B-1 STATEMENT OF ADDITIONAL INFORMATION Dated May 1 ...

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Plus (+) or minus (-)The ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to showrelative standing within the major rating categories.N.R.This indicates that no rating has been requested, that there is insufficient information on which to base arating, or that Standard & Poor's does not rate a particular obligation as a matter of policy.b. Standard & Poor’s Commercial Paper (short-term)A-1A short-term obligation rated ‘A-1’ is rated in the highest category by Standard & Poor’s. The obligor’scapacity to meet its financial commitment on the obligation is strong. Within this category, certainobligations are designated with a plus sign (+). This indicates that the obligor’s capacity to meet itsfinancial commitment on these obligations is extremely strong.A-2A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes incircumstances and economic conditions than obligations in the higher rating categories. However, theobligor’s capacity to meet its financial commitment on the obligation is satisfactory.A-3A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse economicconditions or changing circumstances are more likely to lead to a weakened capacity of the obligor tomeet its financial commitment on the obligation.BA short-term obligation rated ‘B’ is regarded as having significant speculative characteristics. Ratings of'B-1', 'B-2', and 'B-3' may be assigned to indicate finer distinctions within the 'B' category. The obligorcurrently has the capacity to meet its financial commitment on the obligation; however, it faces majorongoing uncertainties which could lead to the obligor’s inadequate capacity to meet its financialcommitment on the obligation.B-1A short-term obligation rated 'B-1' is regarded as having significant speculative characteristics, but theobligor has a relatively stronger capacity to meet its financial commitments over the short-term comparedto other speculative-grade obligors.B-2A short-term obligation rated 'B-2' is regarded as having significant speculative characteristics, and theobligor has an average speculative-grade capacity to meet its financial commitments over the short-termcompared to other speculative-grade obligors.B-3A short-term obligation rated 'B-3' is regarded as having significant speculative characteristics, and theobligor has a relatively weaker capacity to meet its financial commitments over the short-term comparedto other speculative-grade obligors.CA short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon favorablebusiness, financial, and economic conditions for the obligor to meet its financial commitment on theobligation.B-72
DA short-term obligation rated ‘D’ is in payment default. The ‘D’ rating category is used when paymentson an obligation are not made on the date due even if the applicable grace period has not expired, unlessStandard & Poor’s believes that such payments will be made during such grace period. The ‘D’ ratingalso will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments onan obligation are jeopardized.B-73
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APPENDIX F - Proxy Voting Policies
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stocks that make up that index. Str
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Interest rate swaps do not involve
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the Adviser or Sub-Adviser will not
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Forward Contracts. The Portfolios m
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principal amount as the call writte
Page 21 and 22: Options on Foreign Currencies. The
Page 23 and 24: securities. The issuers of the unde
Page 25 and 26: the former pools. However, timely p
Page 27 and 28: CMO residuals are generally purchas
Page 29: utilize the underlying assets may r
Page 32 and 33: include range floaters which are a
Page 34 and 35: par unless the price of the underly
Page 36 and 37: to changes in interest rates genera
Page 38 and 39: corresponding floaters. The underly
Page 40 and 41: A Portfolio will not enter into suc
Page 42 and 43: egulations. The presence of an issu
Page 44 and 45: Portfolio TurnoverPortfolio turnove
Page 46 and 47: The ability of the Portfolio to ach
Page 48 and 49: Advisors, LLC, in accordance with t
Page 50 and 51: OWNERSHIP OF SHARES OF THE FUNDAll
Page 52 and 53: on the next $50 million, 0.50% on t
Page 54 and 55: Independent Registered Public Accou
Page 56 and 57: Name of Portfolio 2008 2007 2006Int
Page 58 and 59: Broker High Yield Bond BalancedAsse
Page 60 and 61: and cost of trade execution of Port
Page 62 and 63: Effective April 30, 2008, the Fund
Page 64 and 65: TAXES AND DIVIDENDSEach Portfolio i
Page 66 and 67: APPENDIX A - Credit RatingsDescript
Page 68 and 69: F2Good credit quality. A satisfacto
Page 70 and 71: . Moody’s Commercial Paper (short
Page 74 and 75: APPENDIX B - Directors and Officers
Page 76 and 77: Name, Address, andYear of BirthDavi
Page 78 and 79: APPENDIX C - Ownership of Shares of
Page 80 and 81: SMALL CAP VALUE PORTFOLIOGeneral Ac
Page 82 and 83: APPENDIX D - Portfolio ManagersOthe
Page 84 and 85: PortfolioManager(s)FundRegisteredIn
Page 86 and 87: Compensation of Portfolio ManagersM
Page 88 and 89: management firms. Performance is pr
Page 90 and 91: Portfolio managers are eligible for
Page 92 and 93: PortfolioPortfolio Manager(s)Dollar
Page 94 and 95: On August 25, 2005, the Court enter
Page 96 and 97: MSA’s Equity Trading Department s
Page 98 and 99: ERISA ClientsIn the case of client
Page 100 and 101: Shareholder Ability to Call Special
Page 102 and 103: • Exercise price• Participation
Page 104 and 105: Amend Quorum RequirementsVote propo
Page 106 and 107: Vote proposals to increase blank ch
Page 108 and 109: employees of Investment Manager and
Page 110 and 111: will not support the position of a
Page 112 and 113: company specifies the voting, divid
Page 114 and 115: egarding whether Investment Manager
Page 116 and 117: 3. The issuer is an entity particip
Page 118 and 119: manager(s) are responsible for maki
Page 120 and 121: Global Corporate Governance: Invest
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13. The Proxy Group will review the
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determined by those investment comm
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T. Rowe Price has adopted these Pro
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shareholders and the effect on shar
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portfolio company could have influe
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The Proxy Voting Service will refer
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that substantially differs from dom
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15. Janus will generally vote in fa
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46. For shareholder proposals outsi
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2. Staggered BoardIf a company has
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proposed for a legitimate business
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APPENDIX G - Portfolio Holdings Dis
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ICP Securities LLCIntermonte Securi
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B-1 STATEMENT OF ADDITIONAL INFORMATION Dated May 1 ...

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