DIVERSIFIED GROWTH ACCOUNT

Following is a summary of information about the Diversified Growth Account. Investors are advised to learn key data about an investment prior to making any investment decision.

Objective

The objective of this account is to seek long-term capital appreciation and growth of income; current income is a secondary objective. It invests solely in the T. Rowe Price Spectrum Growth Fund.

Investor Profile

The Diversified Growth Account may be suitable for investors seeking a one-stop approach to diversification in equity securities and can accept the possibility of share price declines in an effort to achieve long-term capital appreciation and some current income. Investors must be willing and able to accept substantial change in unit price in the short, long, and very-long term.

Investment Strategy

T. Rowe Price Spectrum Growth Fund diversifies its assets among a set of T. Rowe Price mutual funds representing domestic and international equity segments and seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from good performance in particular market segments. The Fund can invest in funds holding domestic and foreign stocks, small – and large-cap stocks, and growth and value stocks.

Investment Considerations

The diversification of the Diversified Growth Account is designed to cushion severe losses in any one investment sector and moderate overall price swings. The unit price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons including adverse political or economic developments here or abroad, changes in investor psychology, or heavy institutional selling. Any small-cap holdings will generally be more volatile than those of larger, established companies. Any international holdings will be negatively affected by unfavorable currency exchange rates.

PORTFOLIO DATA

Asset Allocation (as of 06-30-2008)     Equities 97.00% Cash Reserves 2.30% Convertibles 0.70%   Key Facts (as of 06-30-2008)     Turnover (12 Month) 5.8% P/E Ratio (12 Month Forward) 13.80x Standard Deviation as of 12-31-2007 14.42%   Top Holdings (as of 06-30-2008) Concentration   Range   TRP Growth Stock Fund 18.80 % 5-20% 20 TRP Blue Chip Growth Fund 18.20 % 5-20% 20 TRP Equity Income Fund 13.50 % 5-20% 20 TRP Value Fund 13.30 % 5-20% 20 TRP New Horizons Fund 10.90 % 10-25% 25 TRP International Stock Fund 9.60 % 0-15% 15 TRP International Growth & Income Fund 7.10 % 0-15% 15 TRP Mid-Cap Value Fund 5.70 % 0-15% 15 TRP Emerging Markets Stock Fund 2.90 % 0-10% 10 T. Rowe Price Spectrum Growth Fund* Average Annual Returns Annual Total Returns (as of 07-31-2008) (as of 12-31)           1 Month (1.01)%     3 Months (6.93)%     YTD (11.92)%     1 year (9.83)%     3 years 5.25%     5 years 10.22%     10 years 5.92%                                     1995       29.96%     1996       20.53%     1997       17.40%     1998       13.62%     1999       21.20%     2000       (0.11)%     2001       (7.83)%     2002       (19.66)%     2003       34.09%     2004       15.16%     2005       9.47%     2006       16.37%     2007       8.65%