | None          | None             | None             | None             | None             |
| Capital Opportunity Fund—Advisor Class               | None                  | None          | None             | None             | None             | None             |
| Capital Opportunity Fund—R Class                     | None                  | None          | None             | None             | None             | None             |
| Corporate Income                                          | $50,001-$100,000      | None          | $50,001-$100,000 | None             | None             | None             |
| Diversified Mid-Cap Growth                                | None                  | None          | None             | None             | $1-$10,000       | None             |
| Diversified Small-Cap Growth                              | None                  | None          | None             | None             | None             | None             |
| Dividend Growth                                           | None                  | None          | None             | $10,001-$50,000  | None             | None             |
| Dividend Growth Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Emerging Europe & Mediterranean                       | None                  | None          | None             | None             | None             | None             |
| Emerging Markets Bond                                     | None                  | None          | None             | None             | $50,001-$100,000 | None             |
| Emerging Markets Stock                                    | $10,001-$50,000       | over $100,000 | None             | None             | $10,001-$50,000  | None             |
| Equity Income                                             | $50,001-$100,000      | over $100,000 | $50,001-$100,000 | None             | None             | None             |
| Equity Income Fund—Advisor Class                     | None                  | None          | None             | None             | None             | None             |
| Equity Income Fund—R Class                           | None                  | None          | None             | None             | None             | None             |
| Equity Income Portfolio                                   | None                  | None          | None             | None             | None             | None             |
| Equity Income Portfolio—II                           | None                  | None          | None             | None             | None             | None             |
| Equity Index 500                                          | None                  | None          | None             | None             | None             | None             |
| Equity Index 500 Portfolio                                | None                  | None          | None             | None             | None             | None             |
| European Stock                                            | None                  | None          | None             | None             | None             | None             |
| Extended Equity Market Index                              | None                  | None          | None             | None             | $10,001-$50,000  | None             |
| Financial Services                                        | None                  | None          | $10,001-$50,000  | None             | None             | None             |
| Georgia Tax-Free Bond                                     | None                  | None          | None             | None             | None             | None             |
| Global Large-Cap Stock                                    | None                  | None          | None             | None             | None             | None             |
| GlobalLarge-Cap StockFund—Advisor Class              | None                  | None          | None             | None             | None             | None             |
| Global Real Estate                                        | None                  | None          | None             | None             | None             | None             |
| GlobalReal Estate Fund—Advisor Class                 | None                  | None          | None             | None             | None             | None             |
| Global Stock                                              | None                  | over $100,000 | $50,001-$100,000 | None             | None             | None             |
| Global Stock Fund—Advisor Class                      | None                  | None          | None             | None             | None             | None             |
| Global Technology                                         | None                  | None          | None             | None             | None             | None             |
| GNMA                                                      | None                  | None          | None             | None             | None             | over $100,000    |
| TRP Government Reserve Investment                         | None                  | None          | None             | None             | None             | None             |
| Growth & Income                                       | None                  | None          | $1-$10,000       | None             | None             | over $100,000    |
| Growth Stock                                              | None                  | None          | $50,001-$100,000 | None             | None             | None             |
| Growth Stock Fund—Advisor Class                      | None                  | None          | None             | None             | None             | None             |
| Growth Stock Fund—R Class                            | None                  | None          | None             | None             | None             | None             |
| Health Sciences                                           | None                  | None          | $10,001-$50,000  | None             | None             | None             |
| Health Sciences Portfolio                                 | None                  | None          | None             | None             | None             | None             |
| Health Sciences Portfolio—II                         | None                  | None          | None             | None             | None             | None             |
| High Yield                                                | $50,001-$100,000      | None          | $50,001-$100,000 | None             | None             | over $100,000    |
| High Yield Fund—Advisor Class                        | None                  | None          | None             | None             | None             | None             |
| Inflation Protected Bond                                  | None                  | None          | None             | None             | None             | None             |
| Institutional Africa & Middle East                    | None                  | None          | None             | None             | None             | None             |
| Institutional Concentrated Large-Cap Value                | None                  | None          | None             | None             | None             | None             |
| Institutional Core Plus                                   | None                  | None          | None             | None             | None             | None             |
| Institutional Emerging Markets Bond                       | None                  | None          | None             | None             | None             | None             |
| Institutional Emerging Markets Equity                     | None                  | None          | None             | None             | None             | None             |
| Institutional Floating Rate                               | None                  | None          | None             | None             | None             | None             |
| Institutional Foreign Equity                              | None                  | None          | None             | None             | None             | None             |
| Institutional Global Equity                               | None                  | None          | None             | None             | None             | None             |
| Institutional Global Large-Cap Equity                     | None                  | None          | None             | None             | None             | None             |
| Institutional High Yield                                  | None                  | None          | None             | None             | None             | None             |
| Institutional International Bond                          | None                  | None          | None             | None             | None             | None             |
| Institutional Large-Cap Core Growth                       | None                  | None          | None             | None             | None             | None             |
| Institutional Large-Cap Growth                            | None                  | None          | None             | None             | None             | None             |
| Institutional Large-Cap Value                             | None                  | None          | None             | None             | None             | None             |
| Institutional Mid-Cap Equity Growth                       | None                  | None          | None             | None             | None             | None             |
| Institutional Small-Cap Stock                             | None                  | None          | None             | None             | None             | None             |
| Institutional U.S. Structured Research                    | None                  | None          | None             | None             | None             | None             |
| International Bond                                        | None                  | None          | $50,001-$100,000 | None             | None             | None             |
| International Bond Fund—Advisor Class                | None                  | None          | None             | None             | None             | None             |
| International Discovery                                   | $10,001-$50,000       | None          | None             | None             | None             | None             |
| International Equity Index                                | None                  | None          | None             | None             | None             | None             |
| International Growth & Income                         | None                  | None          | None             | None             | None             | None             |
| International Growth & Income Fund—Advisor Class | None                  | None          | None             | None             | None             | None             |
| International Growth & Income Fund—R Class       | None                  | None          | None             | None             | None             | None             |
| International Stock                                       | None                  | None          | None             | None             | None             | None             |
| International Stock Fund—Advisor Class               | None                  | None          | None             | None             | None             | None             |
| International Stock Fund—R Class                     | None                  | None          | None             | None             | None             | None             |
| International Stock Portfolio                             | None                  | None          | None             | None             | None             | None             |
| Japan                                                     | None                  | None          | None             | None             | None             | None             |
| Latin America                                             | None                  | None          | None             | None             | over $100,000    | None             |
| Limited-Term Bond Portfolio                               | None                  | None          | None             | None             | None             | None             |
| Limited-Term Bond Portfolio—II                       | None                  | None          | None             | None             | None             | None             |
| Maryland Short-TermTax-Free Bond                          | None                  | None          | None             | None             | None             | None             |
| Maryland Tax-Free Bond                                    | None                  | None          | None             | None             | None             | None             |
| Maryland Tax-Free Money                                   | None                  | None          | None             | None             | None             | None             |
| Media & Telecommunications                            | $10,001-$50,000       | None          | None             | None             | None             | None             |
| Mid-Cap Growth                                            | None                  | None          | None             | None             | None             | None             |
| Mid-Cap Growth Fund—Advisor Class                    | None                  | None          | None             | None             | None             | None             |
| Mid-Cap Growth Fund—R Class                          | None                  | None          | None             | None             | None             | None             |
| Mid-Cap Growth Portfolio                                  | None                  | None          | None             | None             | None             | None             |
| Mid-Cap GrowthPortfolio—II                           | None                  | None          | None             | None             | None             | None             |
| Mid-Cap Value                                             | None                  | None          | None             | None             | None             | None             |
| Mid-Cap Value Fund—Advisor Class                     | None                  | None          | None             | None             | None             | None             |
| Mid-Cap Value Fund—R Class                           | None                  | None          | None             | None             | None             | None             |
| New America Growth                                        | None                  | None          | None             | None             | $1-$10,000       | None             |
| New America Growth Fund—Advisor Class                | None                  | None          | None             | None             | None             | None             |
| New America Growth Portfolio                              | None                  | None          | None             | None             | None             | None             |
| New Asia                                                  | None                  | None          | None             | None             | None             | None             |
| New Era                                                   | None                  | None          | None             | None             | None             | None             |
| New Horizons                                              | over $100,000         | None          | None             | None             | None             | None             |
| New Income                                                | over $100,000         | None          | over $100,000    | None             | None             | over $100,000    |
| New Income Fund—Advisor Class                        | None                  | None          | None             | None             | None             | None             |
| New Income Fund—R Class                              | None                  | None          | None             | None             | None             | None             |
| New Jersey Tax-Free Bond                                  | None                  | None          | None             | None             | None             | None             |
| New York Tax-Free Bond                                    | None                  | None          | None             | None             | None             | None             |
| New York Tax-Free Money                                   | None                  | None          | None             | None             | None             | None             |
| Overseas Stock                                            | None                  | None          | None             | None             | None             | None             |
| Personal Strategy Balanced                                | None                  | None          | None             | None             | None             | None             |
| Personal Strategy Balanced Portfolio                      | None                  | None          | None             | None             | None             | None             |
| Personal Strategy Growth                                  | None                  | None          | None             | None             | None             | None             |
| Personal Strategy Income                                  | None                  | None          | None             | None             | None             | None             |
| Prime Reserve                                             | None                  | None          | $1-$10,000       | None             | over $100,000    | $10,001-$50,000  |
| Prime Reserve Portfolio                                   | None                  | None          | None             | None             | None             | None             |
| Real Estate                                               | $50,001-$100,000      | None          | None             | None             | None             | None             |
| Real Estate Fund—Advisor Class                       | None                  | None          | None             | None             | None             | None             |
| TRP Reserve Investment                                    | None                  | None          | None             | None             | None             | None             |
| Retirement 2005                                           | None                  | None          | None             | None             | None             | None             |
| Retirement 2005 Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Retirement 2005 Fund—R Class                         | None                  | None          | None             | None             | None             | None             |
| Retirement 2010                                           | None                  | None          | None             | None             | None             | None             |
| Retirement 2010 Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Retirement 2010 Fund—R Class                         | None                  | None          | None             | None             | None             | None             |
| Retirement 2015                                           | None                  | None          | None             | None             | None             | None             |
| Retirement 2015 Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Retirement 2015 Fund—R Class                         | None                  | None          | None             | None             | None             | None             |
| Retirement 2020                                           | None                  | None          | None             | $50,001-$100,000 | None             | None             |
| Retirement 2020 Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Retirement 2020 Fund—R Class                         | None                  | None          | None             | None             | None             | None             |
| Retirement 2025                                           | None                  | None          | None             | None             | None             | None             |
| Retirement 2025 Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Retirement 2025 Fund—R Class                         | None                  | None          | None             | None             | None             | None             |
| Retirement 2030                                           | None                  | None          | None             | None             | None             | None             |
| Retirement 2030 Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Retirement 2030 Fund—R Class                         | None                  | None          | None             | None             | None             | None             |
| Retirement 2035                                           | None                  | None          | None             | None             | None             | None             |
| Retirement 2035 Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Retirement 2035 Fund—R Class                         | None                  | None          | None             | None             | None             | None             |
| Retirement 2040                                           | None                  | None          | None             | None             | None             | None             |
| Retirement 2040 Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Retirement 2040 Fund—R Class                         | None                  | None          | None             | None             | None             | None             |
| Retirement 2045                                           | None                  | None          | None             | None             | None             | None             |
| Retirement 2045 Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Retirement 2045 Fund—R Class                         | None                  | None          | None             | None             | None             | None             |
| Retirement 2050                                           | None                  | None          | None             | None             | None             | None             |
| Retirement 2050 Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Retirement 2050 Fund—R Class                         | None                  | None          | None             | None             | None             | None             |
| Retirement 2055                                           | None                  | None          | None             | None             | None             | None             |
| Retirement 2055 Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Retirement 2055 Fund—R Class                         | None                  | None          | None             | None             | None             | None             |
| Retirement Income                                         | None                  | None          | None             | None             | None             | None             |
| Retirement Income Fund—Advisor Class                 | None                  | None          | None             | None             | None             | None             |
| Retirement Income Fund—R Class                       | None                  | None          | None             | None             | None             | None             |
| Science & Technology                                  | None                  | None          | None             | None             | $10,001-$50,000  | None             |
| Science & Technology Fund—Advisor Class          | None                  | None          | None             | None             | None             | None             |
| Short-Term Bond                                           | None                  | None          | $50,001-$100,000 | None             | None             | over $100,000    |
| Short-Term Bond Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Short-Term Income                                         | None                  | None          | None             | None             | None             | None             |
| Small-Cap Stock                                           | None                  | None          | $10,001-$50,000  | None             | None             | None             |
| Small-Cap Stock Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Small-Cap Value                                           | None                  | None          | $10,001-$50,000  | None             | None             | None             |
| Small-Cap Value Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Spectrum Growth                                           | None                  | None          | None             | None             | $1-$10,000       | None             |
| Spectrum Income                                           | None                  | None          | $50,001-$100,000 | None             | None             | None             |
| Spectrum International                                    | None                  | None          | None             | None             | None             | None             |
| Strategic Income                                          | None                  | None          | None             | None             | None             | None             |
| Strategic Income Fund—Advisor Class                  | None                  | None          | None             | None             | None             | None             |
| Summit Cash Reserves                                      | None                  | None          | over $100,000    | $50,001-$100,000 | None             | $1-$10,000       |
| Summit GNMA                                               | None                  | None          | over $100,000    | None             | None             | None             |
| Summit Municipal Income                                   | None                  | None          | None             | None             | None             | over $100,000    |
| Summit Municipal Intermediate                             | None                  | None          | None             | None             | None             | over $100,000    |
| Summit Municipal Money Market                             | None                  | None          | None             | None             | None             | $50,001-$100,000 |
| Tax-Efficient Balanced                                    | None                  | None          | None             | None             | None             | None             |
| Tax-Efficient Growth                                      | None                  | None          | None             | None             | None             | None             |
| Tax-Efficient Multi-Cap Growth                            | None                  | None          | None             | None             | None             | None             |
| Tax-Exempt Money                                          | None                  | None          | None             | None             | None             | $1-$10,000       |
| Tax-Free High Yield                                       | None                  | None          | None             | None             | None             | over $100,000    |
| Tax-Free Income                                           | None                  | None          | None             | None             | None             | over $100,000    |
| Tax-Free Income Fund—Advisor Class                   | None                  | None          | None             | None             | None             | None             |
| Tax-Free Short-Intermediate                               | None                  | None          | None             | None             | None             | over $100,000    |
| Total Equity Market Index                                 | None                  | None          | None             | None             | None             | None             |
| U.S. Bond Index                                           | None                  | None          | None             | None             | None             | None             |
| U.S. Treasury Intermediate                                | None                  | None          | $50,001-$100,000 | None             | None             | over $100,000    |
| U.S. Treasury Long-Term                                   | None                  | None          | None             | None             | None             | over $100,000    |
| U.S. Treasury Money                                       | None                  | None          | None             | None             | None             | $1-$10,000       |
| Value                                                     | None                  | None          | None             | None             | None             | over $100,000    |
| Value Fund—Advisor Class                             | None                  | None          | None             | None             | None             | None             |
| Virginia Tax-Free Bond                                    | None                  | None          | None             | None             | None             | None             |

----

----

----

----

----

----

----

| Aggregate Holdings,All Funds                              | Inside Directors |                  |                  |                  |
|-----------------------------------------------------------|------------------|------------------|------------------|------------------|
||
||
| Africa & Middle East                                  | None             | None             | None             | None             |
| Balanced                                                  | None             | None             | None             | None             |
| Blue Chip Growth                                          | None             | None             | None             | None             |
| Blue Chip Growth Fund—Advisor Class                  | None             | None             | None             | None             |
| Blue Chip Growth Fund—R Class                        | None             | None             | None             | None             |
| Blue Chip Growth Portfolio                                | None             | None             | None             | None             |
| Blue Chip Growth Portfolio—II                        | None             | None             | None             | None             |
| California Tax-Free Bond                                  | None             | None             | None             | None             |
| California Tax-Free Money                                 | None             | None             | None             | None             |
| Capital Appreciation                                      | None             | over $100,000    | None             | None             |
| Capital Appreciation Fund—Advisor Class              | None             | None             | None             | None             |
| Capital Opportunity                                       | None             | over $100,000    | None             | None             |
| Capital Opportunity Fund—Advisor Class               | None             | None             | None             | None             |
| Capital Opportunity Fund—R Class                     | None             | None             | None             | None             |
| Corporate Income                                          | None             | None             | None             | None             |
| Diversified Mid-Cap Growth                                | None             | None             | None             | None             |
| Diversified Small-Cap Growth                              | None             | None             | None             | None             |
| Dividend Growth                                           | None             | None             | None             | None             |
| Dividend Growth Fund—Advisor Class                   | None             | None             | None             | None             |
| Emerging Europe & Mediterranean                       | None             | None             | None             | None             |
| Emerging Markets Bond                                     | None             | None             | over $100,000    | None             |
| Emerging Markets Stock                                    | $50,001-$100,000 | None             | None             | None             |
| Equity Income                                             | over $100,000    | None             | over $100,000    | over $100,000    |
| Equity Income Fund—Advisor Class                     | None             | None             | None             | None             |
| Equity Income Fund—R Class                           | None             | None             | None             | None             |
| Equity Income Portfolio                                   | None             | None             | None             | None             |
| Equity Income Portfolio—II                           | None             | None             | None             | None             |
| Equity Index 500                                          | None             | None             | None             | None             |
| Equity Index 500 Portfolio                                | None             | None             | None             | None             |
| European Stock                                            | None             | $10,001-$50,000  | over $100,000    | None             |
| Extended Equity Market Index                              | None             | None             | None             | None             |
| Financial Services                                        | None             | None             | None             | None             |
| Georgia Tax-Free Bond                                     | None             | None             | None             | None             |
| Global Large-Cap Stock                                    | None             | None             | None             | None             |
| GlobalLarge-Cap Stock Fund—Advisor Class             | None             | None             | None             | None             |
| Global Real Estate                                        | None             | None             | None             | None             |
| GlobalReal Estate Fund—Advisor Class                 | None             | None             | None             | None             |
| Global Stock                                              | over $100,000    | over $100,000    | None             | $50,001-$100,000 |
| Global Stock Fund—Advisor Class                      | None             | None             | None             | None             |
| Global Technology                                         | None             | None             | None             | None             |
| GNMA                                                      | None             | None             | None             | None             |
| TRP Government Reserve Investment                         | None             | None             | None             | None             |
| Growth & Income                                       | None             | None             | None             | None             |
| Growth Stock                                              | over $100,000    | over $100,000    | $10,001-$50,000  | over $100,000    |
| Growth Stock Fund—Advisor Class                      | None             | None             | None             | None             |
| Growth Stock Fund—R Class                            | None             | None             | None             | None             |
| Health Sciences                                           | None             | None             | None             | None             |
| Health Sciences Portfolio                                 | None             | None             | None             | None             |
| Health Sciences Portfolio—II                         | None             | None             | None             | None             |
| High Yield                                                | $1-$10,000       | None             | over $100,000    | None             |
| High Yield Fund—Advisor Class                        | None             | None             | None             | None             |
| Inflation Protected Bond                                  | None             | None             | over $100,000    | None             |
| Institutional Africa & Middle East                    | None             | None             | None             | None             |
| Institutional Concentrated Large-Cap Value                | None             | None             | None             | None             |
| Institutional Core Plus                                   | None             | None             | None             | None             |
| Institutional Emerging Markets Bond                       | None             | None             | None             | None             |
| Institutional Emerging Markets Equity                     | None             | None             | None             | None             |
| Institutional Floating Rate                               | None             | None             | None             | None             |
| Institutional Foreign Equity                              | None             | None             | None             | None             |
| Institutional Global Equity                               | None             | None             | None             | None             |
| Institutional Global Large-Cap Equity                     | None             | None             | None             | None             |
| Institutional High Yield                                  | None             | None             | None             | None             |
| Institutional International Bond                          | None             | None             | None             | None             |
| Institutional Large-Cap Core Growth                       | None             | None             | None             | None             |
| Institutional Large-Cap Growth                            | None             | None             | None             | None             |
| Institutional Large-Cap Value                             | None             | None             | None             | None             |
| Institutional Mid-Cap Equity Growth                       | None             | None             | None             | None             |
| Institutional Small-Cap Stock                             | None             | None             | None             | None             |
| Institutional U.S. Structured Research                    | None             | None             | None             | None             |
| International Bond                                        | None             | None             | over $100,000    | None             |
| International Bond Fund—Advisor Class                | None             | None             | None             | None             |
| International Discovery                                   | $10,001-$50,000  | over $100,000    | None             | None             |
| International Equity Index                                | None             | None             | None             | None             |
| International Growth & Income                         | None             | None             | None             | None             |
| International Growth & Income Fund—Advisor Class | None             | None             | None             | None             |
| International Growth & Income Fund—R Class       | None             | None             | None             | None             |
| International Stock                                       | $50,001-$100,000 | over $100,000    | over $100,000    | None             |
| International Stock Fund—Advisor Class               | None             | None             | None             | None             |
| International Stock Fund—R Class                     | None             | None             | None             | None             |
| International Stock Portfolio                             | None             | None             | None             | None             |
| Japan                                                     | None             | None             | $50,001-$100,000 | over $100,000    |
| Latin America                                             | None             | None             | None             | None             |
| Limited-Term Bond Portfolio                               | None             | None             | None             | None             |
| Limited-Term Bond Portfolio—II                       | None             | None             | None             | None             |
| Maryland Short-Term Tax-Free Bond                         | None             | None             | None             | None             |
| Maryland Tax-Free Bond                                    | None             | over $100,000    | over $100,000    | None             |
| Maryland Tax-Free Money                                   | None             | None             | over $100,000    | None             |
| Media & Telecommunications                            | None             | over $100,000    | None             | $10,001-$50,000  |
| Mid-Cap Growth                                            | $50,001-$100,000 | over $100,000    | None             | None             |
| 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                                             | None             | None             | None             | None             |
| Mid-Cap Value Fund—Advisor Class                     | None             | None             | None             | None             |
| Mid-Cap Value Fund—R Class                           | None             | None             | None             | None             |
| New America Growth                                        | None             | over $100,000    | None             | $50,001-$100,000 |
| New America Growth Fund—Advisor Class                | None             | None             | None             | None             |
| New America Growth Portfolio                              | None             | None             | None             | None             |
| New Asia                                                  | $50,001-$100,000 | over $100,000    | over $100,000    | None             |
| New Era                                                   | None             | None             | over $100,000    | None             |
| New Horizons                                              | $50,001-$100,000 | over $100,000    | over $100,000    | None             |
| New Income                                                | None             | $50,001-$100,000 | None             | $50,001-$100,000 |
| New Income Fund—Advisor Class                        | None             | None             | None             | None             |
| New Income Fund—R Class                              | None             | None             | None             | None             |
| New Jersey Tax-Free Bond                                  | None             | None             | None             | None             |
| New York Tax-Free Bond                                    | None             | None             | None             | None             |
| New York Tax-Free Money                                   | None             | None             | None             | None             |
| Overseas Stock                                            | None             | None             | None             | None             |
| Personal Strategy Balanced                                | None             | None             | None             | None             |
| Personal Strategy Balanced Portfolio                      | None             | None             | None             | None             |
| Personal Strategy Growth                                  | None             | None             | None             | None             |
| Personal Strategy Income                                  | None             | None             | None             | None             |
| Prime Reserve                                             | over $100,000    | $50,001-$100,000 | None             | $10,001-$50,000  |
| Prime Reserve Portfolio                                   | None             | None             | None             | None             |
| Real Estate                                               | None             | None             | None             | None             |
| Real Estate Fund—Advisor Class                       | None             | None             | None             | None             |
| TRP Reserve Investment                                    | None             | None             | None             | None             |
| Retirement 2005                                           | None             | None             | None             | None             |
| Retirement 2005 Fund—Advisor Class                   | None             | None             | None             | None             |
| Retirement 2005 Fund—R Class                         | None             | None             | None             | None             |
| Retirement 2010                                           | None             | None             | None             | None             |
| Retirement 2010 Fund—Advisor Class                   | None             | None             | None             | None             |
| Retirement 2010 Fund—R Class                         | None             | None             | None             | None             |
| Retirement 2015                                           | None             | None             | None             | None             |
| Retirement 2015 Fund—Advisor Class                   | None             | None             | None             | None             |
| Retirement 2015 Fund—R Class                         | None             | None             | None             | None             |
| Retirement 2020                                           | None             | None             | None             | None             |
| Retirement 2020 Fund—Advisor Class                   | None             | None             | None             | None             |
| Retirement 2020 Fund—R Class                         | None             | None             | None             | None             |
| Retirement 2025                                           | None             | None             | None             | None             |
| Retirement 2025 Fund—Advisor Class                   | None             | None             | None             | None             |
| Retirement 2025 Fund—R Class                         | None             | None             | None             | None             |
| Retirement 2030                                           | None             | None             | None             | None             |
| Retirement 2030 Fund—Advisor Class                   | None             | None             | None             | None             |
| Retirement 2030 Fund—R Class                         | None             | None             | None             | None             |
| Retirement 2035                                           | None             | None             | None             | None             |
| Retirement 2035 Fund—Advisor Class                   | None             | None             | None             | None             |
| Retirement 2035 Fund—R Class                         | None             | None             | None             | None             |
| Retirement 2040                                           | None             | None             | None             | None             |
| Retirement 2040 Fund—Advisor Class                   | None             | None             | None             | None             |
| Retirement 2040 Fund—R Class                         | None             | None             | None             | None             |
| Retirement 2045                                           | None             | None             | None             | None             |
| Retirement 2045 Fund—Advisor Class                   | None             | None             | None             | None             |
| Retirement 2045 Fund—R Class                         | None             | None             | None             | None             |
| Retirement 2050                                           | None             | None             | None             | None             |
| Retirement 2050 Fund—Advisor Class                   | None             | None             | None             | None             |
| Retirement 2050 Fund—R Class                         | None             | None             | None             | None             |
| Retirement 2055                                           | $50,001-$100,000 | None             | None             | None             |
| Retirement 2055 Fund—Advisor Class                   | None             | None             | None             | None             |
| Retirement 2055 Fund—R Class                         | None             | None             | None             | None             |
| Retirement Income                                         | None             | None             | None             | None             |
| Retirement Income Fund—Advisor Class                 | None             | None             | None             | None             |
| Retirement Income Fund—R Class                       | None             | None             | None             | None             |
| Science & Technology                                  | $50,001-$100,000 | over $100,000    | $10,001-$50,000  | $10,001-$50,000  |
| Science & Technology Fund—Advisor Class          | None             | None             | None             | None             |
| Short-Term Bond                                           | None             | None             | over $100,000    | None             |
| Short-Term Bond Fund—Advisor Class                   | None             | None             | None             | None             |
| Short-Term Income                                         | None             | None             | None             | None             |
| Small-Cap Stock                                           | $1-$10,000       | None             | None             | None             |
| Small-Cap Stock Fund—Advisor Class                   | None             | None             | None             | None             |
| Small-Cap Value                                           | $50,001-$100,000 | None             | None             | None             |
| Small-Cap Value Fund—Advisor Class                   | None             | None             | None             | None             |
| Spectrum Growth                                           | None             | None             | $50,001-$100,000 | None             |
| Spectrum Income                                           | $10,001-$50,000  | None             | $50,001-$100,000 | over $100,000    |
| Spectrum International                                    | $10,001-$50,000  | None             | None             | None             |
| Strategic Income                                          | None             | None             | $50,001-$100,000 | None             |
| Strategic Income Fund—Advisor Class                  | None             | None             | None             | None             |
| Summit Cash Reserves                                      | over $100,000    | over $100,000    | over $100,000    | over $100,000    |
| Summit GNMA                                               | None             | None             | None             | None             |
| Summit Municipal Income                                   | None             | None             | None             | None             |
| Summit Municipal Intermediate                             | None             | None             | None             | None             |
| Summit Municipal Money Market                             | None             | None             | None             | None             |
| Tax-Efficient Balanced                                    | None             | None             | over $100,000    | None             |
| Tax-Efficient Growth                                      | None             | None             | None             | None             |
| Tax-Efficient Multi-Cap Growth                            | None             | None             | None             | None             |
| Tax-Exempt Money                                          | None             | None             | None             | None             |
| Tax-Free High Yield                                       | None             | None             | None             | None             |
| Tax-Free Income                                           | None             | None             | over $100,000    | None             |
| Tax-Free Income Fund—Advisor Class                   | None             | None             | None             | None             |
| Tax-Free Short-Intermediate                               | None             | None             | None             | None             |
| Total Equity Market Index                                 | None             | None             | None             | None             |
| U.S. Bond Index                                           | None             | None             | None             | None             |
| U.S. Treasury Intermediate                                | None             | None             | None             | None             |
| U.S. Treasury Long-Term                                   | None             | None             | over $100,000    | None             |
| U.S. Treasury Money                                       | None             | None             | None             | None             |
| Value                                                     | None             | over $100,000    | $50,001-$100,000 | over $100,000    |
| Value Fund—Advisor Class                             | None             | None             | None             | None             |
| Virginia Tax-Free Bond                                    | None             | None             | None             | None             |

----

----

----

----

| Fund                                |                                                                                     | Range of Fund Holdingsas of Fund`s Fiscal Year a | All FundsRange as of12/31/08                                                                    |
|-------------------------------------|-------------------------------------------------------------------------------------|-------------------------------------------------------|-------------------------------------------------------------------------------------------------|
||
| Africa & Middle East            | Joseph Rohm                                                                         | none(b)                                               | over $1,000,000                                                                                 |
| Balanced                            | Edmund M. Notzon III                                                                | $100,001-$500,000                                     | over $1,000,000                                                                                 |
| Blue Chip Growth                    | Larry J. Puglia                                                                     | $500,001—$1,000,000                              | over $1,000,000                                                                                 |
| Capital Appreciation                | David R. Giroux                                                                     | $100,001—$500,000                                | $100,001—$500,000                                                                          |
| Capital Opportunity                 | Anna Dopkin                                                                         | $500,001—$1,000,000                              | over $1,000,000                                                                                 |
| Corporate Income                    | David A. Tiberii                                                                    | $10,001—$50,000                                  | $100,001—$500,000                                                                          |
| Diversified Mid-Cap Growth          | Donald J. Peters                                                                    | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Diversified Small-Cap Growth        | Sudhir Nanda                                                                        | $10,001—$50,000                                  | $100,001—$500,000                                                                          |
| Dividend Growth                     | Thomas J. Huber                                                                     | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Emerging Europe & Mediterranean | S. Leigh Robertson                                                                  | none                                                  | none                                                                                            |
| Emerging Markets Bond               | Michael J. Conelius                                                                 | $100,001—$500,000                                | $500,000-$1,000,000                                                                             |
| Emerging Markets Stock              | Gonzalo Pangaro                                                                     | over $1,000,000                                       | over $1,000,000                                                                                 |
| Equity Income                       | Brian C. Rogers                                                                     | over $1,000,000                                       | over $1,000,000                                                                                 |
| Equity Index 500                    | E. Frederick Bair                                                                   | $50,001—$100,000                                 | $100,001—$500,000                                                                          |
| European Stock                 | Dean Tenerelli                                                                      | none                                                  | none                                                                                            |
| Extended Equity Market Index        | E. Frederick Bair                                                                   | $10,001—$50,000                                  | $100,001—$500,000                                                                          |
| Financial Services                  | Jeffrey W. Arricale                                                                 | $100,001—$500,000                                | $100,001—$500,000                                                                          |
| Global Large-Cap Stock              | R. Scott Berg                                                                       | $100,001—$500,000                                | $100,001—$500,000                                                                          |
| Global Real Estate                  | David M. Lee                                                                        | $50,001—$100,000                                 | over $1,000,000                                                                                 |
| Global Stock                        | Robert N. Gensler                                                                   | over $1,000,000                                       | over $1,000,000                                                                                 |
| Global Technology                   | David J. Eiswert                                                                    | $50,001—$100,000                                 | $500,000-$1,000,000                                                                             |
| GNMA                                | Andrew McCormick                                                                    | $10,001—$50,000                                  | $100,001—$500,000                                                                          |
| Growth & Income                 | Thomas J. Huber                                                                     | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Growth Stock                        | P. Robert Bartolo                                                                   | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Health Sciences                     | Kris H. Jenner                                                                      | $100,001—$500,000                                | $100,001—$500,000                                                                          |
| High Yield                          | Mark J. Vaselkiv                                                                    | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Inflation Protected Bond            | Daniel O. Shackelford                                                               | $10,001—$50,000                                  | over $1,000,000                                                                                 |
| International Bond                  | Ian D. Kelson                                                                       | $100,001—$500,000                                | $100,001—$500,000                                                                          |
| International Discovery        | Justin Thomson                                                                      | $50,001—$100,000                                 | $100,001—$500,000                                                                          |
| International Equity Index          | E. Frederick BairNeil Smith                                                         | $1-$10,000none                                        | $100,001—$500,000none                                                                      |
| International Growth & Income   | Raymond A. Mills                                                                    | $100,001—$500,000                                | $500,001—$1,000,000                                                                        |
| International Stock            | Robert W. Smith                                                                     | over $1,000,000                                       | over $1,000,000                                                                                 |
| Japan                               | M. Campbell Gunn                                                                    | none                                                  | none                                                                                            |
| Latin America                       | Jose Costa Buck                                                                     | $10,001—$50,000                                  | $100,001—$500,000                                                                          |
| Maryland Short-Term Tax-Free Bond   | Charles B. Hill                                                                     | $50,001—$100,000                                 | over $1,000,000                                                                                 |
| Maryland Tax-Free Bond              | Hugh D. McGuirk                                                                     | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Maryland Tax-Free Money             | Joseph K. Lynagh                                                                    | $1-$10,000                                            | $100,001—$500,000                                                                          |
| Media & Telecommunications      | Henry M. Ellenbogen(c)                                                              | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Mid-Cap Growth                      | Brian W.H. Berghuis                                                                 | over $1,000,000                                       | over $1,000,000                                                                                 |
| Mid-Cap Value                       | David J. Wallack                                                                    | $500,001—$1,000,000                              | over $1,000,000                                                                                 |
| New America Growth                  | Joseph M. Milano                                                                    | over $1,000,000                                       | over $1,000,000                                                                                 |
| New Asia                            | Frances DydascoAnh Lu                                                               | none(d)                                               | none(d)                                                                                         |
| New Era                             | Charles M. Ober                                                                     | $100,001—$500,000                                | over $1,000,000                                                                                 |
| New Horizons                        | John H. Laporte(e)                                                                  | over $1,000,000                                       | over $1,000,000                                                                                 |
| New Income                          | Daniel O. Shackelford                                                               | $10,001—$50,000                                  | over $1,000,000                                                                                 |
| Overseas Stock                      | Raymond A. Mills                                                                    | $50,001—$100,000                                 | $500,001—$1,000,000                                                                        |
| Personal Strategy Balanced          | Edmund M. Notzon III                                                                | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Personal Strategy Growth            | Edmund M. Notzon III                                                                | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Personal Strategy Income            | Edmund M. Notzon III                                                                | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Prime Reserve                       | Joseph K. Lynagh                                                                    | (f)                                                   | $100,001—$500,000                                                                          |
| Real Estate                         | David M. Lee                                                                        | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Science & Technology            | Kennard W. Allen                                                                    | $100,001—$500,000                                | $500,001—$1,000,000                                                                        |
| Short-Term Bond                     | Edward A. Wiese                                                                     | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Small-Cap Stock                     | Gregory A. McCrickard                                                               | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Small-Cap Value                     | Preston G. Athey                                                                    | over $1,000,000                                       | over $1,000,000                                                                                 |
| Spectrum Growth                     | Edmund M. Notzon III                                                                | $100,001—$500,000                                | over $1,000,000                                                                                 |
| Spectrum Income                     | Edmund M. Notzon III                                                                | $500,001—$1,000,000                              | over $1,000,000                                                                                 |
| Spectrum International              | Christopher D. Alderson                                                             | none                                                  | $100,001—$500,000                                                                          |
| Strategic Income                    | Steven C. HuberMichael J. ConeliusAndrew McCormickMichael J. McGonigleDavid Stanley | (g)(g)(g)(g)(g)                                       | $50,001—$100,000$500,001—$1,000,000$100,001—$500,000$500,001—$1,000,000none |
| Summit Cash Reserves                | Joseph K. Lynagh                                                                    | $1-$10,000                                            | $100,001—$500,000                                                                          |
| Summit GNMA                         | Andrew McCormick                                                                    | $10,001—$50,000                                  | $500,001—$1,000,000                                                                        |
| Summit Municipal Income             | Konstantine B. Mallas                                                               | $50,001—$100,000                                 | over $1,000,000                                                                                 |
| Summit Municipal Intermediate       | Charles B. Hill                                                                     | $500,001—$1,000,000                              | over $1,000,000                                                                                 |
| Summit Municipal Money Market       | Joseph K. Lynagh                                                                    | none                                                  | $100,001—$500,000                                                                          |
| Tax-Efficient Balanced              | Hugh D. McGuirkDonald J. Peters                                                     | $100,001—$500,000over $1,000,000                 | over $1,000,000over $1,000,000                                                                  |
| Tax-Efficient Growth                | Donald J. Peters                                                                    | over $1,000,000                                       | over $1,000,000                                                                                 |
| Tax-Efficient Multi-Cap Growth      | Donald J. Peters                                                                    | $500,001—$1,000,000                              | over $1,000,000                                                                                 |
| Tax-Exempt Money                    | Joseph K. Lynagh                                                                    | none                                                  | $100,001—$500,000                                                                          |
| Tax-Free High Yield                 | James M. Murphy                                                                     | $50,001—$100,000                                 | over $1,000,000                                                                                 |
| Tax-Free Income                     | Konstantine B. Mallas(h)Mary J. Miller                                              | $50,001—$100,000over $1,000,000                  | over $1,000,000over $1,000,000                                                                  |
| Tax-Free Short-Intermediate         | Charles B. Hill                                                                     | $50,001—$100,000                                 | over $1,000,000                                                                                 |
| Total Equity Market Index           | E. Frederick BairKen D. Uematsu                                                     | $10,001—$50,000$1-$10,000                        | $100,001—$500,000$100,001—$500,000                                                    |
| U.S. Bond Index                     | Robert M. Larkins                                                                   | $1-$10,000                                            | $100,001—$500,000                                                                          |
| U.S. Large-Cap Core                 | Jeffrey Rottinghaus                                                                 | (i)                                                   | (i)                                                                                             |
| U.S. Treasury Intermediate          | Brian J. Brennan                                                                    | $10,001—$50,000                                  | $500,001—$1,000,000                                                                        |
| U.S. Treasury Long-Term             | Brian J. Brennan                                                                    | $10,001—$50,000                                  | $500,001—$1,000,000                                                                        |
| U.S. Treasury Money                 | Joseph K. Lynagh                                                                    | (f)                                                   | $100,001—$500,000                                                                          |
| Value                               | John D. Linehan(j)                                                                  | $100,001—$500,000                                | over $1,000,000                                                                                 |

----

----

----

| Fund                                        |                                            | Range of Fund Holdingsas of Fund`s Fiscal Year a | All FundsRange as of12/31/08                         |
|---------------------------------------------|--------------------------------------------|-------------------------------------------------------|------------------------------------------------------|
||
| Institutional Africa & Middle East      | Joseph Rohm                                | none(b)                                               | none                                                 |
| Institutional Core Plus                | Brian J. Brennan                           | none                                                  | $500,001—$1,000,000                             |
| Institutional Emerging Markets Bond    | Michael J. Conelius                        | none                                                  | $500,001—$1,000,000                             |
| Institutional Emerging Markets Equity  | Gonzalo Pangaro                            | none                                                  | over $1,000,000                                      |
| Institutional Floating Rate                 | Justin J. GerbereuxPaul M. Massaro         | (c)(c)                                                | (c)(c)                                               |
| Institutional Foreign Equity                | Robert W. Smith                            | none                                                  | over $1,000,000                                      |
| Institutional Global Equity                 | Robert N. Gensler                          | none                                                  | over $1,000,000                                      |
| Institutional Global Large-Cap Equity       | R. Scott Berg                              | none                                                  | $100,001—$500,000                               |
| Institutional High Yield               | Paul A. Karpers                            | none                                                  | $500,001—$1,000,000                             |
| Institutional International Bond            | Ian D. Kelson                              | none                                                  | $100,001—$500,000                               |
| Institutional Large-Cap Core Growth         | Larry J. Puglia                            | none                                                  | over $1,000,000                                      |
| Institutional Large-Cap Growth              | Robert W. Sharps                           | $100,001—$500,000                                | over $1,000,000                                      |
| Institutional Large-Cap Value               | David GirouxJohn D. LinehanBrian C. Rogers | nonenonenone                                          | $100,001—$500,000over $1,000,000over $1,000,000 |
| Institutional Mid-Cap Equity Growth         | Brian W.H. Berghuis                        | none                                                  | over $1,000,000                                      |
| Institutional Small-Cap Stock               | Gregory A. McCrickard                      | none                                                  | over $1,000,000                                      |
| Institutional U.S. Structured Research      | Anna Dopkin                                | none                                                  | over $1,000,000                                      |

----

| Fund                                 |                      | Range of Fund Holdingsas of Fund`s Fiscal Yeara | All FundsRange as of12/31/08 |
|--------------------------------------|----------------------|-------------------------------------------------|------------------------------|
||
| Blue Chip Growth Portfolio           | Larry J. Puglia      | none                                            | over $1,000,000              |
| Equity Income Portfolio              | Brian C. Rogers      | none                                            | over $1,000,000              |
| Equity Index 500 Portfolio           | E. Frederick Bair    | none                                            | $100,001—$500,000       |
| Health Sciences Portfolio            | Kris H. Jenner       | none                                            | $100,001—$500,000       |
| International Stock Portfolio        | Robert W. Smith      | none                                            | over $1,000,000              |
| Limited-Term Bond Portfolio          | Edward A. Wiese      | none                                            | over $1,000,000              |
| Mid-Cap Growth Portfolio             | Brian W.H. Berghuis  | none                                            | over $1,000,000              |
| New America Growth Portfolio         | Joseph M. Milano     | none                                            | over $1,000,000              |
| Personal Strategy Balanced Portfolio | Edmund M. Notzon III | none                                            | over $1,000,000              |
| Prime Reserve Portfolio              | Joseph K. Lynagh     | none                                            | $100,001—$500,000       |

| Fund                          |                       | Range of Fund Holdingsas of Fund`s Fiscal Year a | All FundsRange as of12/31/08 |
|-------------------------------|-----------------------|-------------------------------------------------------|------------------------------|
||
| California Tax-Free Bond      | Konstantine B. Mallas | none                                                  | over $1,000,000              |
| California Tax-Free Money     | Joseph K. Lynagh      | none                                                  | $100,001—$500,000       |
| Georgia Tax-Free Bond         | Hugh D. McGuirk       | none                                                  | over $1,000,000              |
| New Jersey Tax-Free Bond      | Konstantine B. Mallas | none                                                  | over $1,000,000              |
| New York Tax-Free Bond        | Konstantine B. Mallas | none                                                  | over $1,000,000              |
| New York Tax-Free Money  | Joseph K. Lynagh      | none                                                  | $100,001—$500,000       |
| Virginia Tax-Free Bond        | Hugh D. McGuirk       | none                                                  | over $1,000,000              |

| Fund                  |                                     | Range of Fund Holdingsas of Fund`s Fiscal Year a | All FundsRange as of12/31/08            |
|-----------------------|-------------------------------------|-------------------------------------------------------|-----------------------------------------|
||
| Retirement 2005       | Jerome A. ClarkEdmund M. Notzon III | nonenone                                              | $500,001—$1,000,000over $1,000,000 |
| Retirement 2010  | Jerome A. ClarkEdmund M. Notzon III | nonenone                                              | $500,001—$1,000,000over $1,000,000 |
| Retirement 2015       | Jerome A. ClarkEdmund M. Notzon III | nonenone                                              | $500,001—$1,000,000over $1,000,000 |
| Retirement 2020  | Jerome A. ClarkEdmund M. Notzon III | nonenone                                              | $500,001—$1,000,000over $1,000,000 |
| Retirement 2025       | Jerome A. ClarkEdmund M. Notzon III | nonenone                                              | $500,001—$1,000,000over $1,000,000 |
| Retirement 2030       | Jerome A. ClarkEdmund M. Notzon III | nonenone                                              | $500,001—$1,000,000over $1,000,000 |
| Retirement 2035       | Jerome A. ClarkEdmund M. Notzon III | nonenone                                              | $500,001—$1,000,000over $1,000,000 |
| Retirement 2040       | Jerome A. ClarkEdmund M. Notzon III | $500,001—$1,000,000none                          | $500,001—$1,000,000over $1,000,000 |
| Retirement 2045       | Jerome A. ClarkEdmund M. Notzon III | none$100,001-$500,000                                 | $500,001—$1,000,000over $1,000,000 |
| Retirement 2050       | Jerome A. ClarkEdmund M. Notzon III | nonenone                                              | $500,001—$1,000,000over $1,000,000 |
| Retirement 2055       | Jerome A. ClarkEdmund M. Notzon III | nonenone                                              | $500,001—$1,000,000over $1,000,000 |
| Retirement Income     | Jerome A. ClarkEdmund M. Notzon III | nonenone                                              | $500,001—$1,000,000over $1,000,000 |

----

| Fund                              |                  | Range of Fund Holdingsas of Fund`s Fiscal Year a | All FundsRange as of12/31/08 |
|-----------------------------------|------------------|-------------------------------------------------------|------------------------------|
||
| TRP Government Reserve Investment | Joseph K. Lynagh | none                                                  | $100,001—$500,000       |
| TRP Reserve Investment            | Joseph K. Lynagh | none                                                  | $100,001—$500,000       |
| Short-Term Income                 | Edward A. Wiese  | none                                                  | over $1,000,000              |

----

|                          | Registered InvestmentCompanies | Other Pooled InvestmentVehicles | Other Accounts |                |        |                |
|--------------------------|--------------------------------|---------------------------------|----------------|----------------|--------|----------------|
||
| Kennard Allen            | —                         | —                          | —         | —         | — | —         |
| Christopher D. Alderson  | 7                              | $3,275,444,416                  | 5              | $2,042,770,385 | 8      | $1,780,317,684 |
| Preston G. Athey         | 8                              | 5,585,484,488                   | 1              | 6,570,056      | 8      | 479,903,560    |
| Jeffrey W. Arricale      | 1                              | 271,610,533                     | —         | —         | — | —         |
| E. Frederick Bair        | 6                              | 8,556,235,187                   | 2              | 2,019,921,698  | 1      | 502,823,150    |
| P. Robert Bartolo        | 13                             | 18,160,629,785                  | 2              | 318,791,303    | 6      | 247,087,711    |
| R. Scott Berg            | 2                              | 13,655,441                      | 1              | 5,991,659      | — | —         |
| Brian W.H. Berghuis      | 8                              | 12,498,063,812                  | 1              | 18,333,819     | 6      | 549,129,617    |
| Brian J. Brennan         | 4                              | 861,814,703                     | 5              | 3,059,510,517  | 5      | 657,544,743    |
| Jerome A. Clark          | 48                             | 37,549,026,945                  | 5              | 77,680,887     | — | —         |
| Michael J. Conelius      | 5                              | 1,010,038,629                   | 4              | 219,453,673    | 1      | 419,405,835    |
| Jose Costa Buck          | 2                              | 1,391,007,740                   | —         | —         | — | —         |
| Anna M. Dopkin           | 8                              | 1,669,780,428                   | 3              | 2,223,506,653  | 49     | 10,722,372,627 |
| Frances Dydasco          | 2                              | 10,719,001,818                  | 2              | 318,228,327    | — | —         |
| Henry M. Ellenbogen      | 1                              | 900,698,118                     | —         | —         | — | —         |
| David J. Eiswert         | 2                              | 145,173,224                     | 2              | 4,029,221      | 1      | 9,454,410      |
| Mark S. Finn (a)         | —                         | —                          | —         | —         | — | —         |
| Robert N. Gensler        | 12                             | 2,371,098,369                   | 25             | 3,460,640,876  | 18     | 4,828,351,103  |
| Justin T. Gerbereux (b)  | —                         | —                          | —         | —         | — | —         |
| David R. Giroux          | 2                              | 7,988,217,087                   | 3              | 2,869,843,194  | — | —         |
| M. Campbell Gunn         | 1                              | 245,235,164                     | 3              | 395,822,402    | 6      | 1,885,976,897  |
| Charles B. Hill          | 3                              | 1,675,758,478                   | 2              | 308,355,584    | 10     | 1,175,833,893  |
| Steven C. Huber (c)      | —                         | —                          | —         | —         | — | —         |
| Thomas J. Huber          | 2                              | 1,520,090,302                   | 1              | 147,496,268    | — | —         |
| Kris H. Jenner           | 5                              | 2,148,426,132                   | 1              | 67,918,674     | 3      | 53,896,839     |
| Paul A. Karpers          | 1                              | 533,128,001                     | —         | —         | — | —         |
| Ian D. Kelson            | 3                              | 2,942,085,145                   | 14             | 894,647,635    | 1      | 31,649,246     |
| John H. Laporte          | 2                              | 4,238,068,702                   | 3              | 194,848,652    | 9      | 594,450,745    |
| Robert M. Larkins        | 1                              | 297,237,676                     | 3              | 488,967,899    | 9      | 1,470,224,139  |
| David M. Lee             | 4                              | 2,007,448,767                   | —         | —         | 2      | 20,520,898     |
| John D. Linehan          | 7                              | 6,999,374,548                   | 2              | 188,753,899    | 16     | 730,374,432    |
| Anh Lu (d)               | —                         | —                          | —         | —         | — | —         |
| Joseph K. Lynagh         | 11                             | 25,026,063,330                  | 1              | 641,967,212    | 8      | 295,302,148    |
| Konstantine B. Mallas    | 5                              | 2,932,643,018                   | —         | —         | 5      | 105,841,549    |
| Daniel Martino (e)       | —                         | —                          | —         | —         | — | —         |
| Paul M. Massaro (b)      | —                         | —                          | —         | —         | — | —         |
| Andrew McCormick         | 5                              | 1,538,127,588                   | 1              | 125,486,398    | 3      | 497,699,214    |
| Gregory A. McCrickard    | 4                              | 4,183,352,136                   | 2              | 123,807,005    | 4      | 358,760,769    |
| Michael J. McGonigle (c) | —                         | —                          | —         | —         | — | —         |
| Hugh D. McGuirk          | 4                              | 2,204,866,601                   | —         | —         | 9      | 297,238,633    |
| Joseph M. Milano         | 2                              | 558,222,846                     | —         | —         | — | —         |
| Mary J. Miller           | 1                              | 1,781,287,223                   | —         | —         | 2      | 186,529,869    |
| Raymond A. Mills         | 4                              | 3,225,357,230                   | 1              | 66,469,173     | 1      | 22,050,132     |
| James M. Murphy          | 1                              | 1,219,369,733                   | —         | —         | — | —         |
| Sudhir Nanda             | 3                              | 485,374,121                     | —         | —         | — | —         |
| Edmund M. Notzon III     | 19                             | 10,975,914,066                  | 10             | 1,743,140,713  | 11     | 643,453,493    |
| Charles M. Ober          | 2                              | 3,420,557,954                   | 1              | 92,111,261     | 7      | 493,586,676    |
| Gonzalo Pangaro          | 1                              | 2,479,131,073                   | 1              | 254,180,831    | — | —         |
| Donald J. Peters         | 12                             | 1,168,067,562                   | —         | —         | 18     | 979,679,562    |
| Larry J. Puglia          | 16                             | 12,340,147,014                  | 1              | 14,130,319     | 13     | 1,132,051,347  |
| S. Leigh Robertson       | 1                              | 452,878,353                     | —         | —         | — | —         |
| Brian C. Rogers          | 12                             | 20,034,400,678                  | 3              | 503,982,073    | 15     | 1,303,427,470  |
| Jeffrey Rottinghaus (f)  | —                         | —                          | —         | —         | — | —         |
| Daniel O. Shackelford    | 5                              | 8,925,857,187                   | 1              | 269,169,016    | 4      | 876,246,210    |
| Robert W. Sharps         | 9                              | 3,258,374,580                   | 7              | 1,897,447,496  | 35     | 4,857,317,640  |
| Neil Smith               | 1                              | 328,675,702                     | —         | —         | — | —         |
| Robert W. Smith          | 2                              | 4,042,542,860                   | 4              | 89,449,487     | 1      | 76,360,265     |
| David Stanley (c)        | —                         | —                          | —         | —         | — | —         |
| Dean Tenerelli           | 1                              | 572,699,409                     | —         | —         | — | —         |
| Justin Thomson           | 1                              | 1,372,137,314                   | —         | —         | — | —         |
| David A. Tiberii         | 2                              | 275,842,356                     | 2              | 147,294,366    | 6      | 1,845,400,603  |
| Ken D. Uematsu           | —                         | —                          | —         | —         | — | —         |
| Mark J. Vaselkiv         | 8                              | 6,664,834,741                   | 7              | 1,811,794,761  | 16     | 2,167,789,804  |
| David J. Wallack         | 3                              | 4,694,585,886                   | 1              | 14,369,379     | 2      | 209,002,356    |
| Edward A. Wiese          | 6                              | 3,680,216,016                   | 3              | 345,555,468    | 11     | 2,915,877,891  |

----

----

| Fund                              | %*  |
|-----------------------------------|-----|
| Africa & Middle East          | 1.9 |
| Global Large-Cap Stock            | 2.8 |
| Maryland Short-Term Tax-Free Bond | 1.1 |
| Maryland Tax-Free Money           | 2.7 |
| Summit Cash Reserves              | 1.2 |
| Tax-Efficient Balanced            | 7.0 |
| Tax-Efficient Growth              | 2.7 |
| Tax-Efficient Multi-Cap Growth    | 2.5 |
| Tax-Exempt Money                  | 1.8 |

----

| Fund                                                      | Shareholder                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | %                                   |
|-----------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|
| Africa & Middle East                                  | Charles Schwab & Company, Inc.Reinvest AccountAttn.: Mutual Fund Department101 Montgomery StreetSan Francisco, California 94104MLPF&S for the Sole Benefit of Its Customers4800 Deerlake DriveJacksonville, Florida 32246National Financial Services for the Exclusive Benefit ofOur Customers200 Liberty StreetOne Financial Center, 4th FloorNew York, New York 10005                                                                                                                                                                                     | 7.505.3411.85                       |
| Balanced                                                  | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control DepartmentP.O. Box 17215Baltimore, Maryland 21297                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 45.39(c)                            |
| Blue Chip Growth                                          | Pirateline & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting Department100 East Pratt StreetBaltimore, Maryland 21202National Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Retirement Plan Services, Inc.Blue Chip Growth FundAttn.: Asset ReconciliationsP.O. Box 17215Baltimore, Maryland 21297                                                                                                                                                                                                                  | 5.0812.8122.42                      |
| Blue Chip Growth Fund—Advisor Class                  | Charles Schwab & Company, Inc.Reinvest AccountJohn Hancock Life Insurance Company USARPS SEG Funds and Accounting ET-7601 Congress StreetBoston, Massachusetts 02210National Financial Services for the Exclusive Benefit ofOur CustomersUnion Central Life Insurance Company 1876 Waycross Road #3Cincinnati, Ohio 45240                                                                                                                                                                                                                                       | 5.9529.46(a)15.597.39               |
| Blue Chip Growth Fund—R Class                        | American United LifeSeparate Account IIAttn.: Dan SchlugeP.O. Box 1995Indianapolis, Indiana 46206Massachusetts Mutual Life Insurance Company1295 State StreetFund Operations/N255Springfield, Massachusetts 01111Nationwide Trust Company FSBc/o IPO Portfolio AccountingP.O. Box 182029Columbus, Ohio 43218Orchard Trust CompanyTrustee: Employee Benefits Clients8515 East Orchard Road 2T2Greenwood Village, Colorado 80111State Street Bank & TrustFBO ADP Daily Valuation BAttn.: Susan McDonough105 Rosemont RoadWestwood, Massachusetts 02090            | 15.7610.7113.745.385.07             |
| California Tax-Free Bond                                  | Charles Schwab & Company, Inc.Reinvest Account                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 5.90                                |
| California Tax-Free Money                                 | Georgette O`Connor Day TRGeorgette O`Connor Day TrustLos Angeles, California                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 8.54                                |
| Capital Appreciation                                      | Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                 | 8.3010.306.91                       |
| Capital Appreciation Fund—Advisor Class              | Ameritas Life Insurance CorporationSeparate Account G5900 O StreetLincoln, Nebraska 68510Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur CustomersUnion Central Life Insurance Company                                                                                                                                                                                                                                                                                                                | 10.2319.7925.52(a)5.67              |
| Capital Opportunity                                       | McWood & CompanyP.O. Box 29522Raleigh, North Carolina 27626Swebak & Companyc/o Amcore Investment Group NAP.O. Box 4599Rockford, Illinois 61110TRP Finance, Inc.802 West StreetSuite 301Wilmington, Delaware 19801                                                                                                                                                                                                                                                                                                                                           | 45.87(a)8.626.97                    |
| Capital Opportunity Fund—Advisor Class               | National Financial Services for the Exclusive Benefit ofOur CustomersReliance Trust CompanyFBO Lima Memorial Health System 401(k)8515 E. Orchard RD 2T2Greenwood Village, Colorado 80111                                                                                                                                                                                                                                                                                                                                                                            | 78.55(a)17.99                       |
| Capital Opportunity Fund—R Class                     | Counsel Trust DBA MATCFBO Light Age Inc. 401(k) Profit Sharing Plan & Trust1251 Waterfront Place, Suite 525Pittsburgh, Pennsylvania 15222GPC Securities as Agent for Reliance Trust CompanyFBO Lamoureux, Pagano Associates, Inc. PlanP.O. Box 79377Atlanta, Georgia 30357Nationwide Trust Company FSBT. Rowe Price AssociatesAttn.: Financial Reporting Department100 East Pratt StreetBaltimore, Maryland 21202                                                                                                                                          | 23.8212.805.3350.08(e)              |
| Corporate Income                                          | Charles Schwab & Company, Inc.Reinvest AccountYachtcrew & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting Department                                                                                                                                                                                                                                                                                                                                                                                                                             | 7.1448.07(d)                        |
| Dividend Growth                                           | Charles Schwab & Company, Inc.Reinvest AccountEdward D. Jones & CompanyShareholder AccountingAttn.: Mutual Fund201 Progress ParkwayMaryland Heights, Missouri 63043T. Rowe Price Trust CompanyDividend Growth Fund (DGF)Attn.: Asset Reconciliation                                                                                                                                                                                                                                                                                                    | 5.037.178.13                        |
| Dividend Growth Fund—Advisor Class                   | Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur CustomersPenfirn CompanyP.O Box 3327Omaha, Nebraska 68103                                                                                                                                                                                                                                                                                                                                                                                             | 18.1556.99(a)19.35                  |
| Emerging Europe & Mediterranean                       | National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 14.34                               |
| Emerging Markets Bond                                     | Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur CustomersRetirement Portfolio 2010Retirement Portfolio 2020Yachtcrew & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting Department                                                                                                                                                                                                                                                                                                           | 6.795.606.076.6020.38               |
| Emerging Markets Stock                                    | National Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Associates TRAttn.: Fund Accounting Department PSP                                                                                                                                                                                                                                                                                                                                                                                                                          | 13.705.86                           |
| Equity Income                                             | National Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Trust CompanyAttn.: TRPS Institutional Control DepartmentYachtcrew & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting Department                                                                                                                                                                                                                                                                                                                                   | 6.0718.976.07                       |
| Equity Income Fund—Advisor Class                     | Citigroup Global Markets Inc.333 West 34th Street, 3rd FloorNew York, New York 10001John Hancock Life Insurance Company USARPS SEG Funds and Accounting ET-7National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                   | 7.3814.2551.65(a)                   |
| Equity Income Fund—R Class                           | American United LifeSeparate Account IIGuardian Insurance & Annuity CorporationNationwide Trust Company FSBWachovia BankFBO Various Retirement Plans1525 West WT Harris BoulevardCharlotte, North Carolina 28288                                                                                                                                                                                                                                                                                                                                                | 17.176.4911.898.79                  |
| Equity Index 500                                          | Retirement Portfolio 2010T. Rowe Price AssociatesAttn.: Fund Accounting DepartmentRetirement Portfolio 2015T. Rowe Price AssociatesAttn.: Fund Accounting DepartmentRetirement Portfolio 2020T. Rowe Price AssociatesAttn.: Fund Accounting DepartmentRetirement Portfolio 2025T. Rowe Price AssociatesAttn.: Fund Accounting DepartmentRetirement Portfolio 2030T. Rowe Price AssociatesAttn.: Fund Accounting DepartmentT. Rowe Price Trust CompanyAttn.: RPS Control Department10090 Red Run BoulevardOwings Mills, Maryland 21117 | 12.958.8515.475.797.875.94          |
| European Stock                                            | Bobstay & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 14.51                               |
| Extended Equity Market Index                              | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 24.12                               |
| Georgia Tax-Free Bond                                     | Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                             | 10.069.62                           |
| Global Large-Cap Stock                                    | TRP Finance, Inc.T. Rowe Price AssociatesAttn.: Financial Reporting Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 46.56(f)5.17                        |
| Global Large-Cap Stock Fund—Advisor Class            | T. Rowe Price AssociatesAttn.: Financial Reporting Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 99.21(e)                            |
| Global Real Estate                                        | TRP Finance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 63.54(f)                            |
| Global Real Estate Fund—Advisor Class                | T. Rowe Price AssociatesAttn.: Financial Reporting Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 100.00(e)                           |
| Global Stock                                              | Charles Schwab & Company, Inc.Reinvest AccountJP Morgan as Directed Trustee for Ernest & Young DefinedBenefit Retirement Plan TrustAttn.: Phyllis Mancini4 New York PlazaNew York, New York 10004National Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Retirement Plan Services, Inc.Omnibus Plan                                                                                                                                                                                                                         | 6.7515.236.386.56                   |
| Global Stock Fund—Advisor Class                      | JP Morgan ChaseFBO ADP Enterprise 401(k) Product3 Metrotech Center, 6th FloorBrooklyn, New York 11245National Financial Services for the Exclusive Benefit ofOur CustomersUMB Bank Na. SFRFBO Fiduciary for Tax Deferred Accounts Group1 SW Security Benefit PlaceTopeka, Kansas 66636Wachovia BankFBO Various Retirement Plans                                                                                                                                                                                                                                     | 43.61(a)33.82(a)6.976.56            |
| Global Technology                                         | National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 6.77                                |
| GNMA                                                      | Yachtcrew & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 37.60(d)                            |
| TRP Government Reserve Investment                         | Barnaclesailc/o T. Rowe Price AssociatesAttn.: Mid-Cap Growth FundBridgesail & Companyc/o T. Rowe Price AssociatesAttn.: Science & Technology FundT. Rowe Price Retirement Plan Services, Inc.Attn.: RPS Cash Group                                                                                                                                                                                                                                                                                                                               | 51.55(d)21.8911.42                  |
| Growth & Income                                       | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 9.15                                |
| Growth Stock                                              | National Financial Services for the Exclusive Benefit ofOur CustomersRetirement Portfolio 2020Retirement Portfolio 2030T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                      | 8.827.117.6910.00                   |
| Growth Stock Fund—Advisor Class                      | ICMA Retirement Trust777 North Capitol Street NE, Suite 600Washington, D.C. 20002National Financial Services for the Exclusive Benefit ofOur CustomersU.S. BankFBO Private Asset DepartmentOA PlatformP.O. Box 1787Milwaukee, Wisconsin 53201                                                                                                                                                                                                                                                                                                                       | 5.8828.85(a)8.34                    |
| Growth Stock Fund—R Class                            | Guardian Insurance & Annuity CorporationNationwide Trust Company FSB                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 14.387.82                           |
| Health Sciences                                           | Charles Schwab & Company, Inc.Reinvest AccountJohn Hancock Life Insurance Company USARPS SEG Funds and Accounting ET-7National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                     | 6.388.479.29                        |
| High Yield                                                | Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur CustomersRetirement Portfolio 2010Retirement Portfolio 2020Yachtcrew & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting Department                                                                                                                                                                                                                                                                                                           | 6.255.425.038.4019.07               |
| High Yield Fund—Advisor Class                        | National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 94.03(a)                            |
| Inflation Protected Bond                                  | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountInflation Protected Bond                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 10.39                               |
| Institutional Core Plus                                   | Jeanette StumpRobert J. Hennessy TRSpecial Metals Corporation Retiree Benefit Trust60 Boulevard of the Allies, Suite 620Pittsburgh, PennsylvaniaSaxon and CompanyP.O. Box 7780-1888Philadelphia, Pennsylvania 19182SEI Private Trust Companyc/o MellonOne Freedom Valley DriveOaks, Pennsylvania 19456The Church Foundation240 South 4th StreetPhiladelphia, Pennsylvania 19106TRP Finance, Inc.                                                                                                                                                                    | 16.0319.166.9226.88(a)20.37         |
| Institutional Emerging Markets Bond                       | Baycruiser & Companyc/o T. Rowe Price AssociatesAttn.: Corporate Income FundLadybird & CompanyLadybug & CompanyLakeside & CompanyTRP Finance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                  | 13.1322.2223.506.6414.68            |
| Institutional Emerging Markets Equity                     | Ladybug & Companyc/o T. Rowe Price AssociatesAttn.: Personal Strategy Balanced FundLakeside & Companyc/o T. Rowe Price AssociatesAttn.: Personal Strategy Growth FundMLPF&S for the Sole Benefit of Its CustomersPatterson & Company Omnibus1525 West W.T. Harris BoulevardCharlotte, North Carolina 28288                                                                                                                                                                                                                                     | 10.157.9930.23(a)13.88              |
| Institutional Floating Rate                               | Nutmeg & Companyc/o T. Rowe Price AssociatesAttn.: Value FundSeamile & Companyc/o T. Rowe Price AssociatesAttn.: Capital Appreciation FundTaskforce & Companyc/o T. Rowe Price AssociatesAttn.: Equity Income FundTuna & Companyc/o T. Rowe Price AssociatesAttn.: New Income Fund                                                                                                                                                                                                                                                                  | 16.6226.77(d)22.3116.46             |
| Institutional Foreign Equity                              | Mac & CompanyNetwork Fully Disclosed FBO DL Pension Plan1525 West W. T. Harris BoulevardCharlotte, North Carolina 28288Saxon and CompanyState Street Bank & Trust Company Cust.Houston Metro Transit Authority Fund—MTA Union805 Pennsylvania AvenueTower 2, 5th FloorKansas City, Missouri 64105State Street Bank & Trust Company Cust.Houston Metro Transit Authority Fund—MTA Non-UnionThe Church Foundation                                                                                                                               | 5.446.9216.0029.67(a)19.5910.48     |
| Institutional Global Equity                               | Keybank NAFBO JCF - T. Rowe Price Cust.P.O. Box 94871Cleveland, Ohio 44101SEI Private Trust Companyc/o Suntrust BankState Street Bank & Trust CompanyTrustee for Riverside Health System Retirement Income Plan125 Sunnynoll Court, Suite 200Winston Salem, North Carolina 27106The Bank of New York Mellon as Trustee forComputer Science Trust Pension1 Wall StreetNew York, New York 10286U.S. BankFBO NREL/MRIMutual Fund TradingMilwaukee, Wisconsin 53201                                                                                                 | 10.135.3518.0947.67(a)6.73          |
| Institutional Global Large-Cap Equity                     | TRP Finance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 100.00(f)                           |
| Institutional High Yield                                  | Bread & Companyc/o T. Rowe Price AssociatesAttn.: Balanced FundBrown Brothers Harriman & Company525 Washington BoulevardJersey City, New Jersey 07310Charles Schwab & Company, Inc.Reinvest AccountMac & CompanyNational Financial Services for the Exclusive Benefit ofOur CustomersState Street Bank & TrustCitigroup 401(k) PlanTuna & Companyc/o T. Rowe Price AssociatesAttn.: New Income Fund                                                                                                                                    | 8.955.0718.226.1813.156.239.97      |
| Institutional International Bond                          | Charles Schwab & Company, Inc.Ladybird & CompanyLadybug & CompanyLakeside & Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 6.4626.49(d)36.74(d)13.91           |
| Institutional Large-Cap Core Growth                       | Immaculate Heart Missions, Inc.Common AccountCasa GeneraliziaVia S. Giovanni Eudes 95Rome, Italy 00163Middlesex Health System Inc.Pension PlanAttn.: Susan Martin28 Crescent StreetMiddletown, Connecticut 06457National Financial Services for the Exclusive Benefit ofOur CustomersSEI Private Trust CompanyThe Jewish Foundation of Cincinnati8044 Montgomery Road, Suite 700Cincinnati, Ohio 45236                                                                                                                                                              | 5.765.8952.95(a)11.747.80           |
| Institutional Large-Cap Growth                            | Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur CustomersSEI Private Trust CompanyState Street Bank & Trust Company TRWashington Savannah River Company                                                                                                                                                                                                                                                                                                                                           | 13.6012.0614.699.05                 |
| Institutional Large-Cap Value                             | Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur CustomersPIMS/Prudential RetirementThe Church Foundation                                                                                                                                                                                                                                                                                                                                                                                              | 24.2127.84(a)8.056.88               |
| Institutional Mid-Cap Equity Growth                       | Charles Schwab & Company, Inc.Reinvest AccountKentucky Public Employees DeferredCompensation Authorityc/o IPO Portfolio AccountingP.O. Box 182029Columbus, Ohio 43218National Financial Services for the Exclusive Benefit of Our CustomersWells Fargo Bank NAFBO University of Co. HospitalP.O. Box 1533Minneapolis, Minnesota 55480                                                                                                                                                                                                                           | 12.8217.617.538.27                  |
| Institutional Small-Cap Stock                             | National Financial Services for the Exclusive Benefit of Our CustomersPinnacol Assurance7501 East Lowry BoulevardDenver, Colorado 80230                                                                                                                                                                                                                                                                                                                                                                                                                             | 59.18(a)6.74                        |
| Institutional U.S. Structured Research                    | Northern Trust Company FBO AlsacP.O. Box 92956Chicago, Illinois 60675Oglethorpe Power Corporation2100 E Exchange PlaceAttn.: FinanceTucker, Georgia 30084The UCLA Foundation10920 Wilshire Boulevard, Suite 900Los Angeles, California 90024U.S. BankFBO Adams CountyU.S. BankFBO Metro Wastewater ReclamationDistrict Retirement Plan                                                                                                                                                                                                                              | 21.847.6422.6316.909.74             |
| International Bond                                        | Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur CustomersYachtcrew & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting Department                                                                                                                                                                                                                                                                                                                                                             | 13.1611.2723.93                     |
| International Bond Fund—Advisor Class                | Citigroup Global Markets Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 25.44(a)                            |
| International Discovery                                   | Charles Schwab & CompanyReinvest AccountNational Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Retirement Plan Services, Inc.Attn.: Asset ReconciliationVanguard Fiduciary Trust CompanyT. Rowe Price Retail Class FundsAttn.: Outside FundsP.O. Box 2600 VM613Valley Forge, Pennsylvania 19482                                                                                                                                                                                                                           | 5.1420.236.559.70                   |
| International Equity Index                                | T. Rowe Price Retirement Plan Services, Inc.Omnibus PlanNew Business Conv. Asset                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 33.30(b)                            |
| International Growth & Income                         | Pirateline & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting DepartmentRetirement Portfolio 2010Retirement Portfolio 2015Retirement Portfolio 2020Retirement Portfolio 2025Retirement Portfolio 2030Retirement Portfolio 2040T. Rowe Price AssociatesAttn.: Fund Accounting Department                                                                                                                                                                                                                                                               | 8.346.185.6113.606.6411.316.95      |
| International Growth & Income Fund—Advisor Class | State Street Bank & TrustFBO ADP Daily Valuation BU.S. BankFBO Private Asset DepartmentOA Platform                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 5.9141.67(a)                        |
| International Growth & Income Fund—R Class       | American United LifeAmerican Unit Investment TrustAmerican United LifeSeparate Account IIDelaware Charter Guarantee & TrustFBO Various Qualified Plans711 High StreetDes Moines, Iowa 50309Nationwide Trust Company FSB                                                                                                                                                                                                                                                                                                                                         | 5.4225.40(a)10.2411.16              |
| International Stock                                       | Pirateline & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting DepartmentRetirement Portfolio 2020Retirement Portfolio 2030T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                     | 5.137.816.678.69                    |
| International Stock Fund—Advisor Class               | National Financial Services for the Exclusive Benefit ofOur CustomersU.S. BankFBO Private Asset DepartmentOA Platform                                                                                                                                                                                                                                                                                                                                                                                                                                               | 9.9826.77(a)                        |
| International Stock Fund—R Class                     | American United LifeAmerican Unit TrustAmerican United LifeSeparate Account IINationwide Trust Company FSB                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 9.1243.22(a)7.54                    |
| Japan                                                     | Bobstay & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting DepartmentCharles Schwab & Company, Inc.Reinvest Account                                                                                                                                                                                                                                                                                                                                                                                                                                    | 15.107.92                           |
| Latin America                                             | Charles Schwab & Company, Inc.Reinvest AccountWilmington Trust Company TRFBO Continental Airlines Inc. DCP Planc/o Mutual FundsP.O. Box 8971Wilmington, Delaware 19899                                                                                                                                                                                                                                                                                                                                                                                          | 6.555.04                            |
| Maryland Short-Term Tax-Free Bond                         | Charles Schwab & Company, Inc.Reinvest AccountPrudential Investment Management ServicesFBO Mutual Funds Clients                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 10.555.71                           |
| Maryland Tax-Free Money                                   | T. Rowe Price AssociatesAttn.: Financial Reporting Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 9.65                                |
| Media & Telecommunications                            | Charles Schwab & Company, Inc.Reinvest AccountT. Rowe Price Trust CompanyMedia & Telecommunications Fund                                                                                                                                                                                                                                                                                                                                                                                                                                               | 5.688.52                            |
| Mid-Cap Growth                                            | Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Trust CompanyAttn.: Asset Reconciliations                                                                                                                                                                                                                                                                                                                                                                                 | 5.7010.5219.12                      |
| Mid-Cap Growth Fund—Advisor Class                    | MLPF&S for the Sole Benefit of its CustomersNational Financial Services for the Exclusive Benefit ofOur CustomersU.S. BankFBO Private Asset DepartmentOA PlatformVanguard Fiduciary Trust CompanyT. Rowe Price Advisor Class FundsAttn.: Outside FundsP.O. Box 2900Valley Forge, Pennsylvania 19482Wells Fargo Bank NAFBO RPS T. Rowe Price Mid-Cap Growth                                                                                                                                                                                                 | 7.7715.605.607.035.10               |
| Mid-Cap Growth Fund—R Class                          | American United LifeSeparate Account IIING Life Insurance & Annuity Company1 Orange Way B3NWindsor, Connecticut 06095ING National TrustNationwide Trust Company FSB                                                                                                                                                                                                                                                                                                                                                                                             | 6.1820.675.0716.07                  |
| Mid-Cap Value                                             | National Financial Services for the Exclusive Benefit of Our CustomersRetirement Portfolio 2020T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountNew Business Group                                                                                                                                                                                                                                                                                                                                                                                   | 11.355.378.31                       |
| Mid-Cap Value Fund—Advisor Class                     | National Financial Services for the Exclusive Benefit ofOur CustomersPatterson & CompanyFBO Allegiant for Various Retirement PlansUnion Central Life Insurance CompanyU.S. BankFBO Private Asset DepartmentOA Platform                                                                                                                                                                                                                                                                                                                                          | 24.996.335.926.85                   |
| Mid-Cap Value Fund—R Class                           | ING Life Insurance & Annuity CompanyJP Morgan Chase TRFBO ADP Mid Market ProductAttn.: Lisa Glenn3 Metrotech Center 6th FloorBrooklyn, New York 11245Nationwide Trust Company FSBState Street Bank & TrustFBO ADP Daily Valuation B                                                                                                                                                                                                                                                                                                                         | 7.038.2513.5330.34(a)               |
| New America Growth                                        | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control DepartmentWilmington Trust Company TRFBO Continental Airlines Inc. DCP Plan                                                                                                                                                                                                                                                                                                                                                                                                                       | 17.706.83                           |
| New America Growth Fund—Advisor Class                | National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 86.35(a)                            |
| New Asia                                                  | Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                             | 7.268.54                            |
| New Era                                                   | Charles Schwab & Company, Inc.Reinvest AccountNational Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                             | 7.9910.58                           |
| New Horizons                                              | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 23.87                               |
| New Income                                                | Retirement Portfolio 2010Retirement Portfolio 2015Retirement Portfolio 2020T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control DepartmentYachtcrew & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting Department                                                                                                                                                                                                                                                                                                                                  | 13.228.4913.725.0014.91             |
| New Income Fund—Advisor Class                        | National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 7.63                                |
| New Income Fund—R Class                              | Counsel Trust DBA MATCFBO First National Bank in Manitower401(k) Profit Sharing Plan1251 Waterfront Place, Suite 525Pittsburgh, Pennsylvania 15222Nationwide Trust Company FSBNFS LLC FEBOMarshall & Ilsley Trust Company NAFBO Bank 98 Daily RecordkeepingAttn.: Mutual Funds11270 West Park Place, Suite 400Milwaukee, Wisconsin 53224PIMS/Prudential Retirement as Nomineee for the TrusteeTellabs Retirement Plan1415 W Diehl RoadNaperville, Illinois 60563Wachovia BankFBO Various Retirement Plans                                                       | 14.6720.1916.715.1025.40(a)         |
| New Jersey Tax-Free Bond                                  | PFPC Inc. as Agent for PFPC TrustFBO JJB Hilliard WL Lyons Inc.760 Moore RoadKing of Prussia, Pennsylvania 19406                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 10.19                               |
| New York Tax-Free Bond                                    | National Financial Services for the Exclusive Benefit ofOurCustomers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 5.00                                |
| New York Tax-Free Money                                   | H. Mark GlasbergPaula D. Glasberg Jt. Ten.New York, New YorkRobert S. KaplanJamie Schuval Jt. Ten.New York, New York                                                                                                                                                                                                                                                                                                                                                                                                                                                | 6.556.20                            |
| Overseas Stock                                            | Retirement Portfolio 2010Retirement Portfolio 2015Retirement Portfolio 2020Retirement Portfolio 2025Retirement Portfolio 2030Retirement Portfolio 2035T. Rowe Price AssociatesAttn.: Fund Accounting DepartmentRetirement Portfolio 2040                                                                                                                                                                                                                                                                                                                       | 9.038.2319.819.5716.776.3110.24     |
| Personal Strategy Balanced                                | National Financial Services for the Exclusive Benefit ofOurCustomersT. Rowe Price Trust CompanyBalancedAttn.: Asset Reconciliation                                                                                                                                                                                                                                                                                                                                                                                                                             | 10.1933.45(c)                       |
| Personal Strategy Growth                                  | National Financial Services for the Exclusive Benefit ofOurCustomersT. Rowe Price Trust CompanyAttn.: Growth Asset                                                                                                                                                                                                                                                                                                                                                                                                                                             | 5.5327.64(c)                        |
| Personal Strategy Income                                  | National Financial Services for the Exclusive Benefit ofOurCustomersT. Rowe Price Trust CompanyIncomeAttn.: Asset Reconciliation                                                                                                                                                                                                                                                                                                                                                                                                                               | 6.0022.94                           |
| Prime Reserve                                             | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 11.58                               |
| Real Estate                                               | Charles Schwab & Company, Inc.Reinvest AccountWachovia BankOmnibus                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 7.8123.86                           |
| Real Estate Fund—Advisor Class                       | GPC Securities Incorporated as Agent forReliance Trust CompanyFBO Plexus Corp. 401(k) Savings PlanNational Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                             | 5.6372.73(a)                        |
| TRP Reserve Investment                                    | JP Morgan Chase Bank as AgentFor Institutional Funds1 Chase Manhattan Plaza, Floor 58New York, New York 10005Seamile & Companyc/o T. Rowe Price AssociatesAttn.: Capital Appreciation FundT. Rowe Price Managed GICStable Value FundT. Rowe Price Associates, Inc.Taskforce & Companyc/o T. Rowe Price AssociatesAttn.: Equity Income Fund                                                                                                                                                                                                                  | 12.319.429.895.56                   |
| Retirement 2005 Fund—Advisor Class                   | ING Group TrustTrustee: Reliance Trust Company400 Atrium DriveSomerset, NJ 08873New York Life Trust CompanyClient Account169 Lackawanna AvenueParsippany, New Jersey 07054National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                     | 6.877.6644.13(a)                    |
| Retirement 2005 Fund—R Class                         | NFS LLL FEBOState Street Bank Trust CompanyTrustees Various Retirement Plans4 Manhattanville RoadPurchase, New York 10577                                                                                                                                                                                                                                                                                                                                                                                                                                           | 97.20(a)                            |
| Retirement 2010                                           | National Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement 2010                                                                                                                                                                                                                                                                                                                                                                                                                | 5.1446.76(b)                        |
| Retirement 2010 Fund—Advisor Class                   | Charles Schwab & Company, Inc.Reinvest AccountMassachusetts Mutual Life Insurance CompanyNational Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                  | 8.259.3316.89                       |
| Retirement 2010 Fund—R Class                         | Hartford Life Insurance CompanySeparate AccountAttn.: UIT OperationsP.O. Box 2999Hartford, Connecticut 06140Massachusetts Mutual Life Insurance CompanySaxon and CompanyState Street Bank & Trust CompanyFBO ADP Daily Valuation BState Street Bank & Trust Company TrusteeAmerican Red Cross Savings Plan                                                                                                                                                                                                                                                  | 7.175.557.075.6413.47               |
| Retirement 2015                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus Account Retirement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 55.38(b)                            |
| Retirement 2015 Fund—Advisor Class                   | ING Group TrustTrustee: Reliance Trust CompanyMercer Trust ServicesTrustee FBO Ardent Health Services Retirement Savings Plan1 Investors Way Norwood, Massachusetts 02062National Financial Services for the Exclusive Benefit ofOur CustomersNew York Life Trust CompanyClient AccountState Street Bank & TrustFBO Apogee Enterprises Defined Contribution Plan1 Lincoln StreetBoston, Massachusetts 02111                                                                                                                                                     | 13.715.6716.247.215.87              |
| Retirement 2015 Fund—R Class                         | ING Group TrustTrustee: Reliance Trust CompanyNFS LLC FEBO Huntington National BankFBO EB Accounts7 Easton Oval #EA4E70Columbus, Ohio 43219NFS LLC FEBOState Street Bank Trust CompanyTrustee: Various Retirement PlansReliance Trust CompanyFBO Retirement Plans Serviced by MetlifeTaynik & Companyc/o Investors Bank & TrustP.O. Box 9130Boston, MA 02117T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountTRP R ClassWachovia BankFBO Various Retirement Plans                                                                            | 17.046.3423.936.475.9912.099.43     |
| Retirement 2020                                           | National Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement 2020                                                                                                                                                                                                                                                                                                                                                                                                                | 5.3153.65(b)                        |
| Retirement 2020 Fund—Advisor Class                   | Charles Schwab & Company, Inc.Reinvest AccountMassachusetts Mutual Life Insurance CompanyNational Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                  | 7.0010.8418.28                      |
| Retirement 2020 Fund—R Class                         | Hartford Life Insurance CompanySeparate AccountJPMorgan Chase TRBFO ADP Mid Market ProductMassachusetts Mutual Life Insurance CompanySaxon and CompanyState Street Bank & Trust CompanyFBO ADP Daily Valuation BTaynik & Company                                                                                                                                                                                                                                                                                                                            | 10.355.066.817.109.006.66           |
| Retirement 2025                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus Account Retirement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 61.44(b)                            |
| Retirement 2025 Fund—Advisor Class                   | ING Group TrustTrustee: Reliance Trust CompanyMercer Trust CompanyTrustee FBO Ardent Health Services Retirement Savings PlanMercer Trust CompanyTrustee FBO Constellation Brands Inc. 401(k) andProfit Sharing PlanNational Financial Services for the Exclusive Benefit ofOur CustomersNew York Life Trust CompanyClient AccountPatterson & CompanyFBO Allegiant for Various Retirement PlansState Street Bank & TrustApogee Enterprises Defined Contribution Plan                                                                                         | 9.635.715.4617.4011.426.938.04      |
| Retirement 2025 Fund—R Class                         | ING Group TrustTrustee: Reliance Trust CompanyNFS LLC FEBO Huntington National BankFBO EB AccountsNFS LLC FEBOState Street Bank Trust CompanyTrustee: Various Retirement PlansReliance Trust CompanyFBO Retirement Plans Serviced by MetlifeSuntrust BankFBO CF Sauer Company 401(k) PSPWachovia BankFBO Various Retirement Plans                                                                                                                                                                                                                                   | 15.385.1222.285.516.7714.43         |
| Retirement 2030                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement 2030                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 56.01(b)                            |
| Retirement 2030 Fund—Advisor Class                   | Charles Schwab & Company, Inc.Reinvest AccountMassachusetts Mutual Life Insurance CompanyNational Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                  | 5.9613.5015.63                      |
| Retirement 2030 Fund—R Class                         | Hartford Life Insurance CompanySeparate AccountJPMorgan Chase TRFBO ADP Mid Market ProductMassachusetts Mutual Life Insurance CompanySaxon and CompanyState Street Bank & Trust CompanyFBO ADP Daily Valuation BTaynik & Company                                                                                                                                                                                                                                                                                                                            | 10.045.128.406.4811.518.37          |
| Retirement 2035                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus Account Retirement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 61.84(b)                            |
| Retirement 2035 Fund—Advisor Class                   | Charles Schwab & Company, Inc.Special Custody A/C FBO CustomersING Group TrustTrustee: Reliance Trust CompanyMercer Trust Company Trustee: FBO Constellation Brands Inc. 401(k) andProfit Sharing PlanNational Financial Services for the Exclusive Benefit ofOur CustomersNew York Life Trust CompanyClient AccountPatterson & CompanyFBO Allegiant for Various Retirement PlansState Street Bank & TrustFBO Apogee Enterprises Defined Contribution Plan                                                                                              | 6.036.146.6919.4615.786.445.97      |
| Retirement 2035 Fund—R Class                         | ING Group TrustTrustee: Reliance Trust CompanyReliance Trust CompanyRetirement Plans Serviced by MetlifeNFS LLC FEBOState Street Bank Trust CompanyTrustee: Various Retirement PlansWachovia BankFBO Various Retirement Plans                                                                                                                                                                                                                                                                                                                                       | 18.005.4727.47(a)20.61              |
| Retirement 2040                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement 2040                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 57.55(b)                            |
| Retirement 2040 Fund—Advisor Class                   | Massachusetts Mutual Life Insurance CompanyNational Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 13.5518.55                          |
| Retirement 2040 Fund—R Class                         | Hartford Life Insurance CompanySeparate AccountJPMorgan Chase TRFBO ADP Mid Market ProductMassachusetts Mutual Life Insurance CompanySaxon and CompanyState Street Bank & TrustFBO ADP Daily Valuation BTaynik & Company                                                                                                                                                                                                                                                                                                                                    | 9.375.418.665.6713.217.60           |
| Retirement 2045                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus Account Retirement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 65.70(b)                            |
| Retirement 2045 Fund—Advisor Class                   | ING Group TrustTrustee: Reliance Trust CompanyING National TrustMercer Trust Company Trustee FBO Constellation Brands Inc. 401(k) andProfit Sharing PlanNational Financial Services for the Exclusive Benefit ofOur CustomersNew York Life Trust CompanyClient AccountState Street Bank & TrustFBO Apogee Enterprises Defined Contribution Plan                                                                                                                                                                                                                 | 6.725.115.9019.2121.556.86          |
| Retirement 2045 Fund—R Class                         | ING Group TrustTrustee: Reliance Trust CompanyNFS LLC FEBOState Street Bank Trust CompanyTrustee: Various Retirement PlansReliance Trust CompanyFBO Retirement Plans Serviced by MetlifeWachovia BankFBO Various Retirement Plans                                                                                                                                                                                                                                                                                                                                   | 15.4826.02(a)5.1830.83(a)           |
| Retirement 2050                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus Account Retirement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 60.41(b)                            |
| Retirement 2050 Fund—Advisor Class                   | Massachusetts Mutual Life Insurance CompanyNational Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 22.6917.49                          |
| Retirement 2050 Fund—R Class                         | Hartford Life Insurance CompanySeparate AccountMassachusetts Mutual Life Insurance CompanySaxon and CompanyState Street Bank & TrustFBO ADP Daily Valuation BTaynik & Company                                                                                                                                                                                                                                                                                                                                                                               | 23.637.166.9311.996.37              |
| Retirement 2055                                           | T. Rowe Price Retirement Plan Services, Inc.Omnibus Account Retirement                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 53.70(b)                            |
| Retirement 2055 Fund—Advisor Class                   | National Financial Services for the Exclusive Benefit ofOur CustomersNew York Life Trust CompanyClient AccountOrchard Trust CompanyTrustee Employee Benefits Clients                                                                                                                                                                                                                                                                                                                                                                                                | 9.415.9849.61(a)                    |
| Retirement 2055 Fund—R Class                         | ING Group TrustTrustee: Reliance Trust CompanyNFS LLC FEBOState Street Bank Trust CompanyTrustee: Various Retirement PlansT. Rowe Price AssociatesAttn.: Financial Reporting DepartmentWachovia BankFBO Various Retirement Plans                                                                                                                                                                                                                                                                                                                               | 20.9615.3436.75(e)6.40              |
| Retirement Income                                         | National Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Retirement Plan Services, Inc.Omnibus AccountRetirement Income                                                                                                                                                                                                                                                                                                                                                                                                              | 6.4932.40(b)                        |
| Retirement Income Fund—Advisor Class                 | ING Group TrustTrustee: Reliance Trust CompanyMassachusetts Mutual Life Insurance CompanyNational Financial Services for the Exclusive Benefit ofOur CustomersTaynik & Company                                                                                                                                                                                                                                                                                                                                                                                  | 6.517.9128.11(a)5.79                |
| Retirement Income Fund—R Class                       | Hartford Life Insurance CompanySeparate AccountINGCore 3Trustee: State Street Bank & Trust1 Heritage DriveQuincy, Massachusetts 02171JPMorgan Chase TRFBO ADP Mid Market ProductMassachusetts Mutual Life Insurance CompanyState Street Bank & TrustFBO ADP Daily Valuation BTaynik & CompanyWachovia BankFBO Various Retirement Plans                                                                                                                                                                                                                  | 6.827.406.165.8912.067.249.01       |
| Science & Technology                                  | T. Rowe Price Retirement Plan Services, Inc.Omnibus PlanNew Business Group Conv. Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 18.68                               |
| Science & Technology—Advisor Class               | John Hancock Life Insurance Company USARPS Seg. Funds and Accounting ET-7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 87.98(a)                            |
| Short-Term Bond                                           | Prudential Investment Management ServicesYachtcrew & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting Department                                                                                                                                                                                                                                                                                                                                                                                                                                           | 8.1019.37                           |
| Short-Term Bond Fund—Advisor Class                   | National Financial Services for the Exclusive Benefit ofOur CustomersSaxon and CompanyTrust Company of AmericaP.O. Box 6503Englewood, Colorado 80155                                                                                                                                                                                                                                                                                                                                                                                                                | 22.8019.4018.88                     |
| Short-Term Income                                         | Short-Term Income FundT. Rowe Price AssociatesAttn.: Fund Accounting DepartmentT. Rowe Price Services, Inc.FBO Alaska College Savings Trust Portfolio CollegeAttn.: Kim Vanscoy, Fixed Income                                                                                                                                                                                                                                                                                                                                                                       | 84.14(d)10.49                       |
| Small-Cap Stock                                           | National Financial Services for the Exclusive Benefit ofOur CustomersNorwest Bank Company NA TRFBO State of Minnesota Deferred Compensation PlanMinnesota State Deferred Compensation Plan TrustT. Rowe Price Trust CompanyT. Rowe Price OTC FundAttn.: RPS Control DepartmentVanguard Fiduciary Trust CompanyT. Rowe Price Retail Class Funds                                                                                                                                                                                                            | 9.796.7916.315.99                   |
| Small-Cap Stock Fund—Advisor Class                   | Fifth Third Bank TRFBO Cintas Partners PlanAttn.: Michelle Hodgeman38 Fountain Square PlazaCincinnati, Ohio 45263ICMA Retirement TrustMinnesota Life401 Robert Street NorthSaint Paul, Minnesota 55101Northern Trust Company TRHome Depot Future Builder 401(k) PlanP.O. Box 92994Chicago, Illinois 60675Vanguard Fiduciary Trust CompanyT. Rowe Price Advisor Class Funds                                                                                                                                                                                          | 5.3416.3515.7228.32(a)10.36         |
| Small-Cap Value                                           | National Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                   | 8.9526.13(c)                        |
| Small-Cap Value Fund—Advisor Class                   | ICMA Retirement TrustJohn Hancock Life Insurance Company USARPS Seg. Funds and Accounting ET-7National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                 | 26.95(a)19.919.42                   |
| Spectrum Growth                                           | T. Rowe Price Trust Company Inc.Attn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 14.09                               |
| Spectrum Income                                           | T. Rowe Price Trust Company Inc.Attn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 23.53                               |
| Spectrum International                                    | T. Rowe Price Retirement Plan Services, Inc.Omniplan AccountNew Business Group                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 5.74                                |
| Strategic Income                                          | National Financial Services for the Exclusive Benefit ofOur CustomersTRP Finance, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 11.6236.85(f)                       |
| Strategic Income Fund—Advisor Class                  | T. Rowe Price AssociatesAttn.: Financial Reporting Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 94.05(e)                            |
| Summit Cash Reserves                                      | T. Rowe Price Trust CompanyAttn.: Asset Reconciliations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 12.24                               |
| Summit Municipal Income                                   | National Financial Services for the Exclusive Benefit ofOur CustomersSaxon and Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 19.7015.81                          |
| Summit Municipal Intermediate                             | Charles Schwab & Company,Inc.Reinvest AccountEdward D. Jones & CompanyShareholder AccountingNational Financial Services for the Exclusive Benefit ofOur CustomersPrudential Investment Management ServicesFBO Mutual Funds ClientsSaxon and Company                                                                                                                                                                                                                                                                                                         | 5.547.897.2418.706.54               |
| Summit Municipal Money Market                             | M. David TestaHobe Sound, FloridaT. Rowe Price AssociatesAttn.: Financial Reporting Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 5.535.42                            |
| Tax-Exempt Money                                          | Pershing Division of DLJ Securities Corporation forExclusive Benefit of TRP Money Fund Customer AccountsT. Rowe Price AssociatesAttn.: Financial Reporting Department                                                                                                                                                                                                                                                                                                                                                                                          | 6.265.26                            |
| Tax-Free High Yield                                       | National Financial Services for the Exclusive Benefit ofOur CustomersPatterson & CompanyFBO Omnibus Cash/Cash                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 8.459.99                            |
| Tax-Free Income Fund—Advisor Class                   | National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 91.04(a)                            |
| Tax-Free Short-Intermediate                               | Charles Schwab & Company, Inc.Reinvest AccountPrudential Investment Management ServicesT. Rowe Price AssociatesAttn.: Financial Reporting Department                                                                                                                                                                                                                                                                                                                                                                                                       | 7.489.097.63                        |
| U.S. Bond Index                                           | Alaska College Savings TrustACT Portfolioc/o T. Rowe Price AssociatesNational Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Retirement Plan Services, Inc.Omnibus PlanNew Business Group Conv. Asset                                                                                                                                                                                                                                                                                                                          | 6.717.5917.57                       |
| U.S. Treasury Intermediate                                | MLPF&S for the Sole Benefit of Its CustomersNational Financial Services for the Exclusive Benefit ofOur CustomersT. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                   | 12.236.229.08                       |
| U.S. Treasury Long-Term                                   | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control DepartmentYachtcrew & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting Department                                                                                                                                                                                                                                                                                                                                                                                                        | 17.507.12                           |
| U.S. Treasury Money                                       | T. Rowe Price Trust CompanyAttn.: TRPS Institutional Control Department                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 10.53                               |
| Value                                                     | Pirateline & CompanyT. Rowe Price AssociatesAttn.: Fund Accounting DepartmentRetirement Portfolio 2015Retirement Portfolio 2020Retirement Portfolio 2025Retirement Portfolio 2030Retirement Portfolio 2035Retirement Portfolio 2040T. Rowe Price Trust CompanyAttn.: Installation Team for TRPS Institutional Control Department                                                                                                                                                                                                                           | 5.935.0215.768.9817.096.8311.045.30 |
| Value Fund—Advisor Class                             | Citigroup Global Markets, Inc.National Financial Services for the Exclusive Benefit ofOur Customers                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 5.1578.71(a)                        |
| Virginia Tax-Free Bond                                    | Charles Schwab & Company, Inc.Reinvest Account                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 7.30                                |

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|  | 0.480% | First $1 billion | 0.360% | Next $2 billion  | 0.310% | Next $16 billion |
|--|--------|------------------|--------|------------------|--------|------------------|
|  | 0.450% | Next $1 billion  | 0.350% | Next $2 billion  | 0.305% | Next $30 billion |
|  | 0.420% | Next $1 billion  | 0.340% | Next $5 billion  | 0.300% | Next $40 billion |
|  | 0.390% | Next $1 billion  | 0.330% | Next $10 billion | 0.295% | Next $40 billion |
|  | 0.370% | Next $1 billion  | 0.320% | Next $10 billion | 0.290% | Next $60 billion |
|  |        |                  |        |                  | 0.285% | Thereafter       |

| Fund                                | Fee %   |
|-------------------------------------|---------|
| Africa & Middle East            | 0.75    |
| Balanced                            | 0.15    |
| Blue Chip Growth                    | 0.30(a) |
| California Tax-Free Bond            | 0.10    |
| California Tax-Free Money           | 0.10    |
| Capital Appreciation                | 0.30    |
| Capital Opportunity                 | 0.20    |
| Corporate Income                    | 0.15    |
| Diversified Mid-Cap Growth          | 0.35    |
| Diversified Small-Cap Growth        | 0.35    |
| Dividend Growth                     | 0.20    |
| Emerging Europe & Mediterranean | 0.75    |
| Emerging Markets Bond               | 0.45    |
| Emerging Markets Stock              | 0.75    |
| Equity Income                       | 0.25(b) |
| European Stock                      | 0.50    |
| Financial Services                  | 0.35    |
| GNMA                                | 0.15    |
| Georgia Tax-Free Bond               | 0.10    |
| Global Large-Cap Stock              | 0.35    |
| Global Real Estate                  | 0.40    |
| Global Stock                        | 0.35    |
| Global Technology                   | 0.45    |
| Growth & Income                 | 0.25    |
| Growth Stock                        | 0.25(b) |
| Health Sciences                     | 0.35    |
| High Yield                          | 0.30    |
| Inflation Protected Bond            | 0.05    |
| International Bond                  | 0.35    |
| International Discovery             | 0.75    |
| International Growth & Income   | 0.35    |
| International Stock                 | 0.35    |
| Japan                               | 0.50    |
| Latin America                       | 0.75    |
| Maryland Short-Term Tax-Free Bond   | 0.10    |
| Maryland Tax-Free Bond              | 0.10    |
| Maryland Tax-Free Money             | 0.10    |
| Media & Telecommunications      | 0.35    |
| Mid-Cap Growth                      | 0.35(c) |
| Mid-Cap Value                       | 0.35    |
| New America Growth                  | 0.35    |
| New Asia                            | 0.50    |
| New Era                             | 0.25    |
| New Horizons                        | 0.35    |
| New Income                          | 0.15    |
| New Jersey Tax-Free Bond            | 0.10    |
| New York Tax-Free Bond              | 0.10    |
| New York Tax-Free Money             | 0.10    |
| Overseas Stock                      | 0.35    |
| Personal Strategy Balanced          | 0.25    |
| Personal Strategy Growth            | 0.30    |
| Personal Strategy Income            | 0.15    |
| Prime Reserve                       | 0.05    |
| Real Estate                         | 0.30    |
| Science & Technology            | 0.35    |
| Short-Term Bond                     | 0.10    |
| Small-Cap Stock                     | 0.45    |
| Small-Cap Value                     | 0.35    |
| Strategic Income                    | 0.20    |
| Tax-Efficient Balanced              | 0.20    |
| Tax-Efficient Growth                | 0.30    |
| Tax-Efficient Multi-Cap Growth      | 0.35    |
| Tax-Exempt Money                    | 0.10    |
| Tax-Free High Yield                 | 0.30    |
| Tax-Free Income                     | 0.15    |
| Tax-Free Short-Intermediate         | 0.10    |
| U.S. Large-Cap Core                 | 0.25    |
| U.S. Treasury Intermediate          | 0.00    |
| U.S. Treasury Long-Term             | 0.00    |
| U.S. Treasury Money                 | 0.00    |
| Value                               | 0.35    |
| Virginia Tax-Free Bond              | 0.10    |

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| Fund                                   | Fee % |
|----------------------------------------|-------|
| Equity Index 500                       | 0.15  |
| Institutional Africa & Middle East | 1.00  |
| Institutional Foreign Equity           | 0.70  |
| Institutional Global Equity            | 0.65  |
| Institutional Global Large-Cap Equity  | 0.65  |
| Institutional Large-Cap Core Growth    | 0.55  |
| Institutional Large-Cap Growth         | 0.55  |
| Institutional Large-Cap Value          | 0.55  |
| Institutional Mid-Cap Equity Growth    | 0.60  |
| Institutional Small-Cap Stock          | 0.65  |
| Institutional U.S. Structured Research | 0.50  |

| Fund                                  | Fee % |
|---------------------------------------|-------|
| Extended Equity Market Index          | 0.40  |
| Institutional Core Plus               | 0.45  |
| Institutional Emerging Markets Bond   | 0.70  |
| Institutional Emerging Markets Equity | 1.10  |
| Institutional Floating Rate           | 0.55  |
| Institutional High Yield              | 0.50  |
| Institutional International Bond      | 0.55  |
| International Equity Index            | 0.50  |
| Short-Term Income                     | 0.50  |
| Summit Cash Reserves                  | 0.45  |
| Summit GNMA                           | 0.60  |
| Summit Municipal Money Market         | 0.45  |
| Summit Municipal Intermediate         | 0.50  |
| Summit Municipal Income               | 0.50  |
| Total Equity Market Index             | 0.40  |
| U.S. Bond Index                       | 0.30  |

----

----

| Fund                              | Fiscal Year Ended |            |            |
|-----------------------------------|-------------------|------------|------------|
||
| California Tax-Free Bond          | $1,288,000        | $1,266,000 | $1,215,000 |
| California Tax-Free Money         | 545,000           | 489,000    | 457,000    |
| Georgia Tax-Free Bond             | 536,000           | 526,000    | 471,000    |
| Maryland Short-Term Tax-Free Bond | 679,000           | 589,000    | 639,000    |
| Maryland Tax-Free Bond            | 5,877,000         | 5,888,000  | 5,681,000  |
| Maryland Tax-Free Money           | 959,000           | 905,000    | 744,000    |
| New Jersey Tax-Free Bond          | 894,000           | 871,000    | 786,000    |
| New York Tax-Free Bond            | 1,171,000         | 1,134,000  | 1,063,000  |
| New York Tax-Free Money           | 616,000           | 540,000    | 495,000    |
| Tax-Efficient Balanced            | 185,000           | 196,000    | 200,000    |
| Tax-Efficient Growth              | 293,000           | 390,000    | 387,000    |
| Tax-Efficient Multi-Cap Growth    | 225,000           | 265,000    | 234,000    |
| Tax-Exempt Money                  | 4,208,000         | 4,070,000  | 3,817,000  |
| Tax-Free High Yield               | 8,193,000         | 9,250,000  | 9,183,000  |
| Tax-Free Income(a)                | 8,174,000         | 8,413,000  | 8,228,000  |
| Tax-Free Short-Intermediate       | 2,308,000         | 2,059,000  | 2,010,000  |
| Virginia Tax-Free Bond            | 2,389,000         | 2,260,000  | 2,056,000  |

| Fund                              | Fiscal Year Ended |            |            |
|-----------------------------------|-------------------|------------|------------|
||
| Corporate Income                  | $1,004,000        | $945,000   | $1,008,000 |
| GNMA                              | 6,066,000         | 5,703,000  | 6,014,000  |
| TRP Government Reserve Investment | (a)               | (a)        | (a)        |
| High Yield(b)                     | 31,095,000        | 29,564,000 | 25,189,000 |
| Inflation Protected Bond          | 488,000           | 371,000    | 381,000    |
| Institutional Core Plus           | 351,000           | 183,000    | 132,000    |
| Institutional Floating Rate       | 763,000           | (c)        | (c)        |
| Institutional High Yield          | 2,377,000         | 1,865,000  | 1,941,000  |
| New Income(d)                     | 32,498,000        | 20,717,000 | 16,131,000 |
| Personal Strategy Balanced        | 8,280,000         | 7,611,000  | 6,785,000  |
| Personal Strategy Growth          | 7,393,000         | 6,431,000  | 5,546,000  |
| Personal Strategy Income          | 3,396,000         | 2,698,000  | 2,218,000  |
| Prime Reserve                     | 21,268,000        | 19,238,000 | 17,663,000 |
| TRP Reserve Investment            | (a)               | (a)        | (a)        |
| Retirement 2005                   | (a)               | (a)        | (a)        |
| Retirement 2010                   | (a)               | (a)        | (a)        |
| Retirement 2015                   | (a)               | (a)        | (a)        |
| Retirement 2020                   | (a)               | (a)        | (a)        |
| Retirement 2025                   | (a)               | (a)        | (a)        |
| Retirement 2030                   | (a)               | (a)        | (a)        |
| Retirement 2035                   | (a)               | (a)        | (a)        |
| Retirement 2040                   | (a)               | (a)        | (a)        |
| Retirement 2045                   | (a)               | (a)        | (a)        |
| Retirement 2050                   | (a)               | (a)        | (c)        |
| Retirement 2055                   | (a)               | (a)        | (c)        |
| Retirement Income                 | (a)               | (a)        | (a)        |
| Short-Term Bond(b)                | 6,261,000         | 5,934,000  | 5,290,000  |
| Short-Term Income                 | 6,158,000         | 2,349,000  | (c)        |
| Strategic Income(b)               | (c)               | (c)        | (c)        |
| U.S. Treasury Intermediate        | 861,000           | 727,000    | 927,000    |
| U.S. Treasury Long-Term           | 1,350,000         | 905,000    | 816,000    |
| U.S. Treasury Money               | 3,588,000         | 2,897,000  | 2,730,000  |

----

| Fund                                     | Fiscal Year Ended |            |             |
|------------------------------------------|-------------------|------------|-------------|
||
| Africa & Middle East                 | $5,764,000        | $55,000    | (a)         |
| Emerging Europe & Mediterranean      | 15,506,000        | 17,207,000 | $13,763,000 |
| Emerging Markets Stock                   | 47,426,000        | 33,350,000 | 20,603,000  |
| European Stock                           | 7,919,000         | 8,716,000  | 6,952,000   |
| Global Large-Cap Stock(b)                | 1,000             | (a)        | (a)         |
| Global Stock(b)                          | 6,579,000         | 3,726,000  | 1,778,000   |
| Institutional Africa & Middle East   | 420,000           | (a)        | (a)         |
| Institutional Emerging Markets Equity(c) | 4,375,000         | 2,506,000  | 1,818,000   |
| Institutional Foreign Equity             | 700,000           | 1,256,000  | 1,633,000   |
| Institutional Global Equity              | 590,000           | 18,000     | (a)         |
| Institutional Global Large-Cap Equity    | 0                 | (a)        | (a)         |
| International Discovery                  | 26,803,000        | 27,857,000 | 19,009,000  |
| International Equity Index(c)            | 2,589,000         | 2,169,000  | 967,000     |
| International Growth & Income(d)     | 18,380,000        | 16,832,000 | 10,907,000  |
| International Stock(d)                   | 41,493,000        | 45,077,000 | 39,845,000  |
| Japan                                    | 2,706,000         | 3,936,000  | 4,587,000   |
| Latin America                            | 35,622,000        | 29,000,000 | 16,235,000  |
| New Asia                                 | 33,489,000        | 25,366,000 | 13,131,000  |
| Overseas Stock                           | 9,698,000         | 3,992,000  | (a)         |
| Summit Cash Reserves(c)                  | 27,033,000        | 22,987,000 | 20,157,000  |
| Summit GNMA(c)                           | 493,000           | 448,000    | 453,000     |
| Summit Municipal Income(c)               | 2,089,000         | 2,219,000  | 1,165,000   |
| Summit Municipal Intermediate(c)         | 3,496,000         | 2,765,000  | 1,212,000   |
| Summit Municipal Money Market(c)         | 1,534,000         | 1,348,000  | 1,520,000   |
| U.S. Bond Index(c)                       | 857,000           | 641,000    | 510,000     |

----

| Fund                                   | Fiscal Year Ended |             |             |
|----------------------------------------|-------------------|-------------|-------------|
||
| Balanced                               | $12,449,000       | $14,293,000 | $12,298,000 |
| Blue Chip Growth(a)                    | 64,712,000        | 68,145,000  | 54,951,000  |
| Capital Appreciation(b)                | 55,950,000        | 63,628,000  | 50,070,000  |
| Capital Opportunity(a)                 | 1,128,000         | 1,206,000   | 983,000     |
| Diversified Mid-Cap Growth             | 662,000           | 691,000     | 545,000     |
| Diversified Small-Cap Growth           | 498,000           | 584,000     | 608,000     |
| Dividend Growth                        | 3,931,000         | 4,521,000   | 4,071,000   |
| Emerging Markets Bond                  | 5,093,000         | 4,873,000   | 4,221,000   |
| Equity Income(a)                       | 105,615,000       | 132,535,000 | 117,294,000 |
| Equity Index 500                       | 14,160,000        | 13,738,000  | 9,845,000   |
| Extended Equity Market Index(c)        | 1,342,000         | 1,611,000   | 1,226,000   |
| Financial Services                     | 2,164,000         | 2,853,000   | 2,693,000   |
| Global Real Estate(b)                  | 9,000             | (d)         | (d)         |
| Global Technology                      | 1,101,000         | 1,235,000   | 992,000     |
| Growth & Income                    | 6,536,000         | 8,655,000   | 9,117,000   |
| Growth Stock(a)                        | 118,143,000       | 128,122,000 | 85,341,000  |
| Health Sciences                        | 13,735,000        | 12,874,000  | 10,661,000  |
| Institutional Emerging Markets Bond(c) | 179,000           | 183,000     | 6,000       |
| Institutional International Bond(e)    | 341,000           | 223,000     | (d)         |
| Institutional Large-Cap Core Growth    | 599,000           | 229,000     | 206,000     |
| Institutional Large-Cap Growth         | 7,437,000         | 6,378,000   | 2,086,000   |
| Institutional Large-Cap Value          | 1,684,000         | 1,372,000   | 1,091,000   |
| Institutional Mid-Cap Equity Growth    | 2,697,000         | 2,728,000   | 2,708,000   |
| Institutional Small-Cap Stock          | 2,400,000         | 2,716,000   | 2,971,000   |
| Institutional U.S. Structured Research | 615,000           | 52,000      | (d)         |
| International Bond(b)                  | 19,258,000        | 16,095,000  | 12,552,000  |
| Media & Telecommunications         | 9,646,000         | 12,475,000  | 7,935,000   |
| Mid-Cap Growth(a)                      | 92,941,000        | 110,090,000 | 104,459,000 |
| Mid-Cap Value(a)                       | 41,155,000        | 52,862,000  | 43,317,000  |
| New America Growth                     | 4,806,000         | 5,482,000   | 5,413,000   |
| New Era                                | 34,039,000        | 30,900,000  | 24,158,000  |
| New Horizons                           | 38,581,000        | 48,350,000  | 45,283,000  |
| Real Estate(b)                         | 12,540,000        | 15,234,000  | 9,483,000   |
| Science & Technology(b)            | 16,219,000        | 21,145,000  | 22,379,000  |
| Small-Cap Stock(b)                     | 39,706,000        | 57,945,000  | 58,392,000  |
| Small-Cap Value(b)                     | 32,423,000        | 41,099,000  | 38,934,000  |
| Spectrum Growth                        | (e)               | (e)         | (e)         |
| Spectrum Income                        | (e)               | (e)         | (e)         |
| Spectrum International                 | (e)               | (e)         | (e)         |
| Small-Cap Value(b)                     | 32,423,000        | 41,099,000  | 38,934,000  |
| U.S. Large-Cap Core(b)                 | (d)               | (d)         | (d)         |
| Value(b)                               | 47,909,000        | 50,381,000  | 32,436,000  |

----

| Fund                                                      | Limitation Period                           | ExpenseRatioLimitation % | ReimbursementDate     |
|-----------------------------------------------------------|---------------------------------------------|--------------------------|-----------------------|
| Africa & Middle East                                  | September 4, 2007 — February 28, 2010  | 1.75                     | (a)                   |
| California Tax-Free Money(b)                              | July 1, 2009 — June 30, 2011           | 0.55                     | (a)                   |
| Capital Opportunity(c)                                    | October 1, 2005 — April 30, 2008       | 0.95                     | April 30, 2010(d)     |
| Capital Opportunity Fund—Advisor Class(e)            | May 1, 2008 — April 30, 2010           | 1.10                     | April 30, 2012(d)     |
| Capital Opportunity Fund—R Class(f)                  | May 1, 2008 — April 30, 2010           | 1.35                     | April 30, 2012(d)     |
| Diversified Mid-Cap Growth                                | May 1, 2009 — April 30, 2011           | 1.50                     | (a)                   |
| Diversified Small-Cap Growth(g)                           | May 1, 2008 — April 30, 2010           | 1.25                     | April 30, 2012(d)     |
| Dividend Growth Fund—Advisor Class(h)                | May 1, 2008 — April 30, 2010           | 1.05                     | April 30, 2012(d)     |
| Emerging Europe & Mediterranean                       | May 1, 2009 — February 28, 2011        | 2.00                     | (a)                   |
| Equity Index 500(i)                                       | May 1, 2008 — April 30, 2010           | 0.35                     | April 30, 2012(d)     |
| Global Large-Cap Stock                                    | October 27, 2008 — February 28, 2011   | 1.00                     | (a)                   |
| Global Large-Cap Stock Fund—Advisor Class            | October 27, 2008 — February 28, 2011   | 1.10                     | (a)                   |
| Global Real Estate                                        | October 27, 2008 — April 30, 2011      | 1.05                     | (a)                   |
| Global Real Estate Fund—Advisor Class                | October 27, 2008 — April 30, 2011      | 1.15                     | (a)                   |
| Global Stock                                              | April 28, 2006— February 29, 2008      | 1.15                     | February 28, 2010(d)  |
| Global Stock Fund—Advisor Class(j)                   | March 1, 2008 — February 28, 2010      | 1.15                     | February 29, 2012(d)  |
| Inflation Protected Bond(k)                               | October 1, 2008— September 30, 2010    | 0.50                     | September 30, 2012(d) |
| Institutional Africa & Middle East                    | April 30, 2008 — February 28, 2011     | 1.25                     | (a)                   |
| Institutional Foreign Equity                              | May 1, 2009 - February 28, 2011             | 1.50                     | (a)                   |
| Institutional Global Equity(l)                            | March 1, 2009—February 28, 2011        | 0.75                     | (a)                   |
| Institutional Global Large-Cap Equity                     | October 27, 2008 — February 28, 2011   | 0.75                     | (a)                   |
| Institutional Large-Cap Core Growth(m)                    | May 1, 2009— April 30, 2011            | 0.65                     | April 30, 2013(d)     |
| Institutional Large-Cap Growth(n)                         | May 1, 2009— April 30, 2011            | 0.58                     | April 30, 2013(d)     |
| Institutional Large-Cap Value(o)                          | May 1, 2008 — April 30, 2010           | 0.65                     | April 30, 2012(d)     |
| Institutional U.S. Structured Research                    | October 31, 2007 — April 30, 2010      | 0.55                     | (a)                   |
| International Growth & Income Fund—Advisor Class | March 1, 2006 — February 29, 2008      | 1.15                     | February 28, 2010(d)  |
| International Growth & Income Fund—R Class(p)    | March 1, 2008 — February 28, 2010      | 1.40                     | February 29, 2012(d)  |
| International Stock Fund—Advisor Class               | March 1, 2008 — February 28, 2010      | 1.15                     | (a)                   |
| International Stock Fund—R Class                     | March 1, 2008 — February 28, 2010      | 1.40                     | (a)                   |
| New America Growth Fund—Advisor Class(q)             | May 1, 2008 — April 30, 2010           | 1.10                     | (a)                   |
| New Income Fund—Advisor Class(r)                     | October 1, 2008— September 30, 2010    | 0.90                     | (a)                   |
| New Income Fund—R Class(s)                           | October 1, 2008— September 30, 2010    | 1.15                     | (a)                   |
| New York Tax-Free Money(t)                                | July 1, 2009 — June 30, 2011           | 0.55                     | (a)                   |
| Overseas Stock                                            | December 29, 2006 — February 28, 2009  | 1.15                     | (a)                   |
| Personal Strategy Balanced                                | October 1, 2006 — September 30, 2008   | 0.90                     | September 30, 2010(d) |
| Personal Strategy Growth                                  | October 1, 2006 — September 30, 2008   | 1.00                     | September 30, 2010(d) |
| Personal Strategy Income                                  | October 1, 2006 — September 30, 2008   | 0.80                     | September 30, 2010(d) |
| Short-Term Bond(u)                                        | October 1, 2007 — September 30, 2009   | 0.55                     | (a)                   |
| Short-Term Bond Fund—Advisor Class                   | October 1, 2007 — September 30, 2009   | 0.85                     | (a)                   |
| Strategic Income Fund                                     | December 15, 2008 — September 30, 2011 | 0.80                     | (a)                   |
| Strategic Income Fund—Advisor Class                  | December 15, 2008 — September 30, 2011 | 0.95                     | (a)                   |
| Tax-Efficient Multi-Cap Growth(v)                         | July 1, 2008— June 30, 2010            | 1.25                     | June 30, 2012(d)      |
| U.S. Large-Cap Core Fund                                  | June 26, 2009—April 30, 2012           | 1.15                     | (a)                   |
| U.S. Large-Cap Core Fund—Advisor Class               | June 26, 2009 — April 30, 2012         | 1.20                     | (a)                   |

----

----

----

----

| Fund                                    | Fiscal Year Ended |         |         |
|-----------------------------------------|-------------------|---------|---------|
||
| California Tax-Free Bond                | $103,000          | $96,000 | $69,000 |
| California Tax-Free Money               | 103,000           | 96,000  | 69,000  |
| Georgia Tax-Free Bond                   | 103,000           | 96,000  | 69,000  |
| Maryland Short-Term Tax-Free Bond       | 103,000           | 96,000  | 69,000  |
| Maryland Tax-Free Bond                  | 135,000           | 125,000 | 91,000  |
| Maryland Tax-Free Money                 | 103,000           | 96,000  | 69,000  |
| New Jersey Tax-Free Bond                | 103,000           | 96,000  | 69,000  |
| New York Tax-Free Bond                  | 103,000           | 96,000  | 69,000  |
| New York Tax-Free Money                 | 103,000           | 96,000  | 69,000  |
| Tax-Efficient Balanced                  | 103,000           | 96,000  | 69,000  |
| Tax-Efficient Growth                    | 103,000           | 96,000  | 69,000  |
| Tax-Efficient Multi-Cap Growth          | 103,000           | 96,000  | 69,000  |
| Tax-Exempt Money                        | 135,000           | 125,000 | 91,000  |
| Tax-Free High Yield                     | 169,000           | 155,000 | 112,000 |
| Tax-Free Income                         | 152,000           | 139,000 | 100,000 |
| Tax-Free Income Fund—Advisor Class | 32,000            | 31,000  | 22,000  |
| Tax-Free Short-Intermediate             | 103,000           | 96,000  | 69,000  |
| Virginia Tax-Free Bond                  | 103,000           | 96,000  | 69,000  |

----

| Fund                                    | Fiscal Year Ended |          |          |
|-----------------------------------------|-------------------|----------|----------|
||
| Corporate Income                        | $159,000          | $124,000 | $104,000 |
| GNMA                                    | 159,000           | 124,000  | 104,000  |
| TRP Government Reserve Investment       | 98,000            | 77,000   | 64,000   |
| High Yield                              | 161,000           | 126,000  | 105,000  |
| High Yield Fund—Advisor Class      | 44,000            | 33,000   | 28,000   |
| Inflation Protected Bond                | 128,000           | 100,000  | 84,000   |
| Institutional Core Plus                 | 173,000           | 112,000  | 84,000   |
| Institutional Floating Rate             | 68,000            | (a)      | (a)      |
| Institutional High Yield                | 190,000           | 148,000  | 124,000  |
| New Income                              | 225,000           | 171,000  | 145,000  |
| New Income Fund—Advisor Class      | (b)               | (b)      | (b)      |
| New Income Fund—R Class            | (b)               | (b)      | (b)      |
| Personal Strategy Balanced              | 191,000           | 148,000  | 125,000  |
| Personal Strategy Growth                | 191,000           | 148,000  | 125,000  |
| Personal Strategy Income                | 191,000           | 148,000  | 124,000  |
| Prime Reserve                           | 128,000           | 100,000  | 84,000   |
| TRP Reserve Investment                  | 128,000           | 100,000  | 84,000   |
| Retirement 2005                         | (c)               | (c)      | (c)      |
| Retirement 2005 Fund—Advisor Class | (c)               | (a)      | (a)      |
| Retirement 2005 Fund—R Class       | (c)               | (a)      | (a)      |
| Retirement 2010                         | (c)               | (c)      | (c)      |
| Retirement 2010 Fund—Advisor Class | (c)               | (c)      | (c)      |
| Retirement 2010 Fund—R Class       | (c)               | (c)      | (c)      |
| Retirement 2015                         | (c)               | (c)      | (c)      |
| Retirement 2015 Fund—Advisor Class | (c)               | (a)      | (a)      |
| Retirement 2015 Fund—R Class       | (c)               | (a)      | (a)      |
| Retirement 2020                         | (c)               | (c)      | (c)      |
| Retirement 2020 Fund—Advisor Class | (c)               | (c)      | (c)      |
| Retirement 2020 Fund—R Class       | (c)               | (c)      | (c)      |
| Retirement 2025                         | (c)               | (c)      | (c)      |
| Retirement 2025 Fund—Advisor Class | (c)               | (a)      | (a)      |
| Retirement 2025 Fund—R Class       | (c)               | (a)      | (a)      |
| Retirement 2030                         | (c)               | (c)      | (c)      |
| Retirement 2030 Fund—Advisor Class | (c)               | (c)      | (c)      |
| Retirement 2030 Fund—R Class       | (c)               | (c)      | (c)      |
| Retirement 2035                         | (c)               | (c)      | (c)      |
| Retirement 2035 Fund—Advisor Class | (c)               | (a)      | (a)      |
| Retirement 2035 Fund—R Class       | (c)               | (a)      | (a)      |
| Retirement 2040                         | (c)               | (c)      | (c)      |
| Retirement 2040 Fund—Advisor Class | (c)               | (c)      | (c)      |
| Retirement 2040 Fund—R Class       | (c)               | (c)      | (c)      |
| Retirement 2045                         | (c)               | (c)      | (c)      |
| Retirement 2045 Fund—Advisor Class | (c)               | (a)      | (a)      |
| Retirement 2045 Fund—R Class       | (c)               | (a)      | (a)      |
| Retirement 2050                         | (c)               | (c)      | (a)      |
| Retirement 2050 Fund—Advisor Class | (c)               | (c)      | (a)      |
| Retirement 2050 Fund—R Class       | (c)               | (c)      | (a)      |
| Retirement 2055                         | (c)               | (c)      | (a)      |
| Retirement 2055 Fund—Advisor Class | (c)               | (a)      | (a)      |
| Retirement 2055 Fund—R Class       | (c)               | (a)      | (a)      |
| Retirement Income                       | (c)               | (c)      | (c)      |
| Short-Term Bond                         | 174,000           | 135,000  | 112,000  |
| Short-Term Bond Fund—Advisor Class | (b)               | (b)      | (b)      |
| Short-Term Income                       | 159,000           | 89,000   | (a)      |
| Strategic Income                        | (a)               | (a)      | (a)      |
| U.S. Treasury Intermediate              | 98,000            | 77,000   | 64,000   |
| U.S. Treasury Long-Term                 | 98,000            | 77,000   | 64,000   |
| U.S. Treasury Money                     | 98,000            | 77,000   | 64,000   |

----

| Fund                                                      | Fiscal Year Ended |         |         |
|-----------------------------------------------------------|-------------------|---------|---------|
||
| Africa & Middle East                                  | $199,000          | $30,000 | (a)     |
| Emerging Europe & Mediterranean                       | 134,000           | 117,000 | $86,000 |
| Emerging Markets Stock                                    | 165,000           | 121,000 | 88,000  |
| European Stock                                            | 135,000           | 118,000 | 89,000  |
| Global Large-Cap Stock                                    | 2,000             | (a)     | (a)     |
| Global Large-Cap Stock Fund—Advisor Class            | (b)               | (a)     | (a)     |
| Global Stock                                              | 147,000           | 130,000 | 89,000  |
| Global Stock Fund—Advisor Class                      | 2,000             | (b)     | (b)     |
| Institutional Africa & Middle East                    | 102,000           | (a)     | (a)     |
| Institutional Emerging Markets Equity                     | 161,000           | 117,000 | 84,000  |
| Institutional Foreign Equity                              | 133,000           | 120,000 | 108,000 |
| Institutional Global Equity                               | 133,000           | 117,000 | 28,000  |
| Institutional Global Large-Cap Equity                     | 1,000             | (a)     | (a)     |
| International Discovery                                   | 165,000           | 120,000 | 92,000  |
| International Equity Index                                | 167,000           | 145,000 | 104,000 |
| International Growth & Income                         | 142,000           | 122,000 | 84,000  |
| International Growth & Income Fund—Advisor Class | 23,000            | 23,000  | 20,000  |
| International Growth & Income Fund—R Class       | 3,000             | 3,000   | 1,000   |
| International Stock                                       | 202,000           | 180,000 | 130,000 |
| International Stock Fund—Advisor Class               | 2,000             | 1,700   | 1,000   |
| International Stock Fund—R Class                     | (b)               | (b)     | (b)     |
| Japan                                                     | 102,000           | 91,000  | 67,000  |
| Latin America                                             | 104,000           | 91,000  | 67,000  |
| New Asia                                                  | 167,000           | 119,000 | 86,000  |
| Overseas Stock                                            | 166,000           | 127,000 | (a)     |
| Summit Cash Reserves                                      | 133,000           | 117,000 | 84,000  |
| Summit GNMA                                               | 133,000           | 117,000 | 84,000  |
| Summit Municipal Income                                   | 102,000           | 90,000  | 64,000  |
| Summit Municipal Intermediate                             | 102,000           | 90,000  | 64,000  |
| Summit Municipal Money Market                             | 133,000           | 117,000 | 84,000  |
| U.S. Bond Index                                           | 133,000           | 117,000 | 84,000  |

----

| Fund                                             | Fiscal Year Ended |          |          |
|--------------------------------------------------|-------------------|----------|----------|
||
| Balanced                                         | $286,000          | $153,000 | $106,000 |
| Blue Chip Growth                                 | 149,000           | 112,000  | 75,000   |
| Blue Chip Growth Fund—Advisor Class         | 18,000            | 11,000   | 7,000    |
| Blue Chip Growth Fund—R Class               | 1,000             | 1,000    | (a)      |
| Capital Appreciation                             | 214,000           | 137,000  | 93,000   |
| Capital Appreciation Fund—Advisor Class     | 3,000             | 2,000    | (a)      |
| Capital Opportunity                              | 208,000           | 151,000  | 102,000  |
| Capital Opportunity Fund—Advisor Class      | 1,000             | (a)      | (a)      |
| Capital Opportunity Fund—R Class            | (a)               | (a)      | (a)      |
| Diversified Mid-Cap Growth                       | 145,000           | 95,000   | 64,000   |
| Diversified Small-Cap Growth                     | 149,000           | 95,000   | 64,000   |
| Dividend Growth                                  | 152,000           | 109,000  | 73,000   |
| Dividend Growth Fund—Advisor Class          | (a)               | (a)      | (a)      |
| Emerging Markets Bond                            | 244,000           | 181,000  | 125,000  |
| Equity Income                                    | 149,000           | 111,000  | 74,000   |
| Equity Income Fund—Advisor Class            | 19,000            | 13,000   | 8,000    |
| Equity Income Fund—R Class                  | 2,000             | 1,000    | (a)      |
| Equity Index 500                                 | 228,000           | 153,000  | 105,000  |
| Extended Equity Market Index                     | 308,000           | 153,000  | 105,000  |
| Financial Services                               | 139,000           | 95,000   | 64,000   |
| Global Real Estate                               | 42,000            | (b)      | (b)      |
| Global Real Estate Fund—Advisor Class       | 2,000             | (b)      | (b)      |
| Global Technology                                | 167,000           | 123,000  | 84,000   |
| Growth & Income                              | 137,000           | 95,000   | 64,000   |
| Growth Stock                                     | 168,000           | 126,000  | 88,000   |
| Growth Stock Fund—Advisor Class             | 26,000            | 21,000   | 11,000   |
| Growth Stock Fund—R Class                   | 7,000             | 5,000    | 3,000    |
| Health Sciences                                  | 217,000           | 152,000  | 104,000  |
| Institutional Emerging Markets Bond              | 231,000           | 181,000  | 10,000   |
| Institutional International Bond                 | 235,000           | 106,000  | (b)      |
| Institutional Large-Cap Core Growth              | 138,000           | 95,000   | 64,000   |
| Institutional Large-Cap Growth                   | 135,000           | 95,000   | 64,000   |
| Institutional Large-Cap Value                    | 135,000           | 95,000   | 64,000   |
| Institutional Mid-Cap Equity Growth              | 140,000           | 95,000   | 64,000   |
| Institutional Small-Cap Stock                    | 147,000           | 95,000   | 64,000   |
| Institutional U.S. Structured Research           | 171,000           | 20,000   | (b)      |
| International Bond                               | 217,000           | 176,000  | 126,000  |
| International Bond Fund—Advisor Class       | 42,000            | 19,000   | 7,000    |
| Media & Telecommunications                   | 169,000           | 95,000   | 64,000   |
| Mid-Cap Growth                                   | 163,000           | 119,000  | 82,000   |
| Mid-Cap Growth Fund—Advisor Class           | 6,000             | 4,000    | 3,000    |
| Mid-Cap Growth Fund—R Class                 | 2,000             | 1,000    | (a)      |
| Mid-Cap Value                                    | 151,000           | 112,000  | 72,000   |
| Mid-Cap Value Fund—Advisor Class            | 12,000            | 10,000   | 6,000    |
| Mid-Cap Value Fund—R Class                  | 8,000             | 7,000    | 4,000    |
| New America Growth                               | 150,000           | 109,000  | 73,000   |
| New America Growth Fund—Advisor Class       | 1,000             | (a)      | (a)      |
| New Era                                          | 139,000           | 96,000   | 64,000   |
| New Horizons                                     | 184,000           | 123,000  | 84,000   |
| Real Estate                                      | 146,000           | 107,000  | 71,000   |
| Real Estate Fund—Advisor Class              | 3,000             | 2,000    | 2,000    |
| Science & Technology                         | 186,000           | 118,000  | 80,000   |
| Science & Technology Fund—Advisor Class | 31,000            | 19,000   | 13,000   |
| Small-Cap Stock                                  | 151,000           | 101,000  | 67,000   |
| Small-Cap Stock Fund—Advisor Class          | 13,000            | 9,000    | 6,000    |
| Small-Cap Value                                  | 183,000           | 121,000  | 82,000   |
| Small-Cap Value Fund—Advisor Class          | 23,000            | 17,000   | 11,000   |
| Spectrum Growth                                  | (c)               | (c)      | (c)      |
| Spectrum Income                                  | (c)               | (c)      | (c)      |
| Spectrum International                           | (c)               | (c)      | (c)      |
| Total Equity Market Index                        | 290,000           | 152,000  | 104,000  |
| U.S. Large-Cap Core                              | (b)               | (b)      | (b)      |
| U.S. Large-Cap Core Fund—Advisor Class      | (b)               | (b)      | (b)      |
| Value                                            | 131,000           | 91,000   | 62,000   |
| Value Fund—Advisor Class                    | 24,000            | 19,000   | 11,000   |

----

----

| Fund                                   | Payment   |
|----------------------------------------|-----------|
| Africa & Middle East               | $51,756   |
| Balanced                               | 376,153   |
| Blue Chip Growth                       | 2,116,769 |
| California Tax-Free Bond               | 3,295     |
| California Tax-Free Money              | 885       |
| Capital Appreciation                   | 752,440   |
| Capital Opportunity                    | 17,768    |
| Corporate Income                       | 1,709     |
| Developing Technologies*               | 53        |
| Diversified Mid-Cap Growth             | 2,547     |
| Diversified Small-Cap Growth           | 268       |
| Dividend Growth                        | 44,783    |
| Emerging Europe & Mediterranean    | 25,076    |
| Emerging Markets Bond                  | 16,158    |
| Emerging Markets Stock                 | 554,756   |
| Equity Income                          | 1,878,409 |
| Equity Index 500                       | 16,674    |
| European Stock                         | 36,878    |
| Extended Equity Market Index           | 7,709     |
| Financial Services                     | 26,130    |
| Georgia Tax-Free Bond                  | 5,140     |
| GNMA                                   | 12,909    |
| TRP Government Reserve Investment      | 0         |
| Global Large-Cap Stock                 | 0         |
| Global Real Estate                     | 0         |
| Global Stock                           | 21,327    |
| Global Technology                      | 4,000     |
| Growth & Income                    | 18,699    |
| Growth Stock                           | 3,397,284 |
| Health Sciences                        | 384,636   |
| High Yield                             | 176,833   |
| Inflation Protected Bond               | 6,056     |
| Institutional Africa & Middle East | 0         |
| Institutional Core Plus                | 0         |
| Institutional Emerging Markets Bond    | 0         |
| Institutional Emerging Markets Equity  | 0         |
| Institutional Floating Rate            | 0         |
| Institutional Foreign Equity           | 0         |
| Institutional Global Equity            | 0         |
| Institutional Global Large-Cap Equity  | 0         |
| Institutional High Yield               | 0         |
| Institutional International Bond       | 0         |
| Institutional Large-Cap Core Growth    | 0         |
| Institutional Large-Cap Growth         | 0         |
| Institutional Large-Cap Value          | 0         |
| Institutional Mid-Cap Equity Growth    | 0         |
| Institutional Small-Cap Stock          | 0         |
| Institutional U.S. Structured Research | 0         |
| International Bond                     | 274,409   |
| International Discovery                | 613,935   |
| International Equity Index             | 2,967     |
| International Growth & Income      | 152,275   |
| International Stock                    | 269,582   |
| Japan                                  | 19,517    |
| Latin America                          | 307,625   |
| Maryland Short-Term Tax-Free Bond      | 4,584     |
| Maryland Tax-Free Bond                 | 72,693    |
| Maryland Tax-Free Money                | 0         |
| Media & Telecommunications         | 80,479    |
| Mid-Cap Growth                         | 3,613,572 |
| Mid-Cap Value                          | 1,090,754 |
| New America Growth                     | 78,530    |
| New Asia                               | 243,099   |
| New Era                                | 565,469   |
| New Horizons                           | 691,983   |
| New Income                             | 47,186    |
| New Jersey Tax-Free Bond               | 2,205     |
| New York Tax-Free Bond                 | 5,542     |
| New York Tax-Free Money                | 43        |
| Overseas Stock                         | 182       |
| Personal Strategy Balanced             | 367,662   |
| Personal Strategy Growth               | 190,378   |
| Personal Strategy Income               | 90,222    |
| Prime Reserve                          | 76,430    |
| Real Estate                            | 246,593   |
| TRP Reserve Investment                 | 0         |
| Retirement 2005                        | (a)       |
| Retirement 2010                        | (a)       |
| Retirement 2015                        | (a)       |
| Retirement 2020                        | (a)       |
| Retirement 2025                        | (a)       |
| Retirement 2030                        | (a)       |
| Retirement 2035                        | (a)       |
| Retirement 2040                        | (a)       |
| Retirement 2045                        | (a)       |
| Retirement 2050                        | (a)       |
| Retirement 2055                        | (a)       |
| Retirement Income                      | (a)       |
| Science & Technology               | 166,858   |
| Short-Term Bond                        | 121,572   |
| Short-Term Income                      | 0         |
| Small-Cap Stock                        | 1,957,718 |
| Small-Cap Value                        | 615,211   |
| Spectrum Growth                        | (a)       |
| Spectrum Income                        | (a)       |
| Spectrum International                 | (a)       |
| Strategic Income                       | 0         |
| Summit Cash Reserves                   | 3,458     |
| Summit GNMA                            | 293       |
| Summit Municipal Income                | 82,522    |
| Summit Municipal Intermediate          | 193,626   |
| Summit Municipal Money Market          | 69        |
| Tax-Efficient Balanced                 | 185       |
| Tax-Efficient Growth                   | 318       |
| Tax-Efficient Multi-Cap Growth         | 248       |
| Tax-Exempt Money                       | 5,783     |
| Tax-Free High Yield                    | 27,087    |
| Tax-Free Income                        | 45,510    |
| Tax-Free Short-Intermediate            | 45,077    |
| Total Equity Market Index              | 23,783    |
| U.S. Bond Index                        | 1,588     |
| U.S. Large-Cap Core                    | (b)       |
| U.S. Treasury Intermediate             | 51,764    |
| U.S. Treasury Long-Term                | 9,508     |
| U.S. Treasury Money                    | 48,584    |
| Value                                  | 160,143   |
| Virginia Tax-Free Bond                 | 40,200    |

----

----

| Fund                                                      | Payment    |
|-----------------------------------------------------------|------------|
| Blue Chip Growth Fund—Advisor Class                  | $1,100,626 |
| Blue Chip Growth Fund—R Class                        | 83,113     |
| Capital Appreciation Fund—Advisor Class              | 144,483    |
| Capital Opportunity Fund—Advisor Class               | 1,147      |
| Capital Opportunity Fund—R Class                     | 112        |
| Dividend Growth Fund—Advisor Class                   | 1,366      |
| Equity Income Fund—Advisor Class                     | 1,835,940  |
| Equity Income Fund—R Class                           | 211,357    |
| Global Large-Cap Stock Fund—Advisor Class            | 0          |
| Global Real Estate Fund—Advisor Class                | 0          |
| Global Stock Fund—Advisor Class                      | 12,294     |
| Growth Stock Fund—Advisor Class                      | 2,702,292  |
| Growth Stock Fund—R Class                            | 716,540    |
| High Yield Fund—Advisor Class                        | 1,031,333  |
| International Bond Fund—Advisor Class                | 373,888    |
| International Growth & Income Fund—Advisor Class | 330,005    |
| International Growth & Income Fund—R Class       | 34,404     |
| International Stock Fund—Advisor Class               | 33,706     |
| International Stock Fund—R Class                     | 1,920      |
| Mid-Cap Growth Fund—Advisor Class                    | 476,170    |
| Mid-Cap Growth Fund—R Class                          | 141,439    |
| Mid-Cap Value Fund—Advisor Class                     | 426,160    |
| Mid-Cap Value Fund—R Class                           | 292,726    |
| New America Growth Fund—Advisor Class                | 5,607      |
| New Income Fund—Advisor Class                        | 2,107      |
| New Income Fund—R Class                              | 3,397      |
| Real Estate Fund—Advisor Class                       | 41,178     |
| Retirement 2005 Fund—Advisor Class                   | (a)        |
| Retirement 2005 Fund—R Class                         | (a)        |
| Retirement 2010 Fund—Advisor Class                   | (a)        |
| Retirement 2010 Fund—R Class                         | (a)        |
| Retirement 2015 Fund—Advisor Class                   | (a)        |
| Retirement 2015 Fund—R Class                         | (a)        |
| Retirement 2020 Fund—Advisor Class                   | (a)        |
| Retirement 2020 Fund—R Class                         | (a)        |
| Retirement 2025 Fund—Advisor Class                   | (a)        |
| Retirement 2025 Fund—R Class                         | (a)        |
| Retirement 2030 Fund—Advisor Class                   | (a)        |
| Retirement 2030 Fund—R Class                         | (a)        |
| Retirement 2035 Fund—Advisor Class                   | (a)        |
| Retirement 2035 Fund—R Class                         | (a)        |
| Retirement 2040 Fund—Advisor Class                   | (a)        |
| Retirement 2040 Fund—R Class                         | (a)        |
| Retirement 2045 Fund—Advisor Class                   | (a)        |
| Retirement 2045 Fund—R Class                         | (a)        |
| Retirement 2050 Fund—Advisor Class                   | (a)        |
| Retirement 2050 Fund—R Class                         | (a)        |
| Retirement 2055 Fund—Advisor Class                   | (a)        |
| Retirement 2055 Fund—R Class                         | (a)        |
| Retirement Income Fund—Advisor Class                 | (a)        |
| Retirement Income Fund—R Class                       | (a)        |
| Science & Technology Fund—Advisor Class          | 349,052    |
| Short-Term Bond Fund—Advisor Class                   | 2,316      |
| Small-Cap Stock Fund—Advisor Class                   | 406,753    |
| Small-Cap Value Fund—Advisor Class                   | 548,570    |
| Strategic Income Fund—Advisor Class                  | 0          |
| Tax-Free Income Fund—Advisor Class                   | 309,911    |
| U.S. Large-Cap Core Fund—Advisor Class               | (b)        |
| Value Fund—Advisor Class                             | 1,072,662  |

----

----

----

| Fund                                    | Fiscal Year Ended 2/28/09 |
|-----------------------------------------|---------------------------|
| Tax-Free Income Fund—Advisor Class | $769,000                  |

| Fund                                      | Fiscal Year Ended5/31/08 |
|-------------------------------------------|--------------------------|
| High Yield Fund—Advisor Class        | $2,798,000               |
| New Income Fund—Advisor Class        | 22,000                   |
| New Income Fund—R Class              | 20,000                   |
| Retirement 2005 Fund—Advisor Class   | 2,000                    |
| Retirement 2005 Fund—R Class         | 1,000                    |
| Retirement 2010 Fund—Advisor Class   | 798,000                  |
| Retirement 2010 Fund—R Class         | 1,135,000                |
| Retirement 2015 Fund—Advisor Class   | 49,000                   |
| Retirement 2015 Fund—R Class         | 8,000                    |
| Retirement 2020 Fund—Advisor Class   | 1,225,000                |
| Retirement 2020 Fund—R Class         | 1,700,000                |
| Retirement 2025 Fund—Advisor Class   | 47,000                   |
| Retirement 2025 Fund—R Class         | 7,000                    |
| Retirement 2030 Fund—Advisor Class   | 850,000                  |
| Retirement 2030 Fund—R Class         | 1,216,000                |
| Retirement 2035 Fund—Advisor Class   | 27,000                   |
| Retirement 2035 Fund—R Class         | 5,000                    |
| Retirement 2040 Fund—Advisor Class   | 493,000                  |
| Retirement 2040 Fund—R Class         | 642,000                  |
| Retirement 2045 Fund—Advisor Class   | 11,000                   |
| Retirement 2045 Fund—R Class         | 3,000                    |
| Retirement 2050 Fund—Advisor Class   | 16,000                   |
| Retirement 2050 Fund—R Class         | 11,000                   |
| Retirement 2055 Fund—Advisor Class   | 3,000                    |
| Retirement 2055 Fund—R Class         | 1,000                    |
| Retirement Income Fund—Advisor Class | 193,000                  |
| Retirement Income Fund—R Class       | 249,000                  |
| Short-Term Bond Fund—Advisor Class   | 5,000                    |
| Strategic Income Fund—Advisor Class  | (a)                      |

----

| Fund                                                      | Fiscal Year Ended10/31/08 |
|-----------------------------------------------------------|---------------------------|
| Global Large-Cap Stock Fund—Advisor Class            | $0                        |
| Global Stock Fund—Advisor Class                      | 30,000                    |
| International Growth & Income Fund—Advisor Class | 949,000                   |
| International Growth & Income Fund—R Class       | 203,000                   |
| International Stock Fund—Advisor Class               | 122,000                   |
| International Stock Fund—R Class                     | 13,000                    |

| Fund                                             | Fiscal Year Ended12/31/08 |
|--------------------------------------------------|---------------------------|
| Blue Chip Growth Fund—Advisor Class         | $2,903,000                |
| Blue Chip Growth Fund—R Class               | 369,000                   |
| Capital Appreciation Fund—Advisor Class     | 367,000                   |
| Capital Opportunity Fund—Advisor Class      | 3,000                     |
| Capital Opportunity Fund—R Class            | 2,000                     |
| Dividend Growth Fund—Advisor Class          | 3,000                     |
| Equity Income Fund—Advisor Class            | 5,188,000                 |
| Equity Income Fund—R Class                  | 1,044,000                 |
| Global Real Estate Fund—Advisor Class       | 0                         |
| Growth Stock Fund—Advisor Class             | 6,949,000                 |
| Growth Stock Fund—R Class                   | 3,438,000                 |
| International Bond Fund—Advisor Class       | 1,158,000                 |
| Mid-Cap Growth Fund—Advisor Class           | 1,203,000                 |
| Mid-Cap Growth Fund—R Class                 | 724,000                   |
| Mid-Cap Value Fund—Advisor Class            | 1,114,000                 |
| Mid-Cap Value Fund—R Class                  | 1,480,000                 |
| New America Growth Fund—Advisor Class       | 14,000                    |
| Real Estate Fund—Advisor Class              | 101,000                   |
| Science & Technology Fund—Advisor Class | 876,000                   |
| Small-Cap Stock Fund—Advisor Class          | 1,026,000                 |
| Small-Cap Value Fund—Advisor Class          | 1,373,000                 |
| U.S. Large-Cap CoreFund—Advisor Class       | (a)                       |
| Small-Cap Value Fund—Advisor Class          | 1,373,000                 |
| Value Fund—Advisor Class                    | 2,774,000                 |

----

----

----

----

----

----

| Fund                              | Fiscal Year Ended |      |           |      |           |     |
|-----------------------------------|-------------------|------|-----------|------|-----------|-----|
||
| California Tax-Free Bond          | $228,000          | (a)  | $255,000  | (a)  | $251,000  | (a) |
| California Tax-Free Money         | 8,000             | (a)  | 0         | (a)  | 2,000     | (a) |
| Georgia Tax-Free Bond             | 75,000            | (a)  | 60,000    | (a)  | 67,000    | (a) |
| Maryland Short-Term Tax-Free Bond | 36,000            | (a)  | 35,000    | (a)  | 32,000    | (a) |
| Maryland Tax-Free Bond            | 319,000           | (a)  | 390,000   | (a)  | 665,000   | (a) |
| Maryland Tax-Free Money           | 11,000            | (a)  | 2,000     | (a)  | 26,000    | (a) |
| New Jersey Tax-Free Bond          | 109,000           | (a)  | 132,000   | (a)  | 146,000   | (a) |
| New York Tax-Free Bond            | 195,000           | (a)  | 168,000   | (a)  | 325,000   | (a) |
| New York Tax-Free Money           | 4,000             | (a)  | 4,000     | (a)  | 0         | (a) |
| Tax-Efficient Balanced            | 21,000            | 68.5 | 8,000     | 77.0 | 10,000    | 2.4 |
| Tax-Efficient Growth              | 17,000            | 0.2  | 14,000    | 0    | 10,000    | 0.7 |
| Tax-Efficient Multi-Cap Growth    | 14,000            | 1.7  | 11,000    | 1.4  | 10,000    | 2.4 |
| Tax-Exempt Money                  | 13,000            | (a)  | 2,000     | (a)  | 5,000     | (a) |
| Tax-Free High Yield               | 1,564,000         | (a)  | 1,256,000 | (a)  | 720,000   | (a) |
| Tax-Free Income                   | 1,676,000         | (a)  | 1,136,000 | (a)  | 1,121,000 | (a) |
| Tax-Free Short-Intermediate       | 283,000           | (a)  | 96,000    | (a)  | 98,000    | (a) |
| Virginia Tax-Free Bond            | 300,000           | (a)  | 261,000   | (a)  | 245,000   | (a) |

| Fund                              | Fiscal Year Ended |      |            |      |            |      |
|-----------------------------------|-------------------|------|------------|------|------------|------|
||
| Corporate Income                  | $415,000          | 95.7 | $148,000   | 93.2 | $193,000   | 92.5 |
| GNMA                              | 85,000            | (a)  | 200,000    | (a)  | 5,000      | (a)  |
| TRP Government Reserve Investment | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| High Yield                        | 6,936,000         | 92.1 | 18,250,000 | 91.8 | 15,965,000 | 76.4 |
| Inflation Protected Bond          | 4,000             | (a)  | 3,000      | (a)  | 1,000      | (a)  |
| Institutional Core Plus           | 43,000            | 96.2 | 19,000     | 94.2 | 13,000     | 83.1 |
| Institutional Floating Rate       | (b)               | (b)  | (c)        | (c)  | (c)        | (c)  |
| Institutional High Yield          | 1,063,000         | 90.9 | 1,399,000  | 91.8 | 1,473,000  | 80.8 |
| New Income                        | 3,519,000         | 96.2 | 2,152,000  | 93.7 | 2,952,000  | 87.6 |
| Personal Strategy Balanced        | 873,000           | 15.5 | 648,000    | 24.5 | 556,000    | 25.2 |
| Personal Strategy Growth          | 817,000           | 18.4 | 540,000    | 28.9 | 461,000    | 28.9 |
| Personal Strategy Income          | 370,000           | 13.0 | 230,000    | 20.3 | 182,000    | 21.1 |
| Prime Reserve                     | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| TRP Reserve Investment            | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| Retirement 2005                   | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| Retirement 2010                   | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| Retirement 2015                   | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| Retirement 2020                   | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| Retirement 2025                   | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| Retirement 2030                   | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| Retirement 2035                   | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| Retirement 2040                   | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| Retirement 2045                   | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| Retirement 2050                   | (b)               | (b)  | (b)        | (b)  | (c)        | (c)  |
| Retirement 2055                   | (b)               | (b)  | (b)        | (b)  | (c)        | (c)  |
| Retirement Income                 | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |
| Short-Term Bond                   | 658,000           | (a)  | 471,000    | (a)  | 341,000    | (a)  |
| Short-Term Income                 | 550,000           | (a)  | 175,000    | (a)  | (c)        | (c)  |
| Strategic Income                  | (c)               | (c)  | (c)        | (c)  | (c)        | (c)  |
| U.S. Treasury Intermediate        | 8,000             | (a)  | 7,000      | (a)  | 1,000      | (a)  |
| U.S. Treasury Long-Term           | 20,000            | (a)  | 13,000     | (a)  | 4,000      | (a)  |
| U.S. Treasury Money               | (b)               | (b)  | (b)        | (b)  | (b)        | (b)  |

----

| Fund                                   | Fiscal Year Ended |      |            |      |            |      |
|----------------------------------------|-------------------|------|------------|------|------------|------|
||
| Africa & Middle East               | $4,194,000        | 0.2  | $193,000   | 8.6  | (a)        | (a)  |
| Emerging Europe & Mediterranean    | 2,516,000         | 1.1  | 4,009,000  | 4.9  | $3,958,000 | 1.6  |
| Emerging Markets Stock                 | 7,467,000         | 31.2 | 6,981,000  | 3.9  | 5,791,000  | 4.6  |
| European Stock                         | 3,064,000         | 1.3  | 2,949,000  | 0.6  | 2,491,000  | 0.04 |
| Global Large-Cap Stock                 | 3,000             | 23.0 | (a)        | (a)  | (a)        | (a)  |
| Global Stock                           | 3,705,000         | 28.8 | 2,013,000  | 13.1 | 1,470,000  | 14.0 |
| Institutional Africa & Middle East | 523,000           | 0.4  | (a)        | (a)  | (a)        | (a)  |
| Institutional Emerging Markets Equity  | 911,000           | 31.5 | 486,000    | 3.8  | 490,000    | 4.4  |
| Institutional Foreign Equity           | 215,000           | 20.0 | 426,000    | 1.6  | 538,000    | 2.1  |
| Institutional Global Equity            | 433,000           | 31.4 | 11,000     | 10.2 | 2,000      | 19.8 |
| Institutional Global Large-Cap Equity  | 2,000             | 23.4 | (a)        | (a)  | (a)        | (a)  |
| International Discovery                | 5,598,000         | 19.8 | 6,898,000  | 0.5  | 5,437,000  | 0.6  |
| International Equity Index             | 135,000           | 1.1  | 246,000    | 0.0  | 116,000    | 0.3  |
| International Growth & Income      | 1,544,000         | 16.8 | 1,488,000  | 1.2  | 1,236,000  | 2.3  |
| International Stock                    | 11,743,000        | 26.8 | 15,191,000 | 1.6  | 12,660,000 | 1.8  |
| Japan                                  | 809,000           | 48.6 | 1,415,000  | 0.0  | 2,551,000  | 0.0  |
| Latin America                          | 3,657,000         | 51.7 | 6,254,000  | 9.8  | 4,236,000  | 33.8 |
| New Asia                               | 9,508,000         | 40.4 | 11,086,000 | 0.5  | 7,064,000  | 0.5  |
| Overseas Stock                         | 1,371,000         | 21.7 | 1,040,000  | 0.4  | (a)        | (a)  |
| Summit Cash Reserves                   | 0                 | (b)  | 0          | (b)  | 0          | (b)  |
| Summit GNMA                            | 2,000             | (b)  | 5,000      | (b)  | 4,000      | (b)  |
| Summit Municipal Income                | 323,000           | (b)  | 569,000    | (b)  | 475,000    | (b)  |
| Summit Municipal Intermediate          | 368,000           | (b)  | 132,000    | (b)  | 95,000     | (b)  |
| Summit Municipal Money Market          | 0                 | (b)  | 2,200      | (b)  | 0          | (b)  |
| U.S. Bond Index                        | 111,000           | (b)  | 54,000     | (b)  | 23,000     | (b)  |

----

| Fund                                      | Fiscal Year Ended |      |            |      |            |      |
|-------------------------------------------|-------------------|------|------------|------|------------|------|
||
| Balanced                                  | $1,791,000        | 26.5 | $887,000   | 8.6  | $379,000   | 3.2  |
| Blue Chip Growth                          | 8,826,000         | 45.3 | 5,546,000  | 33.9 | 5,490,000  | 52.9 |
| Capital Appreciation                      | 13,893,000        | 24.3 | 7,240,000  | 38.7 | 6,828,000  | 41.2 |
| Capital Opportunity                       | 301,000           | 35.9 | 219,000    | 31.0 | 194,000    | 41.7 |
| Diversified Mid-Cap Growth                | 46,000            | 5.2  | 44,000     | 8.9  | 69,000     | 6.5  |
| Diversified Small-Cap Growth              | 24,000            | 12.8 | 49,000     | 16.4 | 93,000     | 39.2 |
| Dividend Growth                           | 499,000           | 34.9 | 290,000    | 38.7 | 322,000    | 44.8 |
| Emerging Markets Bond                     | (a)               | (b)  | 0          | (b)  | 3,000      | (b)  |
| Equity Income                             | 13,095,000        | 26.0 | 12,007,000 | 25.1 | 6,840,000  | 45.4 |
| Equity Index 500                          | 1,200,000         | 0.8  | 483,000    | 3.3  | 435,000    | 1.2  |
| Extended Equity Market Index              | 43,000            | 3.5  | 116,000    | 2.1  | 58,000     | 1.6  |
| Financial Services                        | 1,681,000         | 16.1 | 1,451,000  | 30.7 | 937,000    | 36.1 |
| Global Real Estate                        | 3,000             | 13.1 | (c)        | (c)  | (c)        | (c)  |
| Global Technology                         | 314,000           | 46.7 | 676,000    | 25.7 | 538,000    | 26.8 |
| Growth & Income                       | 614,000           | 36.5 | 928,000    | 45.4 | 1,749,000  | 56.8 |
| Growth Stock                              | 19,995,000        | 36.3 | 25,290,000 | 23.2 | 15,130,000 | 32.5 |
| Health Sciences                           | 3,463,000         | 21.0 | 5,621,000  | 22.2 | 4,392,000  | 31.4 |
| Institutional Concentrated Large-CapValue | 4,000             | 6.3  | 1,000      | 22.1 | 1,000      | 0.3  |
| Institutional Emerging Markets Bond       | 0                 | (b)  | 0          | (b)  | (b)        | (b)  |
| Institutional International Bond          | 0                 | (b)  | 0          | (b)  | (c)        | (c)  |
| Institutional Large-Cap Core Growth       | 121,000           | 31.2 | 33,000     | 15.5 | 24,000     | 33.8 |
| Institutional Large-Cap Growth            | 1,408,000         | 34.4 | 1,268,000  | 32.8 | 444,000    | 40.0 |
| Institutional Large-Cap Value             | 186,000           | 13.8 | 60,000     | 27.9 | 65,000     | 22.3 |
| Institutional Mid-Cap Equity Growth       | 382,000           | 27.2 | 416,000    | 25.6 | 564,000    | 27.4 |
| Institutional Small-Cap Stock             | 456,000           | 23.5 | 463,000    | 21.5 | 480,000    | 20.6 |
| Institutional U.S. Structured Research    | 177,000           | 33.6 | 26,000     | 14.1 | (c)        | (c)  |
| International Bond                        | (a)               | (b)  | 0          | (b)  | 44,000     | (b)  |
| Media & Telecommunications            | 3,017,000         | 26.1 | 4,653,000  | 10.4 | 2,994,000  | 16.6 |
| Mid-Cap Growth                            | 12,067,000        | 29.0 | 14,570,000 | 29.1 | 19,865,000 | 28.6 |
| Mid-Cap Value                             | 12,194,000        | 58.0 | 14,064,000 | 55.0 | 10,578,000 | 62.0 |
| New America Growth                        | 794,000           | 40.4 | 720,000    | 44.0 | 969,000    | 55.5 |
| New Era                                   | 3,027,000         | 28.8 | 2,438,000  | 25.3 | 1,798,000  | 37.7 |
| New Horizons                              | 7,356,000         | 31.6 | 14,497,000 | 19.0 | 12,117,000 | 22.4 |
| Real Estate                               | 1,251,000         | 52.5 | 1,624,000  | 28.9 | 3,267,000  | 19.7 |
| Science & Technology                  | 4,719,000         | 39.8 | 7,083,000  | 24.5 | 10,182,000 | 31.6 |
| Small-Cap Stock                           | 5,894,000         | 26.7 | 8,137,000  | 23.3 | 7,602,000  | 23.6 |
| Small-Cap Value                           | 3,460,000         | 15.7 | 5,001,000  | 31.3 | 3,002,000  | 42.3 |
| Spectrum Growth                           | (d)               | (d)  | (d)        | (d)  | (d)        | (d)  |
| Spectrum Income                           | (d)               | (d)  | (d)        | (d)  | (d)        | (d)  |
| Spectrum International                    | (d)               | (d)  | (d)        | (d)  | (d)        | (d)  |
| Total Equity Market Index                 | 63,000            | 2.0  | 37,000     | 4.6  | 28,000     | 1.5  |
| U.S. Large-Cap Core                       | (c)               | (c)  | (c)        | (c)  | (c)        | (c)  |
| Value                                     | 6,498,000         | 14.3 | 4,054,000  | 25.1 | 2,210,000  | 42.7 |

----

|                             |                                         | Fiscal Year Ended 2/28/09 |            |
|-----------------------------|-----------------------------------------|---------------------------|------------|
||
| California Tax-Free Bond    |                                         |                           |            |
|                             | Bank of America                         | —                    | $1,734,000 |
|                             | Goldman Sachs                           | —                    | 1,341,000  |
|                             | JPMorgan Chase                          | —                    | 660,000    |
|                             | Merrill Lynch                           | —                    | 3,184,000  |
| California Tax-Free Money   |                                         |                           |            |
|                             | Bank of America                         | —                    | 2,220,000  |
|                             | JPMorgan Chase                          | —                    | 3,210,000  |
| Maryland Tax-Free Money     |                                         |                           |            |
|                             | Bank of America                         | —                    | 17,575,000 |
| New York Tax-Free Bond      |                                         |                           |            |
|                             | Goldman Sachs                           | —                    | 1,661,000  |
| Tax-Efficient Balanced      |                                         |                           |            |
|                             | Goldman Sachs                           | $45,000                   | —     |
| Tax-Efficient Growth        |                                         |                           |            |
|                             | Goldman Sachs                           | 100,000                   | —     |
| Tax-Exempt Money            |                                         |                           |            |
|                             | Bank of America                         | —                    | 33,230,000 |
|                             | JPMorgan Chase                          | —                    | 40,525,000 |
| Tax-Free High Yield         |                                         |                           |            |
|                             | Bank of America                         | —                    | 4,366,000  |
| Tax-Free Income             |                                         |                           |            |
|                             | Citigroup                               | —                    | 800,000    |
|                             | Goldman Sachs                           | —                    | 27,683,000 |
|                             | Merrill Lynch Pierce Fenner & Smith | —                    | 736,000    |
| Tax-Free Short-Intermediate |                                         |                           |            |
|                             | Goldman Sachs                           | —                    | 9,012,000  |
|                             | Merrill Lynch Pierce Fenner & Smith | —                    | 3,347,000  |

----

|                                   |                            | Fiscal Year Ended 5/31/08 |             |
|-----------------------------------|----------------------------|---------------------------|-------------|
||
| Corporate Income                  |                            |                           |             |
|                                   | Bank of America Securities | —                    | $3,300,000  |
|                                   | Citigroup Global Markets   | —                    | 5,930,000   |
|                                   | CS First Boston            | —                    | 856,000     |
|                                   | Deutsche Bank              | —                    | 1,575,000   |
|                                   | Goldman Sachs              | —                    | 3,029,000   |
|                                   | JPMorgan Chase             | —                    | 4,358,000   |
|                                   | Lehman Brothers            | —                    | 6,432,000   |
|                                   | Merrill Lynch              | $413,000                  | 3,906,000   |
|                                   | Morgan Stanley             | —                    | 3,192,000   |
|                                   | UBS Securities             | —                    | 1,504,000   |
|                                   | Wachovia Securities        | —                    | 1,083,000   |
| GNMA                              |                            |                           |             |
|                                   | Bear Stearns               | —                    | 6,642,000   |
|                                   | Citigroup Global Markets   | —                    | 2,994,000   |
|                                   | Deutsche Bank              | —                    | 2,994,000   |
|                                   | JP Morgan Chase            | —                    | 8,098,000   |
|                                   | Lehman Brothers            | —                    | 19,946,000  |
|                                   | Morgan Stanley             | —                    | 25,442,000  |
|                                   | UBS                        | —                    | 19,946,000  |
| TRP Government Reserve Investment |                            |                           |             |
|                                   | Bank of America            | —                    | 200,000,000 |
|                                   | Barclays                   | —                    | 200,000,000 |
|                                   | CS First Boston            | —                    | 175,494,000 |
|                                   | Deutsche Bank              | —                    | 300,000,000 |
|                                   | Merrill Lynch              | —                    | 150,000,000 |
|                                   | Wachovia                   | —                    | 60,000,000  |
| High Yield                        |                            |                           |             |
|                                   | Bank of America            | 16,074,000                | —      |
|                                   | Citigroup Global Markets   | 24,426,000                | —      |
| Institutional Core Plus           |                            |                           |             |
|                                   | Bank of America            | —                    | 2,092,000   |
|                                   | Citigroup Global Markets   | —                    | 2,081,000   |
|                                   | CS First Boston            | —                    | 116,000     |
|                                   | Deutsche Bank              | —                    | 823,000     |
|                                   | Goldman Sachs              | —                    | 523,000     |
|                                   | JPMorgan Chase             | —                    | 1,990,000   |
|                                   | Lehman Brothers            | —                    | 1,815,000   |
|                                   | Merrill Lynch              | 83,000                    | 458,000     |
|                                   | Morgan Stanley             | —                    | 582,000     |
|                                   | UBS                        | —                    | 1,127,000   |
|                                   | Wachovia                   | —                    | 301,000     |
| Institutional High Yield          |                            |                           |             |
|                                   | Bank of America            | 1,628,000                 | —      |
|                                   | Citigroup Global Markets   | 2,522,000                 | —      |
|                                   | Merrill Lynch              | 496,000                   | —      |
| New Income                        |                            |                           |             |
|                                   | Bank of America            | —                    | 162,611,000 |
|                                   | Citigroup                  | —                    | 143,439,000 |
|                                   | CS First Boston            | —                    | 48,037,000  |
|                                   | Deutsche Bank              | —                    | 52,986,000  |
|                                   | Goldman Sachs              | —                    | 42,224,000  |
|                                   | Greenwich Capital Markets  | —                    | 37,448,000  |
|                                   | JPMorgan Chase             | —                    | 128,439,000 |
|                                   | Lehman Brothers            | —                    | 114,677,000 |
|                                   | Merrill Lynch              | 3,714,000                 | 45,176,000  |
|                                   | Morgan Stanley             | —                    | 88,424,000  |
|                                   | Wachovia                   | —                    | 30,665,000  |
| Personal Strategy Balanced        |                            |                           |             |
|                                   | Bank of America            | 4,027,000                 | 11,209,000  |
|                                   | Barclays                   | —                    | 759,000     |
|                                   | Bear Stearns               | —                    | 7,379,000   |
|                                   | Citigroup                  | 3,222,000                 | 7,624,000   |
|                                   | Countrywide                | —                    | 749,000     |
|                                   | CS First Boston            | —                    | 2,200,000   |
|                                   | Deutsche Bank              | —                    | 2,223,000   |
|                                   | Goldman Sachs              | 4,887,000                 | 2,026,000   |
|                                   | JPMorgan Chase             | 2,296,000                 | 9,671,000   |
|                                   | Lehman Brothers            | 995,000                   | 8,629,000   |
|                                   | Merrill Lynch              | 5,830,000                 | 2,691,000   |
|                                   | Morgan Stanley             | 5,684,000                 | 3,639,000   |
|                                   | UBS                        | —                    | 5,721,000   |
| Personal Strategy Growth          |                            |                           |             |
|                                   | Bank of America            | 4,384,000                 | 4,531,000   |
|                                   | Barclays                   | —                    | 904,000     |
|                                   | Bear Stearns               | —                    | 2,414,000   |
|                                   | Citigroup                  | 3,503,000                 | 3,078,000   |
|                                   | Countrywide                | —                    | 747,000     |
|                                   | CS First Boston            | —                    | 1,211,000   |
|                                   | Deutsche Bank              | —                    | 1,168,000   |
|                                   | Goldman Sachs              | 5,275,000                 | 1,128,000   |
|                                   | JPMorgan Chase             | 2,468,000                 | 3,608,000   |
|                                   | Lehman Brothers            | 1,077,000                 | 3,276,000   |
|                                   | Merrill Lynch              | 4,537,000                 | 3,437,000   |
|                                   | Morgan Stanley             | 6,113,000                 | 986,000     |
|                                   | UBS                        | —                    | 2,018,000   |
| Personal Strategy Income          |                            |                           |             |
|                                   | Bank of America            | 1,479,000                 | 6,577,000   |
|                                   | Barclays                   | —                    | 249,000     |
|                                   | Bear Stearns               | —                    | 5,328,000   |
|                                   | Citigroup                  | 1,188,000                 | 6,775,000   |
|                                   | Countrywide                | —                    | 437,000     |
|                                   | CS First Boston            | —                    | 959,000     |
|                                   | Deutsche Bank              | —                    | 2,553,000   |
|                                   | Goldman Sachs              | 1,782,000                 | 1,630,000   |
|                                   | JPMorgan Chase             | 847,000                   | 6,405,000   |
|                                   | Lehman Brothers            | 370,000                   | 5,271,000   |
|                                   | Merrill Lynch              | 2,024,000                 | 1,542,000   |
|                                   | Morgan Stanley             | 2,052,000                 | 2,948,000   |
|                                   | UBS                        | —                    | 3,321,000   |
| Prime Reserve                     |                            |                           |             |
|                                   | Bank of America            | —                    | 166,610,000 |
|                                   | Citigroup                  | —                    | 168,135,000 |
|                                   | CS First Boston            | —                    | 36,000,000  |
|                                   | Deutsche Bank              | —                    | 49,643,000  |
|                                   | Goldman Sachs              | —                    | 41,250,000  |
|                                   | JPMorgan Chase             | —                    | 54,835,000  |
|                                   | Lehman Brothers            | —                    | 41,651,000  |
|                                   | Merrill Lynch              | —                    | 38,611,000  |
|                                   | Morgan Stanley             | —                    | 41,511,000  |
| TRP Reserve Investment            |                            |                           |             |
|                                   | Bank of America            | —                    | 241,323,000 |
|                                   | Barclays                   | —                    | 110,000,000 |
|                                   | CS First Boston            | —                    | 54,751,000  |
|                                   | Deutsche Bank              | —                    | 77,914,000  |
|                                   | Goldman Sachs              | —                    | 62,000,000  |
|                                   | JPMorgan Chase             | —                    | 152,464,000 |
|                                   | Lehman Brothers            | —                    | 61,873,000  |
|                                   | Merrill Lynch              | —                    | 63,083,000  |
|                                   | Morgan Stanley             | —                    | 66,670,000  |
|                                   | Wachovia                   | —                    | 43,741,000  |
| Short-Term Bond                   |                            |                           |             |
|                                   | Bank of America            | —                    | 28,177,000  |
|                                   | Citigroup                  | —                    | 30,870,000  |
|                                   | Countrywide                | —                    | 5,255,000   |
|                                   | CS First Boston            | —                    | 18,334,000  |
|                                   | Deutsche Bank              | —                    | 5,028,000   |
|                                   | Goldman Sachs              | —                    | 13,205,000  |
|                                   | Greenwich Capital Markets  | —                    | 15,684,000  |
|                                   | JPMorgan Chase             | —                    | 27,206,000  |
|                                   | Lehman Brothers            | —                    | 33,804,000  |
|                                   | Merrill Lynch              | —                    | 11,630,000  |
|                                   | Morgan Stanley             | —                    | 22,908,000  |
|                                   | Wachovia                   | —                    | 11,852,000  |
| Short-Term Income                 |                            |                           |             |
|                                   | Bank of America            | —                    | 15,739,000  |
|                                   | Citigroup                  | —                    | 27,033,000  |
|                                   | Countrywide                | —                    | 3,750,000   |
|                                   | CS First Boston            | —                    | 22,909,000  |
|                                   | Deutsche Bank              | —                    | 2,632,000   |
|                                   | Goldman Sachs              | —                    | 11,141,000  |
|                                   | Greenwich Capital Markets  | —                    | 13,136,000  |
|                                   | JPMorgan Chase             | —                    | 24,811,000  |
|                                   | Lehman Brothers            | —                    | 27,615,000  |
|                                   | Merrill Lynch              | —                    | 9,684,000   |
|                                   | Morgan Stanley             | —                    | 28,515,000  |
|                                   | Wachovia                   | —                    | 7,570,000   |

----

----

----

|                                        |                            | Fiscal Year Ended 10/31/08 |            |
|----------------------------------------|----------------------------|----------------------------|------------|
||
| Africa & Middle East               |                            |                            |            |
|                                        | EFG-Hermes                 | $6,854,000                 | —     |
| Emerging Europe & Mediterranean    |                            |                            |            |
|                                        | Bear Stearns               | —                     | 82,000     |
|                                        | Citigroup                  | —                     | 120,000    |
|                                        | EFG-Hermes                 | 13,921,000                 | —     |
|                                        | Goldman Sachs              | —                     | 107,000    |
|                                        | JPMorgan Chase             | —                     | 88,000     |
|                                        | Merrill Lynch              | —                     | 27,000     |
|                                        | UBS Securities             | —                     | 479,000    |
| Emerging Markets Stock                 |                            |                            |            |
|                                        | Bear Stearns               | —                     | 2,435,000  |
|                                        | Citigroup                  | —                     | 3,560,000  |
|                                        | EFG-Hermes                 | 24,619,000                 | —     |
|                                        | Goldman Sachs              | —                     | 3,154,000  |
|                                        | JPMorgan Chase             | —                     | 2,604,000  |
|                                        | Merrill Lynch              | —                     | 809,000    |
|                                        | UBS Securities             | —                     | 14,714,000 |
| European Stock                         |                            |                            |            |
|                                        | Bear Stearns               | —                     | 912,000    |
|                                        | Citigroup                  | —                     | 1,334,000  |
|                                        | CS First Boston            | 12,912,000                 | —     |
|                                        | Goldman Sachs              | —                     | 1,182,000  |
|                                        | JPMorgan Chase             | —                     | 976,000    |
|                                        | Merrill Lynch              | —                     | 303,000    |
|                                        | UBS Investment Bank        | 15,623,000                 | 5,513,000  |
| Global Large-Cap Stock                 |                            |                            |            |
|                                        | Citigroup                  | 46,000                     | —     |
|                                        | Goldman Sachs              | 68,000                     | —     |
|                                        | JPMorgan Chase             | 96,000                     | —     |
| Global Stock                           |                            |                            |            |
|                                        | Bear Stearns               | —                     | 432,000    |
|                                        | Citigroup                  | —                     | 630,000    |
|                                        | EFG-Hermes                 | 6,683,000                  | —     |
|                                        | Goldman Sachs              | 6,938,000                  | 558,000    |
|                                        | JPMorgan Chase             | —                     | 461,000    |
|                                        | Merrill Lynch              | 2,562,000                  | 143,000    |
|                                        | UBS Investment Bank        | —                     | 2,605,000  |
| Institutional Africa & Middle East |                            |                            |            |
|                                        | EFG-Hermes                 | 1,148,000                  | —     |
| Institutional Emerging Markets Equity  |                            |                            |            |
|                                        | EFG-Hermes                 | 2,570,000                  | —     |
| Institutional Foreign Equity           |                            |                            |            |
|                                        | Citigroup                  | —                     | 175,000    |
|                                        | CS First Boston            | 550,000                    | —     |
|                                        | Goldman Sachs              | —                     | 155,000    |
|                                        | JPMorgan Chase             | —                     | 128,000    |
|                                        | Merrill Lynch              | —                     | 40,000     |
|                                        | UBS Investment Bank        | —                     | 772,000    |
| Institutional GlobalEquity             |                            |                            |            |
|                                        | EFG-Hermes                 | 792,000                    | —     |
|                                        | Goldman Sachs              | 1,128,000                  | —     |
|                                        | Merrill Lynch              | 192,000                    | —     |
| Institutional GlobalLarge-Cap Equity   |                            |                            |            |
|                                        | Citigroup                  | 38,000                     | —     |
|                                        | Goldman Sachs              | 54,000                     | —     |
|                                        | JPMorgan Chase             | 78,000                     | —     |
| InternationalDiscovery                 |                            |                            |            |
|                                        | Bear Stearns               | —                     | 2,834,000  |
|                                        | Citigroup                  | —                     | 4,143,000  |
|                                        | EFG-Hermes                 | 4,455,000                  | —     |
|                                        | Goldman Sachs              | —                     | 3,670,000  |
|                                        | JPMorgan Chase             | —                     | 3,030,000  |
|                                        | Merrill Lynch              | —                     | 941,000    |
|                                        | UBS Securities             | —                     | 17,122,000 |
| International Equity Index             |                            |                            |            |
|                                        | Citigroup                  | —                     | 1,294,000  |
|                                        | CS First Boston            | 1,707,000                  | —     |
|                                        | Deutsche Bank              | 792,000                    | —     |
|                                        | Goldman Sachs              | —                     | 1,147,000  |
|                                        | JPMorgan Chase             | —                     | 947,000    |
|                                        | Macquarie Equities USA     | 397,000                    | —     |
|                                        | Merrill Lynch              | —                     | 294,000    |
|                                        | UBS Investment Bank        | 1,929,000                  | 5,351,000  |
| International Growth & Income      |                            |                            |            |
|                                        | Bear Stearns               | —                     | 4,528,000  |
|                                        | Citigroup                  | —                     | 6,619,000  |
|                                        | CS First Boston            | 23,280,000                 | —     |
|                                        | Goldman Sachs              | —                     | 5,864,000  |
|                                        | HSBC Securities            | 23,565,000                 | —     |
|                                        | JPMorgan Chase             | —                     | 4,841,000  |
|                                        | Merrill Lynch              | —                     | 1,504,000  |
|                                        | UBS Investment Bank        | —                     | 27,358,000 |
| International Stock                    |                            |                            |            |
|                                        | Bear Stearns               | —                     | 8,961,000  |
|                                        | Citigroup                  | —                     | 13,100,000 |
|                                        | Credit Suisse Group        | 42,703,000                 | —     |
|                                        | Goldman Sachs              | —                     | 11,607,000 |
|                                        | JPMorgan Chase             | —                     | 9,582,000  |
|                                        | Merrill Lynch              | —                     | 2,976,000  |
|                                        | UBS Securities             | —                     | 54,147,000 |
| Japan                                  |                            |                            |            |
|                                        | Bear Stearns               | —                     | 449,000    |
|                                        | Citigroup                  | —                     | 657,000    |
|                                        | Goldman Sachs              | —                     | 582,000    |
|                                        | JPMorgan Chase             | —                     | 480,000    |
|                                        | Merrill Lynch              | —                     | 149,000    |
|                                        | UBS Investment Bank        | —                     | 2,713,000  |
| Latin America                          |                            |                            |            |
|                                        | Bear Stearns               | —                     | 1,241,000  |
|                                        | Citigroup                  | —                     | 1,814,000  |
|                                        | Goldman Sachs              | —                     | 1,608,000  |
|                                        | JPMorgan Chase             | —                     | 1,327,000  |
|                                        | Merrill Lynch              | —                     | 412,000    |
|                                        | UBS Securities             | —                     | 7,499,000  |
| New Asia                               |                            |                            |            |
|                                        | Bear Stearns               | —                     | 3,175,000  |
|                                        | Citigroup                  | —                     | 4,642,000  |
|                                        | Goldman Sachs              | —                     | 4,112,000  |
|                                        | JPMorgan Chase             | —                     | 3,395,000  |
|                                        | Merrill Lynch              | —                     | 1,054,000  |
|                                        | UBS Investment Bank        | —                     | 19,185,000 |
| Summit Cash Reserves                   |                            |                            |            |
|                                        | Banc of America Securities | —                     | 35,000,000 |
|                                        | Bear Stearns               | —                     | 27,838,000 |
|                                        | Citigroup                  | —                     | 89,837,000 |
|                                        | CS First Boston            | —                     | 43,415,000 |
|                                        | JPMorgan Chase             | —                     | 37,766,000 |
|                                        | Morgan Stanley             | —                     | 39,427,000 |
| Summit GNMA                            |                            |                            |            |
|                                        | Banc of America Securities | —                     | 401,000    |
|                                        | Bear Stearns               | —                     | 457,000    |
|                                        | Citigroup                  | —                     | 120,000    |
|                                        | JPMorgan Chase             | —                     | 601,000    |
|                                        | Lehman Brothers            | —                     | 742,000    |
|                                        | Morgan Stanley             | —                     | 604,000    |
| Summit Municipal Income                |                            |                            |            |
|                                        | Banc of America Securities | —                     | 1,617,000  |
|                                        | Goldman Sachs              | —                     | 4,797,000  |
| Summit Municipal Intermediate          |                            |                            |            |
|                                        | Goldman Sachs              | —                     | 4,975,000  |
| Summit Municipal Money Market          |                            |                            |            |
|                                        | Banc of America Securities | —                     | 4,000,000  |
|                                        | Merrill Lynch              | —                     | 12,815,000 |
| U.S. Bond Index                        |                            |                            |            |
|                                        | Banc of America Securities | —                     | 3,206,000  |
|                                        | Citigroup                  | —                     | 3,897,000  |
|                                        | Goldman Sachs              | —                     | 2,187,000  |
|                                        | Greenwich Capital Market   | —                     | 921,000    |
|                                        | JPMorgan Chase             | —                     | 3,067,000  |
|                                        | Lehman Brothers            | —                     | 1,427,000  |
|                                        | Merrill Lynch              | —                     | 1,090,000  |
|                                        | Morgan Stanley             | —                     | 3,181,000  |
|                                        | UBS Securities             | —                     | 1,427,000  |
|                                        | Wachovia Securities        | —                     | 815,000    |

----

----

----

----

----

|                                       |                             | Fiscal Year Ended 12/31/08 |            |
|---------------------------------------|-----------------------------|----------------------------|------------|
||
| Balanced                              |                             |                            |            |
|                                       | Bank of America             | $6,798,000                 | $9,842,000 |
|                                       | Barclays Capital            | 1,519,000                  | —     |
|                                       | Citigroup                   | 3,473,000                  | 18,729,000 |
|                                       | Credit Suisse Group         | 14,000                     | 8,384,000  |
|                                       | Deutsche Bank               | —                     | 7,720,000  |
|                                       | Goldman Sachs               | 7,882,000                  | 6,004,000  |
|                                       | JPMorgan Chase              | 11,648,000                 | 19,621,000 |
|                                       | Merrill Lynch               | 2,734,000                  | 3,569,000  |
|                                       | Morgan Stanley              | 3,745,000                  | 5,825,000  |
| Blue Chip Growth                      |                             |                            |            |
|                                       | Credit Suisse               | 274,000                    | —     |
|                                       | Goldman Sachs               | 89,453,000                 | —     |
|                                       | JPMorgan Chase              | 44,142,000                 | —     |
|                                       | Morgan Stanley              | 44,912,000                 | —     |
| Capital Appreciation                  |                             |                            |            |
|                                       | Bank of America             | 52,378,000                 | —     |
|                                       | Citigroup                   | 47,667,000                 | —     |
|                                       | Lazard Freres               | 72,089,000                 | —     |
|                                       | JPMorgan Chase              | 42,991,000                 | —     |
|                                       | Merrill Lynch               | 15,446,000                 | —     |
| Capital Opportunity                   |                             |                            |            |
|                                       | Bank of America             | 1,290,000                  | —     |
|                                       | Citigroup                   | 564,000                    | —     |
|                                       | Goldman Sachs               | 962,000                    | —     |
|                                       | JPMorgan Chase              | 2,979,000                  | —     |
|                                       | Merrill Lynch               | 392,000                    | —     |
|                                       | Morgan Stanley              | 653,000                    | —     |
| Dividend Growth                       |                             |                            |            |
|                                       | Citigroup                   | 1,199,000                  | —     |
|                                       | Goldman Sachs               | 4,025,000                  | —     |
|                                       | JPMorgan Chase              | 9,487,000                  | —     |
|                                       | Morgan Stanley              | 2,631,000                  | —     |
|                                       | UBS                         | 2,676,000                  | —     |
| Equity Income                         |                             |                            |            |
|                                       | Bank of America             | 98,648,000                 | —     |
|                                       | Citigroup                   | 38,583,000                 | —     |
|                                       | Goldman Sachs               | 113,926,000                | —     |
|                                       | JPMorgan Chase              | 457,185,000                | —     |
|                                       | Merrill Lynch               | 116,684,000                | —     |
|                                       | UBS                         | 76,145,000                 | —     |
| Equity Index 500                      |                             |                            |            |
|                                       | Bank of America             | 66,684,000                 | —     |
|                                       | Citigroup                   | 34,536,000                 | —     |
|                                       | Goldman Sachs               | 34,990,000                 | —     |
|                                       | JPMorgan Chase              | 111,248,000                | —     |
|                                       | Merrill Lynch               | 17,474,000                 | —     |
|                                       | Morgan Stanley              | 15,970,000                 | —     |
| Extended Equity Market Index          |                             |                            |            |
|                                       | Investment Technology Group | 150,000                    | —     |
|                                       | Stifel Financial            | 277,000                    | —     |
| Financial Services                    |                             |                            |            |
|                                       | Bank of America             | 10,500,000                 | —     |
|                                       | Citigroup                   | 6,533,000                  | —     |
|                                       | JPMorgan Chase              | 13,230,000                 | —     |
|                                       | Merrill Lynch               | 543,000                    | —     |
|                                       | Morgan Stanley              | 2,648,000                  | —     |
|                                       | UBS                         | 11,207,000                 | —     |
| Growth & Income                   |                             |                            |            |
|                                       | Citigroup                   | 1,879,000                  | —     |
|                                       | Goldman Sachs               | 5,240,000                  | —     |
|                                       | JPMorgan Chase              | 7,047,000                  | —     |
|                                       | Morgan Stanley              | 3,306,000                  | —     |
| Growth Stock                          |                             |                            |            |
|                                       | Goldman Sachs               | 82,322,000                 | —     |
| InstitutionalInternational Bond       |                             |                            |            |
|                                       | Barclays                    | —                     | 56,000     |
|                                       | BNP Paribas Securities      | —                     | 71,000     |
|                                       | Citigroup                   | —                     | 106,000    |
|                                       | Deutsche Bank               | —                     | 97,000     |
|                                       | HSBC Securities             | —                     | 219,000    |
|                                       | JPMorgan Chase              | —                     | 121,000    |
|                                       | Merrill Lynch               | —                     | 40,000     |
|                                       | Morgan Stanley              | —                     | 68,000     |
|                                       | Societe Generale Securities | —                     | 71,000     |
|                                       | UBS                         | —                     | 117,000    |
| Institutional Large-Cap Core Growth   |                             |                            |            |
|                                       | Credit Suisse               | 3,000                      | —     |
|                                       | Goldman Sachs               | 996,000                    | —     |
|                                       | JPMorgan Chase              | 514,000                    | —     |
|                                       | Morgan Stanley              | 521,000                    | —     |
| Institutional Large-Cap Growth        |                             |                            |            |
|                                       | Goldman Sachs               | 14,253,000                 | —     |
|                                       | Morgan Stanley              | 5,915,000                  | —     |
| Institutional Large-Cap Value         |                             |                            |            |
|                                       | Bank of America             | 5,388,000                  | —     |
|                                       | Citigroup                   | 2,226,000                  | —     |
|                                       | Goldman Sachs               | 1,747,000                  | —     |
|                                       | JPMorgan Chase              | 8,538,000                  | —     |
|                                       | Merrill Lynch               | 1,810,000                  | —     |
|                                       | Morgan Stanley              | 746,000                    | —     |
| InstitutionalU.S. Structured Research |                             |                            |            |
|                                       | Bank of America             | 744,000                    | —     |
|                                       | Citigroup                   | 285,000                    | —     |
|                                       | Goldman Sachs               | 570,000                    | —     |
|                                       | JPMorgan Chase              | 1,737,000                  | —     |
|                                       | Merrill Lynch               | 193,000                    | —     |
|                                       | Morgan Stanley              | 318,000                    | —     |
| International Bond                    |                             |                            |            |
|                                       | Credit Suisse               | —                     | 3,817,000  |
|                                       | Citigroup                   | —                     | 9,972,000  |
|                                       | Deutsche Bank               | —                     | 31,744,000 |
|                                       | Goldman Sachs               | —                     | 7,875,000  |
|                                       | HSBC Securities             | —                     | 8,571,000  |
|                                       | JPMorgan Chase              | —                     | 9,224,000  |
|                                       | Merrill Lynch               | —                     | 2,652,000  |
|                                       | Morgan Stanley              | —                     | 5,394,000  |
|                                       | Societe Generale Securities | —                     | 4,917,000  |
|                                       | UBS                         | —                     | 5,250,000  |
| New America Growth                    |                             |                            |            |
|                                       | Goldman Sachs               | 8,439,000                  | —     |
| Small-Cap Value                       |                             |                            |            |
|                                       | JMP Securities              | 5,474,000                  | —     |
| Total Equity Market Index             |                             |                            |            |
|                                       | Bank of America             | 2,482,000                  | —     |
|                                       | Citigroup                   | 1,154,000                  | —     |
|                                       | Goldman Sachs               | 1,288,000                  | —     |
|                                       | Investment Technology Group | 52,000                     | —     |
|                                       | JPMorgan Chase              | 4,127,000                  | —     |
|                                       | Merrill Lynch               | 674,000                    | —     |
|                                       | Morgan Stanley              | 634,000                    | —     |
|                                       | Stifel Financial            | 131,000                    | —     |
| Value                                 |                             |                            |            |
|                                       | Bank of America             | 74,835,000                 | —     |
|                                       | Citigroup                   | 41,669,000                 | —     |
|                                       | Goldman Sachs               | 32,068,000                 | —     |
|                                       | JPMorgan Chase              | 65,740,000                 | —     |
|                                       | Lazard Freres               | 67,956,000                 | —     |
|                                       | Merrill Lynch               | 35,417,000                 | —     |
|                                       | Morgan Stanley              | 8,581,000                  | —     |

----

----

----

| Fund                              | Fiscal Year Ended |       |       |
|-----------------------------------|-------------------|-------|-------|
||
| California Tax-Free Bond          | 22.5%             | 18.1% | 27.5% |
| California Tax-Free Money         | (a)               | (a)   | (a)   |
| Georgia Tax-Free Bond             | 28.2              | 19.7  | 27.0  |
| Maryland Short-Term Tax-Free Bond | 23.0              | 29.4  | 69.7  |
| Maryland Tax-Free Bond            | 21.9              | 22.9  | 19.6  |
| Maryland Tax-Free Money           | (a)               | (a)   | (a)   |
| New Jersey Tax-Free Bond          | 12.5              | 16.7  | 14.8  |
| New York Tax-Free Bond            | 21.3              | 28.4  | 26.6  |
| New York Tax-Free Money           | (a)               | (a)   | (a)   |
| Tax-Efficient Balanced            | 53.7(b)           | 17.9  | 17.8  |
| Tax-Efficient Growth              | 57.0              | 30.3  | 14.7  |
| Tax-Efficient Multi-Cap Growth    | 35.5              | 21.3  | 16.7  |
| Tax-Exempt Money                  | (a)               | (a)   | (a)   |
| Tax-Free High Yield               | 28.7              | 31.2  | 25.2  |
| Tax-Free Income                   | 41.4              | 29.9  | 28.1  |
| Tax-Free Short-Intermediate       | 24.9              | 43.2  | 46.9  |
| Virginia Tax-Free Bond            | 27.1              | 26.4  | 28.7  |

----

| Fund                              | Fiscal Year Ended |          |          |
|-----------------------------------|-------------------|----------|----------|
||
| Corporate Income                  | 38.9%             | 42.8%    | 59.4%    |
| GNMA                              | 89.6(a)           | 80.7(a)  | 135.1(a) |
| TRP Government Reserve Investment | (b)               | (b)      | (b)      |
| High Yield                        | 68.9              | 72.0     | 65.1     |
| Inflation Protected Bond          | 7.5               | 14.3     | 15.9     |
| Institutional Core Plus           | 146.7             | 110.0    | 128.3    |
| Institutional Floating Rate       | 70.8(c)           | (d)      | (d)      |
| Institutional High Yield          | 61.9              | 73.0     | 80.4     |
| New Income                        | 128.3(a)          | 104.8(a) | 111.1(a) |
| Personal Strategy Balanced        | 73.3              | 62.4     | 49.3     |
| Personal Strategy Growth          | 57.7              | 50.1     | 36.5     |
| Personal Strategy Income          | 81.4              | 70.0     | 53.3     |
| Prime Reserve                     | (b)               | (b)      | (b)      |
| TRP Reserve Investment            | (b)               | (b)      | (b)      |
| Retirement 2005                   | 15.3              | 22.3     | 17.1     |
| Retirement 2010                   | 7.8               | 13.1     | 11.3     |
| Retirement 2015                   | 7.6               | 10.3     | 11.4     |
| Retirement 2020                   | 6.7               | 8.4      | 11.9     |
| Retirement 2025                   | 5.9               | 8.7      | 13.2     |
| Retirement 2030                   | 5.6               | 7.8      | 11.9     |
| Retirement 2035                   | 5.4               | 8.0      | 11.2     |
| Retirement 2040                   | 7.3               | 8.4      | 11.3     |
| Retirement 2045                   | 6.4               | 8.9      | 28.4     |
| Retirement 2050                   | 13.4              | 24.0(c)  | (d)      |
| Retirement 2055                   | 17.0              | 33.0(c)  | (d)      |
| Retirement Income                 | 7.8               | 36.3     | 10.2     |
| Short-Term Bond                   | 58.8              | 70.4     | 39.9     |
| Short-Term Income                 | 59.0              | 39.0(c)  | (d)      |
| Strategic Income                  | (d)               | (d)      | (d)      |
| U.S. Treasury Intermediate        | 101.1             | 37.3     | 47.4     |
| U.S. Treasury Long-Term           | 64.9              | 33.6     | 26.4     |
| U.S. Treasury Money               | (b)               | (b)      | (b)      |

| Fund                                   | Fiscal Year Ended |          |          |
|----------------------------------------|-------------------|----------|----------|
||
| Africa & Middle East               | 77.3%             | 16.6%(a) | (b)      |
| Emerging Europe & Mediterranean    | 36.0              | 59.6     | 55.1%    |
| Emerging Markets Stock                 | 30.9              | 43.5     | 49.4     |
| European Stock                         | 105.9             | 88.4     | 83.7     |
| Global Large-Cap Stock                 | 5.5               | (b)      | (b)      |
| Global Stock                           | 145.6             | 109.8    | 140.6    |
| Institutional Africa & Middle East | 37.9              | (b)      | (b)      |
| Institutional Emerging Markets Equity  | 37.5              | 49.9     | 57.0     |
| Institutional Foreign Equity           | 71.9              | 73.7     | 66.1     |
| Institutional Global Equity            | 168.3             | 138.0    | 127.6(a) |
| Institutional Global Large-Cap Equity  | 5.5               | (b)      | (b)      |
| International Discovery                | 66.7              | 67.9     | 82.3     |
| International Equity Index             | 29.5              | 30.5     | 36.3     |
| International Growth & Income      | 23.8              | 32.8     | 36.9     |
| International Stock                    | 63.7              | 74.1     | 64.5     |
| Japan                                  | 105.3             | 110.8    | 154.2    |
| Latin America                          | 19.7              | 23.3     | 34.5     |
| New Asia                               | 55.4              | 53.4     | 76.3     |
| Overseas Stock                         | 34.2              | 46.2(a)  | (b)      |
| Summit Cash Reserves                   | (c)               | (c)      | (c)      |
| Summit GNMA                            | 130.0             | 92.4     | 108.3    |
| Summit Municipal Income                | 36.8              | 37.4     | 19.3     |
| Summit Municipal Intermediate          | 23.9              | 24.4     | 24.8     |
| Summit Municipal Money Market          | (c)               | (c)      | (c)      |
| U.S. Bond Index(e)                     | 66.2              | 73.7     | 72.4     |

----

| Fund                                   | Fiscal Year Ended |         |          |
|----------------------------------------|-------------------|---------|----------|
||
| Balanced                               | 58.2%             | 60.4%   | 42.4%    |
| Blue Chip Growth                       | 53.8              | 31.5    | 39.2     |
| Capital Appreciation                   | 94.3              | 52.6    | 53.7     |
| Capital Opportunity                    | 64.1              | 53.9    | 52.5     |
| Diversified Mid-Cap Growth             | 37.8              | 27.9    | 29.8     |
| Diversified Small-Cap Growth           | 30.2              | 47.2    | 39.1     |
| Dividend Growth                        | 23.1              | 16.5    | 19.6     |
| Emerging Markets Bond                  | 57.1              | 63.4    | 57.4     |
| Equity Income                          | 31.6              | 25.7    | 17.3     |
| Equity Index 500                       | 7.0               | 4.4     | 2.9      |
| Extended Equity Market Index           | 19.6              | 37.6    | 17.5     |
| Financial Services                     | 122.6             | 139.8   | 113.4    |
| Global Real Estate                     | 0.3               | (a)     | (a)      |
| Global Technology                      | 95.8              | 107.3   | 124.7    |
| Growth & Income                    | 20.1              | 30.8    | 50.7     |
| Growth Stock                           | 55.6              | 51.2    | 37.8     |
| Health Sciences                        | 47.4              | 44.8    | 48.8     |
| Institutional Emerging Markets Bond    | 116.5             | 83.8    | 145.2(b) |
| Institutional International Bond       | 93.6              | 69.3(b) | (a)      |
| Institutional Large-Cap Core Growth    | 61.8              | 78.4    | 48.5     |
| Institutional Large-Cap Growth         | 65.5              | 61.2    | 51.5     |
| Institutional Large-Cap Value          | 17.8              | 21.5    | 24.5     |
| Institutional Mid-Cap Equity Growth    | 40.8              | 52.4    | 30.8     |
| Institutional Small-Cap Stock          | 37.3              | 39.8    | 22.1     |
| Institutional U.S. Structured Research | 67.6              | 42.5(b) | (a)      |
| International Bond                     | 69.2              | 78.4    | 120.8    |
| Media & Telecommunications         | 72.0              | 64.6    | 55.4     |
| Mid-Cap Growth                         | 32.7              | 35.2    | 33.8     |
| Mid-Cap Value                          | 74.3              | 73.4    | 62.4     |
| New America Growth                     | 88.0              | 60.1    | 61.3     |
| New Era                                | 21.0              | 17.5    | 15.6     |
| New Horizons                           | 25.8              | 27.7    | 23.2     |
| Real Estate                            | 14.9              | 32.5    | 25.2     |
| Science & Technology               | 93.7              | 80.3    | 101.3    |
| Small-Cap Stock                        | 24.2              | 21.7    | 20.0     |
| Small-Cap Value                        | 13.2              | 14.0    | 12.2     |
| Spectrum Growth                        | 14.8(c)           | 5.0     | 7.6      |
| Spectrum Income                        | 24.0(d)           | 9.0     | 12.5     |
| Spectrum International                 | 5.1               | 1.4     | 12.7     |
| Total Equity Market Index              | 5.9               | 9.1     | 4.2      |
| U.S. Large-Cap Core                    | (a)               | (a)     | (a)      |
| Value                                  | 19.9              | 18.8    | 9.6      |

----

----

|                                 | Periods ended December 31, 2008 |        |       |        |
|---------------------------------|---------------------------------|--------|-------|--------|
||
| Non-U.S. Equity Core Composite* |                                 |        |       |        |
| Average Annual                  | -45.10%                         | -8.12% | 1.72% | -0.25% |
| Cumulative                      | -45.10                          | -22.43 | 8.88  | -2.23  |
| MSCI EAFE Index                 |                                 |        |       |        |
| Average Annual                  | -43.06                          | -6.92  | 2.10  | -0.66  |
| Cumulative                      | -43.06                          | -19.36 | 10.97 | -5.72  |

----

| T. Rowe price STRATEGIC INCOME funddECEMBER 2, 2008statement of assets and liabilities                                                       |           |
|----------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|                                                                                                                                              |           |
| Assets                                                                                                                                       |           |
| Cash                                                                                                                                         | $ 100,000 |
| Prepaid registration fees                                                                                                                    | 93,986    |
| Total assets                                                                                                                                 | 193,986   |
|                                                                                                                                              |           |
| Liabilities                                                                                                                                  |           |
| Payable to manager                                                                                                                           | (93,986)  |
| Total liabilities                                                                                                                            | (93,986)  |
|                                                                                                                                              |           |
| NET ASSETS                                                                                                                                   | $100,000  |
|                                                                                                                                              |           |
| OFFERING AND REDEMPTION PRICE                                                                                                                | $10.00    |
|                                                                                                                                              |           |
| Net Assets Consist of:                                                                                                                       |           |
| Paid-in-capital applicable to 10,000 shares of $0.0001par value capital stock outstanding; 1,000,000,000shares of the corporation authorized | $100,000  |

----

| T. Rowe price STRATEGIC INCOME fundstatement of OPERATIONS |                  |
|------------------------------------------------------------|------------------|
|                                                            | December 2, 2008 |
|                                                            |                  |
| Expenses                                                   |                  |
| Organization expenses                                      | $ 170            |
| Reimbursed by manager                                      | (170)            |
|                                                            |                  |
| Net investment income                                      | --               |
|                                                            |                  |
|                                                            |                  |
| INCREASE (DECREASE) IN NET ASSETS                          |                  |
| FROM START-UP OPERATIONS                                   | $     --         |

----

----

----

| T. Rowe price U.S. Large-cap corefundjune 11, 2009statement of assets and liabilities                                                        |           |
|----------------------------------------------------------------------------------------------------------------------------------------------|-----------|
|                                                                                                                                              |           |
| Assets                                                                                                                                       |           |
| Cash                                                                                                                                         | $ 100,000 |
| Prepaid registration fees                                                                                                                    | 91,686    |
| Total assets                                                                                                                                 | 191,686   |
|                                                                                                                                              |           |
| Liabilities                                                                                                                                  |           |
| Payable to manager                                                                                                                           | (91,686)  |
| Total liabilities                                                                                                                            | (91,686)  |
|                                                                                                                                              |           |
| NET ASSETS                                                                                                                                   | $100,000  |
|                                                                                                                                              |           |
| OFFERING AND REDEMPTION PRICE                                                                                                                | $10.00    |
|                                                                                                                                              |           |
| Net Assets Consist of:                                                                                                                       |           |
| Paid-in-capital applicable to 10,000 shares of $0.0001par value capital stock outstanding; 1,000,000,000shares of the corporation authorized | $100,000  |

----

| T. Rowe price U.S. Large-cap corefundstatement of OPERATIONS |               |
|--------------------------------------------------------------|---------------|
|                                                              | June 11, 2009 |
|                                                              |               |
| Expenses                                                     |               |
| Organization expenses                                        | $ 170         |
| Reimbursed by manager                                        | (170)         |
|                                                              |               |
| Net investment income                                        | --            |
|                                                              |               |
|                                                              |               |
| INCREASE (DECREASE) IN NET ASSETS                            |               |
| FROM START-UP OPERATIONS                                     | $     --      |

----

----

----

| PART II — TABLE OF CONTENTS         |     |  |                                                         |     |
|------------------------------------------|-----|--|---------------------------------------------------------|-----|
||
||
||
| Investment Objectives and Policies       | 168 |  | In-Kind Redemptions and Purchases                       | 227 |
| Risk Factors                             | 168 |  | Tax Status                                              | 227 |
| Portfolio Securities                     | 184 |  | Capital Stock                                           | 230 |
| Derivatives                              | 199 |  | Organization of the Funds                               | 235 |
| Portfolio Management Practices           | 214 |  | Proxy Voting —Process and Policies                 | 236 |
| Investment Restrictions                  | 216 |  | Federal Registration of Shares                          | 239 |
| Custodian                                | 221 |  | Legal Counsel                                           | 239 |
| Code of Ethics                           | 222 |  | Ratings of Commercial Paper                             | 239 |
| Disclosure of Fund Portfolio Information | 222 |  | Ratings of Corporate and Municipal Debt Securities      | 240 |
| Pricing of Securities                    | 225 |  | Ratings of Municipal Notes and Variable Rate Securities | 241 |
| Net Asset Value per Share                | 225 |  | Index                                                   | 242 |
| Dividends and Distributions              | 227 |  |                                                         |     |

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| Service Provider              | Service                                       |
|-------------------------------|-----------------------------------------------|
| American Stock Exchange       | Systems Vendor                                |
| Barclays Capital              | Systems Vendor                                |
| Bloomberg                     | Systems Vendor                                |
| Bowne & Company           | Systems Vendor                                |
| Broadridge Systems            | Systems Vendor                                |
| Business Objects              | Systems Vendor                                |
| Cabot Research                | Systems Vendor                                |
| Charles River                 | Systems Vendor                                |
| Citigroup                     | Systems Vendor                                |
| Cognizant                     | Systems Vendor                                |
| COR Financial Solutions       | Systems Vendor                                |
| DSTI                          | Systems Vendor                                |
| Eagle                         | Systems Vendor                                |
| FactSet                       | Systems Vendor                                |
| Interactive Data              | Pricing and Systems Vendor                    |
| Investor Tools, Inc.          | Systems Vendor                                |
| ITG, Inc.                     | Pricing and Systems Vendor                    |
| Jefferson Wells International | Professional Staffing Service                 |
| JPMorgan Chase                | Pricing Vendor                                |
| JPMorgan Chase, London        | Custodian                                     |
| Macgregor                     | Systems Vendor                                |
| Markit WSO Corporation        | Systems Vendor                                |
| McArdle Printing Company      | Printing and Mailing Vendor                   |
| Omgeo LLC                     | Systems Vendor                                |
| Portware, LLC                 | Systems Vendor                                |
| PricewaterhouseCoopers LLP    | Independent Registered Public Accounting Firm |
| RiskMetrics Group, Inc.       | Proxy and Systems Vendor                      |
| S&P/JJ Kenny              | Pricing Vendor                                |
| Serena                        | Systems Vendor                                |
| SmartStream Technologies      | Systems Vendor                                |
| State Street Bank             | Custodian                                     |
| Sybase Inc.                   | Systems Vendor                                |
| Thomson Reuters               | Pricing Vendor                                |
| Vision                        | Systems Vendor                                |
| Wall Street Concepts, Inc.    | Market Information Vendor                     |
| WCI Consulting                | Systems Vendor                                |
| Wilhelm and Cooper LLC        | Professional Staffing Service                 |
| Wilshire                      | Systems Vendor                                |

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| Maryland Corporations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| T. Rowe Price Balanced Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. Rowe Price Blue Chip Growth Fund, Inc. (fund)T. Rowe Price Blue Chip Growth Fund—Advisor Class (class)T. Rowe Price Blue Chip Growth Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. Rowe Price Capital Opportunity Fund, Inc. (fund)T. Rowe Price Capital Opportunity Fund—Advisor Class (class)T. Rowe Price Capital Opportunity Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. Rowe Price Corporate Income Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. Rowe Price Diversified Mid-Cap Growth Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. Rowe Price Diversified Small-Cap Growth Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. Rowe Price Dividend Growth Fund, Inc. (fund)    T. Rowe Price Dividend Growth Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. Rowe Price Financial Services Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| T. Rowe Price Global Real Estate Fund, Inc. (fund)T. Rowe Price Global Real Estate Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. Rowe Price Global Technology Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. Rowe Price Growth & Income Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. Rowe Price Growth Stock Fund, Inc. (fund)T. Rowe Price Growth Stock Fund—Advisor Class (class)T. Rowe Price Growth Stock Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. Rowe Price Health Sciences Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. Rowe Price High Yield Fund, Inc. (fund)T. Rowe Price High Yield Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. Rowe Price Index Trust, Inc. (corporation)T. Rowe Price Equity Index 500 Fund (series)T. Rowe Price Extended Equity Market Index Fund (series)T. Rowe Price Total Equity Market Index Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. Rowe Price Inflation Protected Bond Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| T. Rowe Price Institutional Equity Funds, Inc. (corporation)T. Rowe Price Institutional Large-Cap Core Growth Fund (series)T. Rowe Price Institutional Large-Cap Growth Fund (series)T. Rowe Price Institutional Large-Cap Value Fund (series)T. Rowe Price Institutional Mid-Cap Equity Growth Fund (series)T. Rowe Price Institutional Small-Cap Stock Fund (series)T. Rowe Price Institutional U.S. Structured Research Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. Rowe Price Institutional Income Funds, Inc. (corporation)T. Rowe Price Institutional Core Plus Fund (series)T. Rowe Price Institutional Floating Rate Fund (series)    T. Rowe Price Institutional High Yield Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. Rowe Price Institutional International Funds, Inc. (corporation)T. Rowe Price Institutional Africa & Middle East Fund (series)T. Rowe Price Institutional Emerging Markets Bond Fund (series)T. Rowe Price Institutional Emerging Markets Equity Fund (series)T. Rowe Price Institutional Foreign Equity Fund (series)T. Rowe Price Institutional Global Equity Fund (series)T. Rowe Price Institutional Global Large-Cap Equity Fund (series)T. Rowe Price Institutional International Bond Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| T. Rowe Price International Funds, Inc. (corporation)T. Rowe Price Africa & Middle East Fund (series)T. Rowe Price Emerging Europe & Mediterranean Fund (series)T. Rowe Price Emerging Markets Bond Fund (series)T. Rowe Price Emerging Markets Stock Fund (series)T. Rowe Price European Stock Fund (series)T. Rowe Price Global Large-Cap Stock Fund (series)T. Rowe Price Global Large-Cap Stock Fund—Advisor Class (class)T. Rowe Price Global Stock Fund (series)T. Rowe Price Global Stock Fund—Advisor Class (class)T. Rowe Price International Bond Fund (series)T. Rowe Price International Bond Fund—Advisor Class (class)T. Rowe Price International Discovery Fund (series)T. Rowe Price International Growth & Income Fund (series)T. Rowe Price International Growth & Income Fund—Advisor Class (class)T. Rowe Price International Growth & Income Fund—R Class (class)T. Rowe Price International Stock Fund (series)T. Rowe Price International Stock Fund—Advisor Class (class)T. Rowe Price International Stock Fund—R Class (class)T. Rowe Price Japan Fund (series)T. Rowe Price Latin America Fund (series)T. Rowe Price New Asia Fund (series)  T. Rowe Price Overseas Stock Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. Rowe Price International Index Fund, Inc. (corporation)T. Rowe Price International Equity Index Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| T. Rowe Price Media & Telecommunications Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. Rowe Price Mid-Cap Growth Fund, Inc. (fund)T. Rowe Price Mid-Cap Growth Fund—Advisor Class (class)T. Rowe Price Mid-Cap Growth Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| T. Rowe Price Mid-Cap Value Fund, Inc. (fund)T. Rowe Price Mid-Cap Value Fund—Advisor Class (class)T. Rowe Price Mid-Cap Value Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. Rowe Price New Era Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| T. Rowe Price New Horizons Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. Rowe Price New Income Fund, Inc. (fund)T. Rowe Price New Income Fund—Advisor Class (class)T. Rowe Price New Income Fund—R Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| T. Rowe Price Personal Strategy Funds, Inc. (corporation)T. Rowe Price Personal Strategy Balanced Fund (series)T. Rowe Price Personal Strategy Growth Fund (series)T. Rowe Price Personal Strategy Income Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| T. Rowe Price Prime Reserve Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| T. Rowe Price Real Estate Fund, Inc. (fund)T. Rowe Price Real Estate Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. Rowe Price Reserve Investment Funds, Inc. (corporation)T. Rowe Price Government Reserve Investment Fund (series)    T. Rowe Price Reserve Investment Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. Rowe Price Retirement Funds, Inc. (corporation)T. Rowe Price Retirement 2005 Fund (series)T. Rowe Price Retirement 2005 Fund—Advisor Class (class)T. Rowe Price Retirement 2005 Fund—R Class (class)T. Rowe Price Retirement 2010 Fund (series)T. Rowe Price Retirement 2010 Fund—Advisor Class (class)T. Rowe Price Retirement 2010 Fund—R Class (class)T. Rowe Price Retirement 2015 Fund (series)T. Rowe Price Retirement 2015 Fund—Advisor Class (class)T. Rowe Price Retirement 2015 Fund—R Class (class)T. Rowe Price Retirement 2020 Fund (series)T. Rowe Price Retirement 2020 Fund—Advisor Class (class)T. Rowe Price Retirement 2020 Fund—R Class (class)T. Rowe Price Retirement 2025 Fund (series)T. Rowe Price Retirement 2025 Fund—Advisor Class (class)T. Rowe Price Retirement 2025 Fund—R Class (class)T. Rowe Price Retirement 2030 Fund (series)T. Rowe Price Retirement 2030 Fund—Advisor Class (class)T. Rowe Price Retirement 2030 Fund—R Class (class)T. Rowe Price Retirement 2035 Fund (series)T. Rowe Price Retirement 2035 Fund—Advisor Class (class)T. Rowe Price Retirement 2035 Fund—R Class (class)T. Rowe Price Retirement 2040 Fund (series)T. Rowe Price Retirement 2040 Fund—Advisor Class (class)T. Rowe Price Retirement 2040 Fund—R Class (class)T. Rowe Price Retirement 2045 Fund (series)T. Rowe Price Retirement 2045 Fund—Advisor Class (class)T. Rowe Price Retirement 2045 Fund—R Class (class)T. Rowe Price Retirement 2050 Fund (series)T. Rowe Price Retirement 2050 Fund—Advisor Class (class)T. Rowe Price Retirement 2050 Fund—R Class (class)T. Rowe Price Retirement 2055 Fund (series)T. Rowe Price Retirement 2055 Fund—Advisor Class (class)T. Rowe Price Retirement 2055 Fund—R Class (class)T. Rowe Price Retirement Income Fund (series)T. Rowe Price Retirement Income Fund—Advisor Class (class)T. Rowe Price Retirement Income Fund—R Class (class) |
| T. Rowe Price Science & Technology Fund, Inc. (fund)T. Rowe Price Science & Technology Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. Rowe Price Short-Term Bond Fund, Inc. (fund)T. Rowe Price Short-Term Bond Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. Rowe Price Short-Term Income Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. Rowe Price Small-Cap Stock Fund, Inc. (fund)T. Rowe Price Small-Cap Stock Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. Rowe Price Small-Cap Value Fund, Inc. (fund)T. Rowe Price Small-Cap Value Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. Rowe Price Spectrum Fund, Inc. (corporation)    Spectrum Growth Fund (series)    Spectrum Income Fund (series)    Spectrum International Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. Rowe Price Strategic Income Fund, Inc. (fund)T. Rowe Price Strategic Income Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. Rowe Price Summit Funds, Inc. (corporation)T. Rowe Price Summit Cash Reserves Fund (series)T. Rowe Price Summit GNMA Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. Rowe Price Summit Municipal Funds, Inc. (corporation)T. Rowe Price Summit Municipal Money Market Fund (series)T. Rowe Price Summit Municipal Intermediate Fund (series)T. Rowe Price Summit Municipal Income Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| T. Rowe Price Tax-Efficient Funds, Inc. (corporation)T. Rowe Price Tax-Efficient Balanced Fund (series)T. Rowe Price Tax-Efficient Growth Fund (series)T. Rowe Price Tax-Efficient Multi-Cap Growth Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. Rowe Price Tax-Exempt Money Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| T. Rowe Price Tax-Free High Yield Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| T. Rowe Price Tax-Free Income Fund, Inc. (fund)T. Rowe Price Tax-Free Income Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| T. Rowe Price U.S. Bond Index Fund, Inc. (fund)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. Rowe Price U.S. Large-Cap Core Fund, Inc. (fund)T. Rowe Price U.S. Large-Cap Core Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| T. Rowe Price U.S. Treasury Funds, Inc. (corporation)    U.S. Treasury Intermediate Fund (series)    U.S. Treasury Long-Term Fund (series)    U.S. Treasury Money Fund (series)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| T. Rowe Price Value Fund, Inc. (fund)T. Rowe Price Value Fund—Advisor Class (class)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

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

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| INDEX                                         |     |  |                                                         |     |
|-----------------------------------------------|-----|--|---------------------------------------------------------|-----|
||
||
||
| Capital Stock                                 | 230 |  | Organization of the Funds                               | 235 |
| Code of Ethics                                | 222 |  | Other Shareholder Services                              | 127 |
| Custodian                                     | 221 |  | Part I                                                  | 6   |
| Derivatives                                   | 199 |  | Part II                                                 | 168 |
| Disclosure of Fund Portfolio Information      | 222 |  | Portfolio Management Practices                          | 214 |
| Distributor for the Funds                     | 132 |  | Portfolio Securities                                    | 184 |
| Dividends and Distributions                   | 227 |  | Portfolio Transactions                                  | 135 |
| Federal Registration of Shares                | 239 |  | Pricing of Securities                                   | 225 |
| Independent Registered Public Accounting Firm | 167 |  | Principal Holders of Securities                         | 78  |
| In-Kind Redemptions and Purchases             | 227 |  | Proxy Voting —Process and Policies                 | 236 |
| Investment Management Agreements              | 110 |  | Ratings of Commercial Paper                             | 239 |
| Investment Objectives and Policies            | 168 |  | Ratings of Corporate and Municipal Debt Securities      | 240 |
| Investment Restrictions                       | 216 |  | Ratings of Municipal Notes and Variable Rate Securities | 241 |
| Legal Counsel                                 | 239 |  | Risk Factors                                            | 168 |
| Management of the Funds                       | 12  |  | Tax Status                                              | 227 |
| Net Asset Value per Share                     | 225 |  |                                                         |     |

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| Name                       | Company Name                                      | Position HeldWith Company                                           |
|----------------------------|---------------------------------------------------|---------------------------------------------------------------------|
| Christopher D. Alderson    | T. Rowe Price Global Investment Services Limited  | Vice President                                                      |
|                            | T. Rowe Price Group, Inc.                         | Vice President                                                      |
|                            | T. Rowe Price (Luxembourg) Management SARL   | Director                                                            |
|                            | T. Rowe Price International, Inc.                 | Chief Executive OfficerDirectorPresident                            |
| Edward C. Bernard          | T. Rowe Price Advisory Services, Inc.             | DirectorPresident                                                   |
|                            | T. Rowe Price Associates, Inc.                    | DirectorVice President                                              |
|                            | T. Rowe Price (Canada), Inc.                      | DirectorPresident                                                   |
|                            | T. Rowe Price Global Asset Management Limited     | Chairman of the BoardDirector                                       |
|                            | T. Rowe Price Global Investment Services Limited  | Chairman of the BoardDirector                                       |
|                            | T. Rowe Price Group, Inc.                         | Vice Chairman of the BoardDirectorVice President                    |
|                            | T. Rowe Price Insurance Agency, Inc.              | DirectorPresident                                                   |
|                            | T. Rowe Price International, Inc.                 | Director                                                            |
|                            | T. Rowe Price Investment Services, Inc.           | Chairman of the BoardDirectorPresident                              |
|                            | T. Rowe Price (Luxembourg) Management SARL   | Director                                                            |
|                            | T. Rowe Price Retirement Plan Services, Inc.      | Chairman of the BoardDirector                                       |
|                            | T. Rowe Price Savings Bank                        | Chairman of the BoardDirector                                       |
|                            | T. Rowe Price Services, Inc.                      | Chairman of the BoardDirector                                       |
|                            | T. Rowe Price Trust Company                       | Chairman of the BoardChief Executive OfficerDirectorPresident       |
| Jeremy M. Fisher           | T. Rowe Price Global Asset Management Limited     | Chief Compliance OfficerVice President                              |
|                            | T. Rowe Price Global Investment Services Limited  | Chief Compliance OfficerVice President                              |
|                            | T. Rowe Price Group, Inc.                         | Vice President                                                      |
|                            | T. Rowe Price International, Inc.                 | Chief Compliance OfficerVice President                              |
| John R. Gilner             | T. Rowe Price Advisory Services, Inc.             | Chief Compliance Officer                                            |
|                            | T. Rowe Price Associates, Inc.                    | Chief Compliance OfficerVice President                              |
|                            | T. Rowe Price (Canada), Inc.                      | Chief Compliance OfficerVice President                              |
|                            | T. Rowe Price Group, Inc.                         | Vice President                                                      |
|                            | T. Rowe Price Investment Services, Inc.           | Vice President                                                      |
| James A.C. Kennedy         | T. Rowe Price Associates, Inc.                    | DirectorPresident                                                   |
|                            | T. Rowe Price Global Asset Management Limited     | Director                                                            |
|                            | T. Rowe Price Global Investment Services Limited  | Director                                                            |
|                            | T. Rowe Price Group, Inc.                         | Chief Executive OfficerDirectorPresident                            |
|                            | T. Rowe Price International, Inc.                 | Director                                                            |
| Mary J. Miller             | T. Rowe Price Associates, Inc.                    | DirectorVice President                                              |
|                            | T. Rowe Price Group, Inc.                         | Vice President                                                      |
|                            | T. Rowe Price Recovery Fund II Associates, L.L.C. | Director                                                            |
|                            | T. Rowe Price Trust Company                       | Director                                                            |
| Kenneth V. Moreland        | T. Rowe Price Associates, Inc.                    | Chief Financial Officer                                             |
|                            | TRP Colorado Springs, LLC.                        | President                                                           |
|                            | T. Rowe Price Group, Inc.                         | Chief Financial OfficerVice President                               |
|                            | TRP Finance, Inc.                                 | Chairman of the BoardDirectorPresident                              |
|                            | TRP Office Florida, LLC                           | President                                                           |
|                            | TRP Suburban, Inc.                                | DirectorPresident                                                   |
|                            | TRP Suburban Second, Inc.                         | DirectorPresident                                                   |
| Brian C. Rogers            | T. Rowe Price Associates, Inc.                    | Chief Investment OfficerDirectorVice President                      |
|                            | T. Rowe Price Group, Inc.                         | Chairman of the BoardChief Investment OfficerDirectorVice President |
|                            | TRP Finance, Inc.                                 | Director                                                            |
|                            | T. Rowe Price Trust Company                       | Vice President                                                      |
| R. Todd Ruppert            | T. Rowe Price Associates, Inc.                    | Vice President                                                      |
|                            | T. Rowe Price Global Asset Management Limited     | Chief Executive OfficerDirectorPresident                            |
|                            | T. Rowe Price Global Investment Services Limited  | Chief Executive OfficerDirectorPresident                            |
|                            | T. Rowe Price Group, Inc.                         | Vice President                                                      |
|                            | T. Rowe Price (Luxembourg) Management SARL   | Director                                                            |
|                            | T. Rowe Price Retirement Plan Services, Inc.      | Vice President                                                      |
|                            | T. Rowe Price Trust Company                       | Vice President                                                      |
|                            | TRPH Corporation                                  | DirectorPresident                                                   |
|                            | T. Rowe Price (Canada), Inc.                      | Vice President                                                      |
| William W. Strickland, Jr. | T. Rowe Price Associates, Inc.                    | Vice President                                                      |
|                            | T. Rowe Price Group, Inc.                         | Chief Technology OfficerVice President                              |

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

----

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| Name                        | Positions and OfficesWith Underwriter         | Positions and OfficesWith Registrant |
|-----------------------------|-----------------------------------------------|--------------------------------------|
| Edward C. Bernard           | Chairman of the Board, Director,and President | Chairman of the Board                |
| John H. Cammack             | Director and Vice President                   | None                                 |
| David Oestreicher           | Director and Vice President                   | Vice President                       |
| Wayne D. O`Melia            | Director and Vice President                   | None                                 |
| Sarah McCafferty            | Compliance Officer and Vice President         | None                                 |
| Lorraine J. Andrews         | Vice President                                | None                                 |
| Jerrold Appelbaum           | Vice President                                | None                                 |
| Steven J. Banks             | Vice President                                | None                                 |
| John H. Boyd                | Vice President                                | None                                 |
| Renee Q. Boyd               | Vice President                                | None                                 |
| Darrell N. Braman           | Vice President                                | None                                 |
| Ronae M. Brock              | Vice President                                | None                                 |
| Martin P. Brown             | Vice President                                | None                                 |
| Margo B. Bryant             | Vice President                                | None                                 |
| Sheila P. Callahan          | Vice President                                | None                                 |
| Meredith C. Callanan        | Vice President                                | None                                 |
| Christine M. Carolan        | Vice President                                | None                                 |
| Laura H. Chasney            | Vice President                                | None                                 |
| Renee M. Christoff          | Vice President                                | None                                 |
| Dominick A. Cipolla         | Vice President                                | None                                 |
| Jerome A. Clark             | Vice President                                | None                                 |
| Todd M. Cleary              | Vice President                                | None                                 |
| Joseph A. Crumbling         | Vice President                                | None                                 |
| Peter A. DeLibro            | Vice President                                | None                                 |
| Lauren D. DeLuca            | Vice President                                | None                                 |
| Timothy S. Dignan           | Vice President                                | None                                 |
| Edward L. Dunn, Jr.         | Vice President                                | None                                 |
| LeSales S. Dunworth         | Vice President                                | None                                 |
| Dennis J. Elliott           | Vice President                                | None                                 |
| James P. Erceg              | Vice President                                | None                                 |
| Christine S. Fahlund        | Vice President                                | None                                 |
| Amy M. Frederick            | Vice President                                | None                                 |
| John A. Galateria           | Vice President                                | None                                 |
| Thomas A. Gannon            | Vice President                                | None                                 |
| John R. Gilner              | Vice President                                | Chief Compliance Officer             |
| Leah B. Greenstein          | Vice President                                | None                                 |
| Brian L. Habas              | Vice President                                | None                                 |
| John Halaby                 | Vice President                                | None                                 |
| Douglas E. Harrison         | Vice President                                | None                                 |
| Kristen L. Heerema          | Vice President                                | None                                 |
| Walter J. Helmlinger        | Vice President                                | None                                 |
| Keller L. Hoak              | Vice President                                | None                                 |
| Christopher J. Huffman      | Vice President                                | None                                 |
| Karen J. Igler              | Vice President                                | None                                 |
| Thomas E. Kazmierczak, Jr.  | Vice President                                | None                                 |
| Brent F. Korte              | Vice President                                | None                                 |
| Steven A. Larson            | Vice President                                | None                                 |
| Gina M. Lea                 | Vice President                                | None                                 |
| Jodi Ann Lopiano            | Vice President                                | None                                 |
| Kimberly W. Madore          | Vice President                                | None                                 |
| Ryan D. Matherly            | Vice President                                | None                                 |
| Mark J. Mitchell            | Vice President                                | None                                 |
| Thomas R. Morelli           | Vice President                                | None                                 |
| Dana P. Morgan              | Vice President                                | None                                 |
| Paul Musante                | Vice President                                | None                                 |
| Steven E. Norwitz           | Vice President                                | None                                 |
| Edmund M. Notzon III        | Vice President                                | None                                 |
| Michele Pacitto             | Vice President                                | None                                 |
| Kristine A. Paden           | Vice President                                | None                                 |
| Glenn A. Pendleton          | Vice President                                | None                                 |
| David B. Petty              | Vice President                                | None                                 |
| Fran M. Pollack-Matz        | Vice President                                | None                                 |
| Brian R. Poole              | Vice President                                | None                                 |
| Naomi S. Proshan            | Vice President                                | None                                 |
| Kenna E. Quereau            | Vice President                                | None                                 |
| Seamus A. Ray               | Vice President                                | None                                 |
| Michael D. Regulski         | Vice President                                | None                                 |
| Suzanne J. Ricklin          | Vice President                                | None                                 |
| George D. Riedel            | Vice President                                | None                                 |
| Ann R. Schultz              | Vice President                                | None                                 |
| Kristin E. Seeberger        | Vice President                                | None                                 |
| Deborah D. Seidel           | Vice President                                | None                                 |
| John W. Seufert             | Vice President                                | None                                 |
| Kevin C. Shea               | Vice President                                | None                                 |
| Scott L. Sherman            | Vice President                                | None                                 |
| Thomas L. Siedell           | Vice President                                | None                                 |
| Donna B. Singer             | Vice President                                | None                                 |
| Carole Hofmeister Smith     | Vice President                                | None                                 |
| Sandra L. Stinson           | Vice President                                | None                                 |
| Scott Such                  | Vice President                                | None                                 |
| John M. Townsend            | Vice President                                | None                                 |
| Jerome Tuccille             | Vice President                                | None                                 |
| Judith B. Ward              | Vice President                                | None                                 |
| Regina M. Watson            | Vice President                                | None                                 |
| William R. Weker, Jr.       | Vice President                                | None                                 |
| Lois A. Welsh               | Vice President                                | None                                 |
| Teresa F. Whitaker          | Vice President                                | None                                 |
| Natalie C. Widdowson        | Vice President                                | None                                 |
| James Zurad                 | Vice President                                | None                                 |
| Barbara A. O`Connor         | Treasurer and Vice President                  | None                                 |
| Barbara A. Van Horn         | Secretary                                     | None                                 |
| Megan R. Abbruzzese         | Assistant Vice President                      | None                                 |
| Kristen L. Alliger          | Assistant Vice President                      | None                                 |
| Megan A. Anderson           | Assistant Vice President                      | None                                 |
| Megan L. Anderson           | Assistant Vice President                      | None                                 |
| Cheryl L. Armitage          | Assistant Vice President                      | None                                 |
| Kerrie L. Bailey            | Assistant Vice President                      | None                                 |
| Benjamin S. Ballard         | Assistant Vice President                      | None                                 |
| Carl P. Beernink            | Assistant Vice President                      | None                                 |
| Cheri M. Belski             | Assistant Vice President                      | None                                 |
| Catherine L. Berkenkemper   | Assistant Vice President                      | None                                 |
| Timothy P. Boia             | Assistant Vice President                      | None                                 |
| Jonathan C. Boldebuck       | Assistant Vice President                      | None                                 |
| Kendra M. Bramble           | Assistant Vice President                      | None                                 |
| David C. Burbank            | Assistant Vice President                      | None                                 |
| Michael A. Capella          | Assistant Vice President                      | None                                 |
| Danielle M. Chaisson        | Assistant Vice President                      | None                                 |
| Cynthia M. Ciangio          | Assistant Vice President                      | None                                 |
| Basil Clarke                | Assistant Vice President                      | None                                 |
| Michael R. Cotter           | Assistant Vice President                      | None                                 |
| Colleen S. Councell         | Assistant Vice President                      | None                                 |
| Kellie L. Cummings          | Assistant Vice President                      | None                                 |
| Susan M. D`Angelo           | Assistant Vice President                      | None                                 |
| Terrence L. Davis           | Assistant Vice President                      | None                                 |
| Heather S. Dondis           | Assistant Vice President                      | None                                 |
| William P. Duffy            | Assistant Vice President                      | None                                 |
| Jean M. Dunn                | Assistant Vice President                      | None                                 |
| Cheryl L. Emory             | Assistant Vice President                      | None                                 |
| Richard A. Fernandez        | Assistant Vice President                      | None                                 |
| Andrew Fluet                | Assistant Vice President                      | None                                 |
| Kerry L. Fox                | Assistant Vice President                      | None                                 |
| Dixie M. Frank              | Assistant Vice President                      | None                                 |
| Katherine M. Gavin          | Assistant Vice President                      | None                                 |
| David M. Gonzalez           | Assistant Vice President                      | None                                 |
| Jason L. Gounaris           | Assistant Vice President                      | None                                 |
| Alan P. Graff               | Assistant Vice President                      | None                                 |
| Shannon J. Greene           | Assistant Vice President                      | None                                 |
| Stephen Y. Greene           | Assistant Vice President                      | None                                 |
| Seth Gusman                 | Assistant Vice President                      | None                                 |
| Zane M. Hall                | Assistant Vice President                      | None                                 |
| Merrill H. Harrison         | Assistant Vice President                      | None                                 |
| Philip E. Hauser            | Assistant Vice President                      | None                                 |
| Charlie J. Heinzer          | Assistant Vice President                      | None                                 |
| Michael C. Hoffman          | Assistant Vice President                      | None                                 |
| Todd A. Hoot                | Assistant Vice President                      | None                                 |
| Shawn M. Isaacson           | Assistant Vice President                      | None                                 |
| Andrew G. Jacobs Van Merlen | Assistant Vice President                      | None                                 |
| Daniel M. Jarrett           | Assistant Vice President                      | None                                 |
| Christopher D. Johnson      | Assistant Vice President                      | None                                 |
| Jonathan Keeler             | Assistant Vice President                      | None                                 |
| David Kepner                | Assistant Vice President                      | None                                 |
| Anne Kim                    | Assistant Vice President                      | None                                 |
| Suzanne M. Knoll            | Assistant Vice President                      | None                                 |
| Michael J. Kubik            | Assistant Vice President                      | None                                 |
| Andrew V. Kyle              | Assistant Vice President                      | None                                 |
| Douglas C. Lambert          | Assistant Vice President                      | None                                 |
| Mary Beth Lange             | Assistant Vice President                      | None                                 |
| Paula V. Lattanzi           | Assistant Vice President                      | None                                 |
| Patricia B. Lippert         | Assistant Vice President                      | Secretary                            |
| Mary Heather Roosevelt Long | Assistant Vice President                      | None                                 |
| Amy B. Murphy               | Assistant Vice President                      | None                                 |
| Timothy C. Murray           | Assistant Vice President                      | None                                 |
| Mary J. Namian              | Assistant Vice President                      | None                                 |
| Gail M. Neidinger           | Assistant Vice President                      | None                                 |
| James C. Neubauer           | Assistant Vice President                      | None                                 |
| Dave J. Notarangelo         | Assistant Vice President                      | None                                 |
| Dennis J. O`Connell         | Assistant Vice President                      | None                                 |
| JeanneMarie B. Patella      | Assistant Vice President                      | None                                 |
| Beth C. Plotkins            | Assistant Vice President                      | None                                 |
| Danielle Plumb              | Assistant Vice President                      | None                                 |
| Ann M. Powers               | Assistant Vice President                      | None                                 |
| Valdra C. Pufpaff           | Assistant Vice President                      | None                                 |
| Shawn D. Reagan             | Assistant Vice President                      | None                                 |
| Diana N. Reck               | Assistant Vice President                      | None                                 |
| Sean P. Rentch              | Assistant Vice President                      | None                                 |
| Bart A. Riccardi            | Assistant Vice President                      | None                                 |
| Stuart L. Ritter            | Assistant Vice President                      | None                                 |
| Talmadge C. Rose            | Assistant Vice President                      | None                                 |
| David A. Ross               | Assistant Vice President                      | None                                 |
| Brooke A. Sank              | Assistant Vice President                      | None                                 |
| Jason M. Scarborough        | Assistant Vice President                      | None                                 |
| Natalie C. Seal             | Assistant Vice President                      | None                                 |
| Rania B. Selfani            | Assistant Vice President                      | None                                 |
| Jae M. Shin                 | Assistant Vice President                      | None                                 |
| George S. Shirk III         | Assistant Vice President                      | None                                 |
| Danielle Nicholson Smith    | Assistant Vice President                      | None                                 |
| Ian M. Smith                | Assistant Vice President                      | None                                 |
| Craig J. St. Thomas         | Assistant Vice President                      | None                                 |
| John A. Stranovsky          | Assistant Vice President                      | None                                 |
| Brian Sullam                | Assistant Vice President                      | None                                 |
| Brent W. Warner             | Assistant Vice President                      | None                                 |
| Mary G. Williams            | Assistant Vice President                      | None                                 |
| Jesse Wilson                | Assistant Vice President                      | None                                 |
| David F. Wirth              | Assistant Vice President                      | None                                 |
| Beverly Wisbar              | Assistant Vice President                      | None                                 |
| Barrett Wragg               | Assistant Vice President                      | None                                 |
| Lea B. Wray                 | Assistant Vice President                      | None                                 |
| Joan E. Flister             | Assistant Secretary                           | None                                 |

----

----

----

----

----

| Signature                              | Title                                          | Date        |
|----------------------------------------|------------------------------------------------|-------------|
| /s/Edward C. BernardEdward C. Bernard  | Chairman of the Board(Chief Executive Officer) | May 4, 2010 |
| /s/Gregory K. HinkleGregory K. Hinkle  | Treasurer (ChiefFinancial Officer)             | May 4, 2010 |
| *JeremiahE. Casey                      | Director                                       | May 4, 2010 |
| *Anthony W. Deering                    | Director                                       | May 4, 2010 |
| *Donald W. Dick, Jr.                   | Director                                       | May 4, 2010 |
| *Karen N. Horn                         | Director                                       | May 4, 2010 |
| /s/Mary J. MillerMary J. Miller        | Director and President                         | May 4, 2010 |
| *TheoC. Rodgers                        | Director                                       | May 4, 2010 |
| *John G. Schreiber                     | Director                                       | May 4, 2010 |
| *Mark R. Tercek                        | Director                                       | May 4, 2010 |
| */s/David OestreicherDavid Oestreicher | Vice President andAttorneyInFact               | May 4, 2010 |

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