<PAGE>
--------------------------------------------------------------------------------
Semiannual Report Financial Statements
--------------------------------------------------------------------------------
T. ROWE PRICE
TAX-FREE
INTERMEDIATE
BOND FUND
---------------
AUGUST 31, 2000
---------------
--------------------
PORTFOLIO HIGHLIGHTS
--------------------------------------------------------------------------------
SECTOR DIVERSIFICATION
Percent of Percent of
Net Asset Net Assets
2/29/00 8/31/00
--------------------------------------------------------------------------------
Dedicated Tax Revenue 15% 16%
General Obligations - State 12 11
General Obligations - Local 12 10
Solid Waste Revenue 10 10
Air and Sea Transportation Revenue 8 8
Nuclear Revenue 8 8
Water and Sewer Revenue 4 6
Electric Revenue 8 6
Hospital Revenue 6 5
Lease Revenue 4 4
Housing Finance Revenue 3 4
Educational Revenue 3 4
Industrial and Pollution Control Revenue 2 4
All Others 4 3
Other Assets Less Liabilities 1 1
--------------------------------------------------------------------------------
Total 100% 100%
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
Unaudited
--------------------
FINANCIAL HIGHLIGHTS For a share outstanding throughout each period
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
6 Months Year
Ended Ended
8/31/00 2/29/00 2/28/99 2/28/98 2/28/97 2/29/96
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE
Beginning of period $ 10.46 $ 11.13 $ 11.06 $ 10.80 $ 10.84 $ 10.35
Investment activities
Net investment
income (loss) 0.25 0.48 0.48 0.48* 0.48* 0.48*
Net realized and
unrealized gain (loss) 0.27 (0.63) 0.10 0.29 (0.04) 0.49
Total from
investment activities 0.52 (0.15) 0.58 0.77 0.44 0.97
Distributions
Net investment income (0.25) (0.48) (0.48) (0.48) (0.48) (0.48)
Net realized gain -- (0.04) (0.03) (0.03) -- --
Total distributions (0.25) (0.52) (0.51) (0.51) (0.48) (0.48)
NET ASSET VALUE
End of period $ 10.73 $ 10.46 $ 11.13 $ 11.06 $ 10.80 $ 10.84
-------------------------------------------------------------------
Ratios/Supplemental Data
Total return. 5.00% (1.37)% 5.37% 7.31%* 4.19%* 9.57%*
Ratio of total expenses to
average net assets 0.61%+ 0.63% 0.65% 0.65%* 0.65%* 0.65%*
Ratio of net investment
income (loss) to average
net assets 4.64%+ 4.46% 4.35% 4.43%* 4.47%* 4.52%*
Portfolio turnover rate 13.6%+ 47.6% 24.3% 56.1% 76.8% 63.8%
Net assets, end of period
(in thousands) $ 114,736 $ 111,844 $121,053 $108,256 $ 99,176 $ 92,153
</TABLE>
. Total return reflects the rate that an investor would have earned on an
investment in the fund during each period, assuming reinvestment of all
distributions.
* Excludes expenses in excess of a 0.65% voluntary expense limitation in
effect through 2/28/98.
+ Annualized
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
Unaudited August 31, 2000
<TABLE>
<CAPTION>
STATEMENT OF NET ASSETS Par Value
--------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
ALABAMA 2.0%
Decatur Ind. Dev. Board, Solid Waste Disposal
Amoco Chemical, VRDN (Currently 4.45%)* $ 2,300 $ 2,300
Total Alabama (Cost $ 2,300) 2,300
----------
ARIZONA 1.8%
Arizona Transportation Board, Maricopa County, Excise Tax
5.60%, 7/1/02 (AMBAC Insured) 2,000 2,043
Total Arizona (Cost $2,014) 2,043
----------
CALIFORNIA 1.6%
California Public Works Board, Dept. of Corrections
6.00%, 11/1/05 (MBIA Insured) 1,550 1,687
Foothill / Eastern Transportation Corridor Agency
Zero Coupon, 1/15/17 (MBIA Insured) 500 203
Total California (Cost $1,779) 1,890
----------
COLORADO 2.3%
Denver City and County Airport
6.25%, 11/15/06 (MBIA Insured) * 2,500 2,698
Total Colorado (Cost $2,591) 2,698
----------
DISTRICT OF COLUMBIA 0.8%
District of Columbia, GO, 5.25%, 6/1/27 (MBIA Insured) 1,000 939
Total District of Columbia (Cost $845) 939
----------
FLORIDA 7.4%
Dade County, Resource Recovery Fac.
6.00%, 10/1/06 (AMBAC Insured) * 2,950 3,144
Florida Dept. of Natural Resources
Dept. of Environnmental Preservation
5.50%, 7/1/07 (FSA Insured) 3,000 3,164
Florida Division of Bond Fin., Dept. of Environmental Preservation
6.00%, 7/1/05 (MBIA Insured) 2,000 2,130
Total Florida (Cost $8,187) 8,438
----------
</TABLE>
3
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Par Value
---------------------------------------------------------------------------------------------
In thousands
<S> <C> <C>
GEORGIA 4.4%
Georgia Private Colleges & Univ. Auth., Emory Univ. Project
5.75%, 11/1/14 $ 3,000 $ 3,158
Municipal Electric Auth. of Georgia
6.00%, 1/1/06 (AMBAC Insured) 1,770 1,881
Total Georgia (Cost $ 4,931) 5,039
----------
HAWAII 4.4%
Hawaii, GO, 6.00%, 3/1/07 (FSA Insured) 1,805 1,941
Hawaii Airport, 6.70%, 7/1/05 (MBIA Insured)* 3,000 3,104
Total Hawaii (Cost $ 4,987) 5,045
----------
ILLINOIS 6.2%
Chicago, GO, 5.75%, 1/1/05 (AMBAC Insured) 3,200 3,347
Chicago Board of Ed., GO
Zero Coupon, 12/1/12 (FGIC Insured) 1,800 938
Metropolitan Pier & Expo Auth., McCormick Place Expansion
5.375%, 12/15/18 (FGIC Insured) 2,500 2,478
Will County, Amoco Chemical Project, VRDN (Currently 4.45%)* 300 300
Total Illinois (Cost $ 6,965) 7,063
----------
KENTUCKY 0.3%
Louisville and Jefferson County Regional Airport
VRDN (Currently 4.35%)* 400 400
Total Kentucky (Cost $ 400) 400
----------
MARYLAND 8.5%
Maryland CDA, Single Family, 5.70%, 4/1/06 950 986
Montgomery County, GO, Consolidated Public Improvement
5.25%, 5/1/04 3,000 3,089
Northeast Maryland Waste Disposal Auth.
Montgomery County Resources
6.30%, 7/1/16 (MBIA Insured)* 2,000 2,080
7.10%, 1/1/03 (MBIA Insured) 3,400 3,594
Total Maryland (Cost $ 9,512) 9,749
----------
</TABLE>
4
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
Par Value
--------------------------------------------------------------------------------
In thousands
MASSACHUSETTS 4.5%
Massachusetts, GO
6.30%, 11/1/05 (FGIC Insured) $ 1,250 $ 1,347
Consolidated Loan, 5.75%, 9/1/14 2,000 2,107
Massachusetts Water Pollution Abatement Trust
MWRA Program, 6.00%, 8/1/15 1,200 1,281
Massachusetts Water Resources Auth.
5.00%, 3/1/22 (MBIA Insured) 500 466
Total Massachusetts (Cost $4,938) 5,201
--------
MICHIGAN 4.8%
Greater Detroit Resource Recovery Auth.
6.25%, 12/13/05 (AMBAC Insured) 2,000 2,153
Michigan Building Auth.
6.25%, 10/1/03 (AMBAC Insured) 2,000 2,102
Michigan State Hosp. Fin. Auth., Ascension Health Credit
5.30%, 11/15/33 1,200 1,199
Total Michigan (Cost $5,327) 5,454
--------
NEBRASKA 1.8%
Omaha Public Power Dist., 5.50%, 2/1/07 2,000 2,096
Total Nebraska (Cost $2,082) 2,096
--------
NEVADA 1.3%
Clark County Airport, Las Vegas McCarran Intl.
5.00%, 7/1/16 (MBIA Insured) 1,500 1,441
Total Nevada (Cost $1,341) 1,441
--------
NEW JERSEY 3.3%
New Jersey Transportation Auth., Trust Fund
Transportation Systems
5.625%, 6/15/14 1,000 1,052
5.75%, 6/15/11 2,500 2,696
Total New Jersey (Cost $3,582) 3,748
--------
5
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
Par Value
--------------------------------------------------------------------------------
In thousands
NEW YORK 1.3%
Metropolitan Transportation Auth
6.25%, 7/1/05 (MBIA Insured) $1,420 $ 1,527
Total New York (Cost $ 1,455) 1,527
---------
NORTH CAROLINA 3.8%
North Carolina Municipal Power Agency
Catawba Electric, 6.00%, 1/1/04 (MBIA Insured) 4,200 4,389
Total North Carolina (Cost $ 4,310) 4,389
----------
OREGON 2.3%
Portland Sewer Systems, 5.50%, 6/1/05 (FGIC Insured) 2,500 2,610
Total Oregon (Cost $ 2,553) 2,610
---------
PENNSYLVANIA 3.2%
Pennsylvania, GO, 5.375%, 11/15/03 (FGIC Insured) 2,500 2,572
Southeastern Pennsylvania Transportation Auth
4.75%, 3/1/24 (FGIC Insured) 1,270 1,119
Total Pennsylvania (Cost $ 3,618) 3,691
---------
SOUTH CAROLINA 3.3%
Berkeley County, Amoco Chemical, VRDN (Currently 4.45%)* 700 700
Piedmont Municipal Power Agency
5.00%, 1/1/15 (MBIA Insured) 1,000 956
South Carolina, GO, School Fac., 5.75%, 1/1/08 1,995 2,139
Total South Carolina (Cost $ 3,645) 3,795
---------
TENNESSEE 0.7%
Memphis-Shelby County Airport Auth
6.25%, 2/15/11 (MBIA Insured)* 700 768
Total Tennessee (Cost $ 727) 768
---------
6
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
Par Value
--------------------------------------------------------------------------------
In thousands
TEXAS 15.2%
Brazos River Harbor Navigation Dist., Dow Chemical
VRDN (Currently 4.50%)* $ 300 $ 300
Dallas-Fort Worth Regional Airport
7.75%, 11/1/03 (FGIC Insured) 1,000 1,094
Gulf Coast Waste Disposal Auth., Environmental Fac.
Amoco Oil, VRDN (Currently 4.45%)* 100 100
Harris County Health Fac. Dev.
Texas Childrens Hosp., 5.375%, 10/1/12 1,345 1,360
Houston, Water and Sewer, 7.00%, 12/1/03 (AMBAC Insured) 2,650 2,846
Lower Colorado River Auth., Refunding
5.75%, 5/15/11 (FSA Insured) 2,000 2,131
5.875%, 5/15/14 (FSA Insured) 1,750 1,846
North East Independent School Dist., GO, 6.00%, 2/1/16 1,200 1,267
San Antonio Water
6.40%, 5/15/05 (Escrowed to Maturity) (FGIC Insured) 20 22
6.40%, 5/15/05 (FGIC Insured) 85 89
6.40%, 5/15/05 (FGIC Insured)
(Prerefunded 5/15/02+) 45 47
Tarrant County Health Fac. Dev., Texas Health Resources
5.75%, 2/15/10 (MBIA Insured) 2,500 2,568
Texas, TRAN, GO, 5.25%, 8/31/01 2,000 2,019
Texas Dept. of Housing and Community Affairs
Single Family Mortgage
5.75%, 3/1/10 (MBIA Insured) 1,635 1,698
Total Texas (Cost $17,053) 17,387
---------
UTAH 1.4%
Utah Housing Fin. Agency, Single Family Mortgage
6.00%, 7/1/10 * 1,600 1,623
Total Utah (Cost $1,600) 1,623
---------
7
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
Par Value
--------------------------------------------------------------------------------
In thousands
VERMONT 0.3%
Vermont Ed. and Health Buildings Fin. Agency
Medical Center Hosp. of Vermont
6.15%, 9/1/13 (FGIC Insured) $ 350 $ 369
Total Vermont (Cost $ 350) 369
---------
VIRGINIA 5.3%
Riverside Regional Jail Auth., 5.60%, 7/1/06 (MBIA Insured) 1,100 1,158
Virginia Ed. Loan Auth., Student Loan Program
5.80%, 3/1/05 (Escrowed to Maturity)* 980 1,027
Virginia Transportation Board
Northern Virginia Transportation Dist
5.125%, 5/15/17 1,200 1,170
5.80%, 5/15/03 1,425 1,476
5.80%, 5/15/04 695 727
Washington D.C. Metropolitan Airport Auth
6.625%, 10/1/12 (MBIA Insured)* 500 527
Total Virginia (Cost $ 5,813) 6,085
---------
WASHINGTON 3.2%
Tacoma Electric
5.90%, 1/1/05 (FGIC Insured) 1,000 1,052
6.00%, 1/1/06 (FGIC Insured) 2,000 2,118
Washington Health Care Fac. Auth
Virginia Mason Medical Center
6.00%, 8/15/08 (MBIA Insured) 500 537
Total Washington (Cost $ 3,618) 3,707
---------
WEST VIRGINIA 1.3%
Univ. of West Virginia, Univ. Systems
Zero Coupon, 4/1/14 (AMBAC Insured) 2,000 967
West Virginia, GO, Zero Coupon, 11/1/12 (FGIC Insured) 900 483
Total West Virginia (Cost $1,397) 1,450
---------
8
<PAGE>
T. ROWE PRICE TAX-F REE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
Par Value
--------------------------------------------------------------------------------
In thousands
WISCONSIN 2.1%
Milwaukee Metropolitan Sewage Dist., GO, 6.25%, 10/1/05 $ 2,200 $ 2,367
Total Wisconsin (Cost $2,315) 2,367
---------
Total Investments in Securities
98.8% of Net Assets (Cost $110,235) $113,312
Other Assets Less Liabilities 1,424
---------
NET ASSETS $114,736
---------
Net Assets Consist of:
Accumulated net investment income - net of distributions $ 55
Accumulated net realized gain/loss - net of distributions (1,768)
Net unrealized gain (loss) 3,077
Paid-in-capital applicable to 10,694,626 shares of $0.01 par
value capital stock outstanding; 1,000,000,000 shares authorized 113,372
---------
NET ASSETS $114,736
---------
NET ASSET VALUE PER SHARE $ 10.73
---------
* Interest subject to alternative minimum tax
+ Used in determining portfolio maturity
AMBAC AMBAC Indemnity Corp.
CDA Community Development Administration
FGIC Financial Guaranty Insurance Company
FSA Financial Security Assurance Corp.
GO General Obligation
MBIA Municipal Bond Investors Assurance Corp.
TRAN Tax Revenue Anticipation Note
VRDN Variable Rate Demand Note
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
Unaudited
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
In thousands
6 Months
Ended
8/31/00
Investment Income (Loss)
Interest income $ 2,954
---------
Expenses
Investment management 206
Shareholder servicing 59
Custody and accounting 45
Registration 12
Prospectus and shareholder reports 7
Legal and audit 7
Directors 4
Miscellaneous 2
---------
Total expenses 342
---------
Net investment income (loss) 2,612
---------
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on securities (229)
Change in net unrealized gain or loss on securities 3,134
---------
Net realized and unrealized gain (loss) 2,905
---------
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 5,517
---------
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
Unaudited
----------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
In thousands
6 Months Year
Ended Ended
8/31/00 2/29/00
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 2,612 $ 5,198
Net realized gain (loss) (229) (1,348)
Change in net unrealized gain or loss 3,134 (5,592)
Increase (decrease) in net assets from operations 5,517 (1,742)
Distributions to shareholders
Net investment income (2,612) (5,198)
Net realized gain -- (437)
Decrease in net assets from distributions (2,612) (5,635)
Capital share transactions*
Shares sold 7,765 20,124
Distributions reinvested 1,909 4,360
Shares redeemed (9,687) (26,316)
Increase (decrease) in net assets from capital
share transactions (13) (1,832)
Net Assets
Increase (decrease) during period 2,892 (9,209)
Beginning of period 111,844 121,053
End of period $ 114,736 $ 111,844
----------------------
*Share information
Shares sold 737 1,880
Distributions reinvested 181 407
Shares redeemed (919) (2,467)
Increase (decrease) in shares outstanding (1) (180)
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
Unaudited August 31, 2000
-----------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
T. Rowe Price Tax-Free Intermediate Bond Fund, Inc. (the fund) is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company and commenced operations on November 30, 1992. The fund seeks
a high level of income exempt from federal income taxes consistent with moderate
price fluctuation by investing principally in high-quality municipal securities.
The accompanying financial statements are prepared in accordance with generally
accepted accounting principles for the investment company industry; these
principles may require the use of estimates by fund management.
Valuation Debt securities are generally traded in the over-the-counter market.
Investments in securities are stated at fair value as furnished by dealers who
make markets in such securities or by an independent pricing service, which
considers yield or price of bonds of comparable quality, coupon, maturity, and
type, as well as prices quoted by dealers who make markets in such securities.
Assets and liabilities for which the above valuation procedures are
inappropriate or are deemed not to reflect fair value are stated at fair value
as determined in good faith by or under the supervision of the officers of the
fund, as authorized by the Board of Directors.
Premiums and Discounts Premiums and original issue discounts on municipal
securities are amortized for both financial reporting and tax purposes. Market
discounts are recognized upon disposition of the security as gain or loss for
financial reporting purposes and as ordinary income for tax purposes.
Other Income and expenses are recorded on the accrual basis. Investment
transactions are accounted for on the trade date. Realized gains and losses are
reported on the identified cost basis. Distributions to shareholders are
recorded by the fund on the ex-dividend date. Income and capital gain
distributions are determined in accordance with federal income tax regulations
and may differ from those determined in accordance with generally accepted
accounting principles. Credits earned on daily uninvested cash balances at the
custodian are used to reduce the fund's custody charges.
12
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
NOTE 2 - INVESTMENT TRANSACTIONS
Purchases and sales of portfolio securities, other than short-term securities,
aggregated $7,387,000 and $12,084,000, respectively, for the six months ended
August 31, 2000.
NOTE 3 - FEDERAL INCOME TAXES
No provision for federal income taxes is required since the fund intends to
continue to qualify as a regulated investment company and distribute all of its
income. As of February 29, 2000, the fund had capital loss carryforwards for
federal income tax purposes of $949,000, all of which expires in 2008. The fund
intends to retain gains realized in future periods that may be offset by
available capital loss carryforwards.
At August 31, 2000, the cost for federal income tax purposes was substantially
the same as for financial reporting and totaled $110,235,000. Net unrealized
gain aggregated $3,077,000 at period-end, of which $3,207,000 was related to
appreciated investments and $130,000 to depreciated investments.
NOTE 4 - RELATED PARTY TRANSACTIONS
The investment management agreement between the fund and T. Rowe Price
Associates, Inc. (the manager) provides for an annual investment management fee,
of which $35,000 was payable at August 31, 2000. The fee is computed daily and
paid monthly, and consists of an individual fund fee equal to 0.05% of average
daily net assets and a group fee. The group fee is based on the combined assets
of certain mutual funds sponsored by the manager or T. Rowe Price International,
Inc. (the group). The group fee rate ranges from 0.48% for the first $1 billion
of assets to 0.295% for assets in excess of $120 billion. At August 31, 2000,
and for the six months then ended, the effective annual group fee rate was
0.32%. The fund pays a pro-rata share of the group fee based on the ratio of its
net assets to those of the group.
In addition, the fund has entered into agreements with the manager and a wholly
owned subsidiary of the manager, pursuant to which the fund receives certain
other services. The manager computes the daily share price and maintains the
financial records of the fund. T. Rowe Price Services, Inc. is the funds
transfer and dividend disbursing agent and provides shareholder and adminis-
13
<PAGE>
T. ROWE PRICE TAX-FREE INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
trative services to the fund. The fund incurred expenses pursuant to these
related party agreements totaling approximately $80,000 for the six months ended
August 31, 2000, of which $16,000 was payable at period-end.
14
<PAGE>
T. ROWE PRICE SHAREHOLDER SERVICES
--------------------------------------------------------------------------------
INVESTMENT SERVICES AND INFORMATION
KNOWLEDGEABLE SERVICE REPRESENTATIVES
By Phone 1-800-225-5132 Available Monday through Friday from 8 a.m. to 10 p.m.
ET and weekends from 8:30 a.m. to 5 p.m. ET.
In Person Available in T. Rowe Price Investor Centers.
ACCOUNT SERVICES
Checking Available on most fixed-income funds ($500 minimum).
Automatic Investing From your bank account or paycheck.
Automatic Withdrawal Scheduled, automatic redemptions.
Distribution Options Reinvest all, some, or none of your distributions.
Automated 24-Hour Services Including Tele*Access(R) and the T. Rowe Price Web
site on the Internet. Address: www.troweprice.com.
BROKERAGE SERVICES(*)
Individual Investments Stocks, bonds, options, precious metals, and other
securities at a savings over full-service commission rates. (**)
INVESTMENT INFORMATION
Combined Statement Overview of all your accounts with T. Rowe Price.
Shareholder Reports Fund managers reviews of their strategies and results.
T. Rowe Price Report Quarterly investment newsletter discussing markets and
financial strategies.
Performance Update Quarterly review of all T. Rowe Price fund results.
Insights Educational reports on investment strategies and financial markets.
Investment Guides Asset Mix Worksheet, College Planning Kit, Diversifying
Overseas: A Guide to International Investing, Personal Strategy Planner,
Retirees Financial Guide, and Retirement Planning Kit.
* T. Rowe Price Brokerage is a division of T. Rowe Price Investment Services,
Inc., Member NASD/SIPC.
** Based on a July 2000 survey for representative-assisted stock trades.
Services vary by firm, and commissions may vary depending on size of order.
15
<PAGE>
For fund and account information or to conduct transactions, 24 hours, 7 days a
week By touch-tone telephone Tele*Access 1-800-638-2587 By Account Access on the
Internet www.troweprice.com/access
For assistance with your existing fund account, call:
Shareholder Service Center 1-800-225-5132
To open a brokerage account or obtain information, call:
1-800-638-5660
For the hearing impaired, call:
1-800-367-0763
Internet address:
www.troweprice.com
Plan Account Lines for retirement plan participants:
The appropriate 800 number appears on your retirement account statement.
T. Rowe Price Associates
100 East Pratt Street
Baltimore, Maryland 21202
This report is authorized for distribution only to shareholders and to others
who have received a copy of the prospectus appropriate to the fund or funds
covered in this report.
Walk-In Investor Centers:
For directions, call 1-800-225-5132 or visit our Web site.
Baltimore Area
Downtown - new address
105 East Lombard Street
Owings Mills
Three Financial Center
4515 Painters Mill Road
Boston Area
386 Washington Street
Wellesley
Colorado Springs
4410 ArrowsWest Drive
Los Angeles Area
Warner Center
21800 Oxnard Street, Suite 270
Woodland Hills
Tampa
4200 West Cypress Street
10th Floor
Washington, D.C.
900 17th Street N.W.
Farragut Square
[LOGO OF T. ROWE PRICE]
T. Rowe Price Investment Services, Inc., Distributor.
