MEMORANDUM OF AGREEMENT

MEMORANDUM OF AGREEMENT

▇. ▇▇▇▇ Price Institutional Equity Funds, Inc., on behalf of the ▇. ▇▇▇▇ Price Institutional

Mid-Cap Equity Growth Fund, ▇. ▇▇▇▇ Price Institutional Small-Cap Stock Fund, ▇. ▇▇▇▇ Price

Institutional Large-Cap Value Fund, ▇. ▇▇▇▇ Price Institutional Large-Cap Growth Fund and ▇.

▇▇▇▇ Price Institutional Large-Cap Core Growth Fund, ▇. ▇▇▇▇ Price Institutional Income Funds,

Inc., on behalf of ▇. ▇▇▇▇ Price Institutional High Yield Fund and ▇. ▇▇▇▇ Price Institutional Core

Plus Fund and ▇. ▇▇▇▇ Price Institutional International Funds, Inc., on behalf of ▇. ▇▇▇▇ ▇▇▇▇▇

Institutional Foreign Equity Fund, ▇. ▇▇▇▇ Price Institutional Emerging Markets Equity Fund and ▇.

▇▇▇▇ Price Institutional Global Equity Fund, Reserve Investment Funds, Inc., on behalf of

Government Reserve Investment Fund and Reserve Investment Fund, ▇. ▇▇▇▇ Price Balanced Fund,

Inc., ▇. ▇▇▇▇ Price Blue Chip Growth Fund, Inc., ▇. ▇▇▇▇ Price California Tax-Free Income Trust,

on behalf of the California Tax-Free Bond Fund and California Tax-Free Money Fund, ▇. ▇▇▇▇

Price Capital Appreciation Fund, ▇. ▇▇▇▇ Price Capital Opportunity Fund, Inc., ▇. ▇▇▇▇ Price

Corporate Income Fund, Inc., ▇. ▇▇▇▇ Price Developing Technologies Fund, Inc., ▇. ▇▇▇▇ Price

Diversified Mid-Cap Growth Fund, ▇. ▇▇▇▇ Price Diversified Small-Cap Growth Fund, Inc.,

▇. ▇▇▇▇ Price Dividend Growth Fund, Inc., ▇. ▇▇▇▇ Price Equity Income Fund, ▇. ▇▇▇▇ Price

Equity Series, Inc., on behalf of ▇. ▇▇▇▇ Price Blue Chip Growth Portfolio, ▇. ▇▇▇▇ Price Equity

Index 500 Portfolio, ▇. ▇▇▇▇ Price Health Sciences Portfolio, ▇. ▇▇▇▇ Price Equity Income

Portfolio, ▇. ▇▇▇▇ Price Personal Strategy Balanced Portfolio, ▇. ▇▇▇▇ Price Mid-Cap Growth

Portfolio and ▇. ▇▇▇▇ Price New America Growth Portfolio, ▇. ▇▇▇▇ Price Financial Services

Fund, Inc., ▇. ▇▇▇▇ Price Fixed Income Series, Inc., on behalf of ▇. ▇▇▇▇ Price Limited-Term Bond

Portfolio and ▇. ▇▇▇▇ Price Prime Reserve Portfolio, ▇. ▇▇▇▇ Price Global Technology Fund, Inc.,

▇. ▇▇▇▇ Price GNMA Fund, ▇. ▇▇▇▇ Price Growth & Income Fund, Inc., ▇. ▇▇▇▇ Price Growth

Stock Fund, Inc., ▇. ▇▇▇▇ Price Health Sciences Fund, Inc., ▇. ▇▇▇▇ Price High Yield Fund, Inc., ▇.

▇▇▇▇ Price Index Trust, Inc., on behalf of ▇. ▇▇▇▇ Price Equity Index 500 Fund, ▇. ▇▇▇▇ Price

Total Equity Market Index Fund and ▇. ▇▇▇▇ Price Extended Equity Market Index Fund, ▇. ▇▇▇▇

Price Inflation-Protected Bond Fund, Inc., ▇. ▇▇▇▇ Price International Funds, Inc., on behalf of the

▇. ▇▇▇▇ Price Emerging Markets Bond Fund, ▇. ▇▇▇▇ Price Emerging Markets Stock Fund, ▇.

▇▇▇▇ Price European Stock Fund, ▇. ▇▇▇▇ Price Global Stock Fund, ▇. ▇▇▇▇ Price International

Bond Fund, ▇. ▇▇▇▇ Price International Discovery Fund, ▇. ▇▇▇▇ Price International Growth &

Income Fund, ▇. ▇▇▇▇ Price International Stock Fund, ▇. ▇▇▇▇ Price Japan Fund, ▇. ▇▇▇▇ Price

Latin America Fund, ▇. ▇▇▇▇ Price New Asia Fund and ▇. ▇▇▇▇ Price Emerging Europe &

Mediterranean Fund, ▇. ▇▇▇▇ Price International Index Fund, Inc., on behalf of ▇. ▇▇▇▇ ▇▇▇▇▇

International Equity Index Fund, ▇. ▇▇▇▇ Price International Series, Inc., on behalf of ▇. ▇▇▇▇

Price International Stock Portfolio, ▇. ▇▇▇▇ Price Media and Telecommunications Fund, Inc., ▇.

▇▇▇▇ Price Mid-Cap Growth Fund, Inc., ▇. ▇▇▇▇ Price Mid-Cap Value Fund, Inc., ▇. ▇▇▇▇ Price

New America Growth Fund, ▇. ▇▇▇▇ Price New Era Fund, Inc., ▇. ▇▇▇▇ Price New Horizons Fund,

Inc., ▇. ▇▇▇▇ Price New Income Fund, Inc., ▇. ▇▇▇▇ Price Small-Cap Stock Fund, Inc., ▇. ▇▇▇▇

Price Personal Strategy Funds, Inc., on behalf of ▇. ▇▇▇▇ Price Personal Strategy Balanced Fund, ▇.

▇▇▇▇ Price Personal Strategy Growth Fund and ▇. ▇▇▇▇ Price Personal Strategy Income Fund, ▇.

▇▇▇▇ Price Prime Reserve Fund, Inc., ▇. ▇▇▇▇ Price Real Estate Fund, Inc., ▇. ▇▇▇▇ Price

Retirement Funds, Inc., on behalf of ▇. ▇▇▇▇ Price Retirement Income Fund, ▇. ▇▇▇▇ Price

Retirement 2005 Fund, ▇. ▇▇▇▇ Price Retirement 2010 Fund, ▇. ▇▇▇▇ Price Retirement 2015 Fund,

▇. ▇▇▇▇ Price Retirement 2020 Fund, ▇. ▇▇▇▇ Price Retirement 2025 Fund, ▇. ▇▇▇▇ ▇▇▇▇▇

Retirement 2030 Fund, ▇. ▇▇▇▇ Price 2035 Fund, ▇. ▇▇▇▇ Price Retirement 2040 Fund and ▇.

▇▇▇▇ Price Retirement 2045 Fund, ▇. ▇▇▇▇ Price Science & Technology Fund, Inc., ▇. ▇▇▇▇ Price

Short-Term Bond Fund, Inc., ▇. ▇▇▇▇ Price Small-Cap Value Fund, Inc., ▇. ▇▇▇▇ Price Spectrum

Fund, Inc., on behalf of Spectrum Growth Fund, Spectrum Income Fund and Spectrum International

Fund, ▇. ▇▇▇▇ Price State Tax-Free Income Trust, on behalf of the Florida Intermediate Tax-Free

Fund (formerly Florida Insured Intermediate Tax-Free Fund), Georgia Tax-Free Bond Fund,

Maryland Tax-Free Bond Fund, Maryland Short-Term Tax-Free Bond Fund, Maryland Tax-Free

Money Fund, New Jersey Tax-Free Bond Fund, New York Tax-Free Bond Fund, New York Tax-

Free Money Fund, and Virginia Tax-Free Bond Fund, ▇. ▇▇▇▇ Price Summit Funds, Inc., on behalf

of ▇. ▇▇▇▇ Price Summit Cash Reserves Fund and ▇. ▇▇▇▇ Price Summit GNMA Fund, ▇. ▇▇▇▇

Price Summit Municipal Funds, Inc., on behalf of ▇. ▇▇▇▇ Price Summit Municipal Money Market

Fund, ▇. ▇▇▇▇ Price Summit Municipal Intermediate Fund and ▇. ▇▇▇▇ Price Summit Municipal

Income Fund, ▇. ▇▇▇▇ Price Tax-Efficient Funds, Inc., on behalf of ▇. ▇▇▇▇ Price Tax-Efficient

Balanced Fund, ▇. ▇▇▇▇ Price Tax-Efficient Growth Fund and ▇. ▇▇▇▇ Price Tax-Efficient Multi-

Cap Growth Fund, ▇. ▇▇▇▇ Price Tax-Exempt Money Fund, Inc., ▇. ▇▇▇▇ Price Tax-Free High

Yield Fund, Inc., ▇. ▇▇▇▇ Price Tax-Free Income Fund, Inc., ▇. ▇▇▇▇ Price Tax-Free Intermediate

Bond Fund, Inc. (formerly ▇. ▇▇▇▇ Price Tax-Free Insured Intermediate Bond Fund, Inc.), ▇. ▇▇▇▇

Price Tax-Free Short-Intermediate Fund, Inc., ▇. ▇▇▇▇ Price U.S. Bond Index Fund, Inc., ▇. ▇▇▇▇

Price U.S. Treasury Funds, Inc., on behalf of the U.S. Treasury Intermediate Fund, U.S. Treasury

Long-Term Fund and U.S. Treasury Money Fund, ▇. ▇▇▇▇ Price Value Fund, Inc. (all of which are

hereinafter collectively called the "Funds" and each of which is hereinafter sometimes called a

"Fund"), which are registered as diversified open-end management investment companies under the

Federal Investment Company Act of 1940 (the "Act"). ▇. ▇▇▇▇ Price Associates, Inc. ("Adviser") is

investment adviser to all the Funds except Institutional International Funds, Inc., ▇. ▇▇▇▇ Price

International Funds, Inc. and ▇. ▇▇▇▇ Price International Series, Inc.; ▇. ▇▇▇▇ Price International,

Inc. ("TRPI") is investment adviser to each of these investment companies. ▇. ▇▇▇▇ Price

Investment Services, Inc. ("Distributor"), ▇. ▇▇▇▇ Price Services, Inc. ("Services"), and ▇. ▇▇▇▇

Price Retirement Plan Services, Inc. (“RPS”) are Maryland corporations and wholly-owned

subsidiaries of the Adviser. In accordance with the rules of the Securities and Exchange

Commission under the Act, the Funds, the Adviser, TRPI, the Distributor, Services, and RPS, as well

as other affiliated companies of the Adviser, ▇. ▇▇▇▇ Price Group, Inc., (all of which are hereinafter

sometimes collectively called the "Insureds" and each of which is hereinafter sometimes individually

called the "Insured"), have jointly agreed to maintain a Brokers' Blanket Bond and Policy, designated

as Bond No. 87163206B (the “Bond”) from the ICI Mutual Insurance Company, as attached hereto.

The Bond became effective on August 31, 2006, and is to run through August 31, 2007 unless

canceled. The coverage of the Bond is in the principal amount of $95,000,000.

The Bond coverage shall be allocated among the Insureds for the period August 31, 2006

through August 31, 2007, in the following proportions in accordance with the appropriations outlined

in the Price Funds Quarterly Compliance Report for the Joint Brokers Blanket Bond, attached hereto

as “Exhibit A”.

(b) Due to the large number of ▇. ▇▇▇▇ Price entities listed on the Bond, the Boards

have allocated the premium based on a ratio of 70% to the Price Funds and 30% to the ▇. ▇▇▇▇ ▇▇▇▇▇

entities.

Each investment company is allocated a percentage of the total bond coverage that is

allotted to all of the Price Funds (97% of coverage) based on the required bond amount for that

investment company as specified under the Act. The minimum amount of coverage is calculated

based on the total assets of each investment company rather than each underlying series. The

premium for each Price Fund is calculated using each Price Fund’s (including each underlying series)

percentage of total gross assets of all of the Price Funds. This percentage is multiplied by the total

premium allocated to all of the Price Funds (70% of premium).

2. Except as otherwise provided in this Agreement, each Insured shall be entitled to the full

amount of any recovery under the Bond in connection with any loss sustained by it, and shall bear all

of the expenses attendant upon the realization of such recovery.

3. (a) In the event that all of the Insureds shall together sustain, as the result of any single

occurrence, a loss equal to or greater than the principal amount of the Bond, or in the event that all of

the Insureds shall together sustain losses under any other circumstances in which the aggregate

amount of the recovery under the Bond shall be less than the aggregate amount of such losses, then

in either such event the amount of such recovery shall be proportioned among all Insureds as

allocated in Section 1(a). Each underlying series would receive a portion of its investment

company’s allocation based on the percentage of assets of the underlying series of the total assets of

the series’ investment company.

In the event that any two or more of the Insured entities shall together sustain a loss or losses,

then any recovery under the Bond shall be allocated between them in such proportions as shall be

determined in the case of each Insured by the application of the following fraction:

(i)		the numerator of which shall be the numerator of the fraction applicable to such
		Insured as set forth in Section 1(a) (each series would receive a proportional amount
		of the coverage calculated for the investment company based on the number of
		underlying series suffering losses), and
(ii)		the denominator of which shall be the sum of the numerators applicable to such
		Insured as set forth in Section 1(a).
	(b)	Anything in Paragraph 3(a) to the contrary notwithstanding, in the event that the
		result of the operation of that paragraph would be to allocate to any one or more of
		the Insureds sustaining losses as a result of any single occurrence an amount in
		excess of the loss actually sustained by it or them, each such Insured shall be entitled
		only to an amount equal to the loss it has sustained, and the excess shall be allocated
		as between the other Insured or Insureds participating in such loss by a computation
		made in the manner prescribed in the second sentence of Paragraph 3(a); provided,
		however, in the event that the result of such computation shall be the allocation to
		one or more of such other Insureds of an amount or amounts which, when added to
		the amount or amounts allocated to such Insured or Insureds pursuant to Paragraph
		3(a), shall exceed the loss or losses actually sustained by it or them, the procedure
		specified in the foregoing sentence shall be repeated successively until none of the
		Insureds sustaining a loss by virtue of such occurrence shall have been allocated an
		amount in excess of such loss.

4. Any cost involved in the interpretation and enforcement of the Bond shall be borne by all

of the Insureds in the same proportions as used to calculate the premium of the Bond; provided,

however, that if the interpretation of the Bond arises out of or in connection with a loss or losses in

which any two or more of the Insureds are involved, such costs shall be allocated among them in the

manner specified in Paragraph 3; and provided further, that if only one Insured is involved in any

such loss, then all of such costs shall be borne by Insured.

5.	Each of the Insureds shall notify each of the other Insureds within ten days of:
	(a)	the filing of any claim under the Bond, and
	(b)	the settlement of any claim under the Bond.
6.	The Insureds agree to consult and cooperate among themselves in order to procure the
benefits of the Bond and of this Agreement for all of them.
7.	This Agreement has been executed and delivered in order to comply with the terms and
conditions set forth in Rule 17g-1 under the Investment Company Act of 1940.

IN WITNESS WHEREOF, each of the Insureds has caused this Agreement to be executed in
its name and its corporate seal to be affixed hereunto and attested, in each case by its corporate
officers thereunto duly authorized, all as of the 31st day of	August	, 2006.

▇. ▇▇▇▇ PRICE INSTITUTIONAL EQUITY FUNDS, INC., on behalf of

▇. ▇▇▇▇ PRICE INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

▇. ▇▇▇▇ PRICE INSTITUTIONAL SMALL-CAP STOCK FUND,

▇. ▇▇▇▇ PRICE INSTITUTIONAL LARGE-CAP VALUE FUND

▇. ▇▇▇▇ PRICE INSTITUTIONAL LARGE-CAP GROWTH FUND

▇. ▇▇▇▇ PRICE INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

▇. ▇▇▇▇ PRICE INSTITUTIONAL INCOME FUNDS, INC., on behalf of

▇. ▇▇▇▇ PRICE INSTITUTIONAL HIGH YIELD FUND

▇. ▇▇▇▇ PRICE INSTITUTIONAL CORE PLUS FUND

▇. ▇▇▇▇ PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC., on behalf of

▇. ▇▇▇▇ PRICE INSTITUTIONAL FOREIGN EQUITY FUND

▇. ▇▇▇▇ PRICE INSTITUTIONAL EMERGING MARKETS EQUITY FUND

▇. ▇▇▇▇ PRICE INSTITUTIONAL GLOBAL EQUITY FUND

▇. ▇▇▇▇ PRICE RESERVE INVESTMENT FUNDS, INC., on behalf of

▇. ▇▇▇▇ PRICE GOVERNMENT RESERVE INVESTMENT FUND,

▇. ▇▇▇▇ PRICE RESERVE INVESTMENT FUND

▇. ▇▇▇▇ PRICE BALANCED FUND, INC.

▇. ▇▇▇▇ PRICE BLUE CHIP GROWTH FUND, INC.

▇. ▇▇▇▇ PRICE CALIFORNIA TAX-FREE INCOME TRUST, on behalf of

CALIFORNIA TAX-FREE BOND FUND,

CALIFORNIA TAX-FREE MONEY FUND

▇. ▇▇▇▇ PRICE CAPITAL APPRECIATION FUND

▇. ▇▇▇▇ PRICE CAPITAL OPPORTUNITY FUND, INC.

▇. ▇▇▇▇ PRICE CORPORATE INCOME FUND, INC.

▇. ▇▇▇▇ PRICE DEVELOPING TECHNOLOGIES FUND, INC.

▇. ▇▇▇▇ PRICE DIVERSIFIED MID-CAP GROWTH FUND

▇. ▇▇▇▇ PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.

▇. ▇▇▇▇ PRICE DIVIDEND GROWTH FUND, INC.

▇. ▇▇▇▇ PRICE EQUITY INCOME FUND

▇. ▇▇▇▇ PRICE EQUITY SERIES, INC., on behalf of

▇. ▇▇▇▇ PRICE EQUITY INCOME PORTFOLIO,

▇. ▇▇▇▇ PRICE MID-CAP GROWTH PORTFOLIO,

▇. ▇▇▇▇ PRICE NEW AMERICA GROWTH PORTFOLIO,

▇. ▇▇▇▇ PRICE PERSONAL STRATEGY BALANCED PORTFOLIO

▇. ▇▇▇▇ PRICE BLUE CHIP GROWTH PORTFOLIO

▇. ▇▇▇▇ PRICE EQUITY INDEX 500 PORTFOLIO

▇. ▇▇▇▇ PRICE HEALTH SCIENCES PORTFOLIO

▇. ▇▇▇▇ PRICE FINANCIAL SERVICES FUND, INC.

▇. ▇▇▇▇ PRICE FIXED INCOME SERIES, INC., on behalf of

▇. ▇▇▇▇ PRICE LIMITED-TERM BOND PORTFOLIO,

▇. ▇▇▇▇ PRICE PRIME RESERVE PORTFOLIO

▇. ▇▇▇▇ PRICE GLOBAL TECHNOLOGY FUND, INC.

▇. ▇▇▇▇ PRICE GNMA FUND

▇. ▇▇▇▇ PRICE GROWTH & INCOME FUND, INC.

▇. ▇▇▇▇ PRICE GROWTH STOCK FUND, INC.

▇. ▇▇▇▇ PRICE HEALTH SCIENCES FUND, INC.

▇. ▇▇▇▇ PRICE HIGH YIELD FUND, INC.

▇. ▇▇▇▇ PRICE INDEX TRUST, INC., on behalf of

▇. ▇▇▇▇ PRICE EQUITY INDEX 500 FUND,

▇. ▇▇▇▇ PRICE TOTAL EQUITY MARKET INDEX FUND,

▇. ▇▇▇▇ PRICE EXTENDED EQUITY MARKET INDEX FUND

▇. ▇▇▇▇ PRICE INFLATION-PROTECTED BOND FUND, INC.

▇. ▇▇▇▇ PRICE INTERNATIONAL FUNDS, INC., on behalf of

▇. ▇▇▇▇ PRICE EMERGING MARKETS BOND FUND,

▇. ▇▇▇▇ PRICE EMERGING MARKETS STOCK FUND,

▇. ▇▇▇▇ PRICE EUROPEAN STOCK FUND,

▇. ▇▇▇▇ PRICE GLOBAL STOCK FUND,

▇. ▇▇▇▇ PRICE INTERNATIONAL BOND FUND,

▇. ▇▇▇▇ PRICE INTERNATIONAL DISCOVERY FUND,

▇. ▇▇▇▇ PRICE INTERNATIONAL GROWTH & INCOME FUND

▇. ▇▇▇▇ PRICE INTERNATIONAL STOCK FUND,

▇. ▇▇▇▇ PRICE JAPAN FUND,

▇. ▇▇▇▇ PRICE LATIN AMERICA FUND,

▇. ▇▇▇▇ PRICE NEW ASIA FUND, and

▇. ▇▇▇▇ PRICE EMERGING EUROPE & MEDITERRANEAN FUND

▇. ▇▇▇▇ PRICE INTERNATIONAL INDEX FUND, INC. on behalf of

▇. ▇▇▇▇ PRICE INTERNATIONAL EQUITY INDEX FUND

▇. ▇▇▇▇ PRICE INTERNATIONAL SERIES, INC., on behalf of

▇. ▇▇▇▇ PRICE INTERNATIONAL STOCK PORTFOLIO

▇. ▇▇▇▇ PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.

▇. ▇▇▇▇ PRICE MID-CAP GROWTH FUND, INC.

▇. ▇▇▇▇ PRICE MID-CAP VALUE FUND, INC.

▇. ▇▇▇▇ PRICE NEW AMERICA GROWTH FUND

▇. ▇▇▇▇ PRICE NEW ERA FUND, INC.

▇. ▇▇▇▇ PRICE NEW HORIZONS FUND, INC.

▇. ▇▇▇▇ PRICE NEW INCOME FUND, INC.

▇. ▇▇▇▇ PRICE PERSONAL STRATEGY FUNDS, INC., on behalf of

▇. ▇▇▇▇ PRICE PERSONAL STRATEGY BALANCED FUND,

▇. ▇▇▇▇ PRICE PERSONAL STRATEGY GROWTH FUND,

▇. ▇▇▇▇ PRICE PERSONAL STRATEGY INCOME FUND

▇. ▇▇▇▇ PRICE PRIME RESERVE FUND, INC.

▇. ▇▇▇▇ PRICE REAL ESTATE FUND, INC.

▇. ▇▇▇▇ PRICE RETIREMENT FUNDS, INC., on behalf of

▇. ▇▇▇▇ PRICE RETIREMENT INCOME FUND

▇. ▇▇▇▇ PRICE RETIREMENT 2005 FUND

▇. ▇▇▇▇ PRICE RETIREMENT 2010 FUND

▇. ▇▇▇▇ PRICE RETIREMENT 2015 FUND

▇. ▇▇▇▇ PRICE RETIREMENT 2020 FUND

▇. ▇▇▇▇ PRICE RETIREMENT 2025 FUND

▇. ▇▇▇▇ PRICE RETIREMENT 2030 FUND

▇. ▇▇▇▇ PRICE RETIREMENT 2035 FUND

▇. ▇▇▇▇ PRICE RETIREMENT 2040 FUND

▇. ▇▇▇▇ PRICE RETIREMENT 2045 FUND

▇. ▇▇▇▇ PRICE SCIENCE & TECHNOLOGY FUND, INC.

▇. ▇▇▇▇ PRICE SHORT-TERM BOND FUND, INC.

▇. ▇▇▇▇ PRICE SMALL-CAP STOCK FUND, INC.

▇. ▇▇▇▇ PRICE SMALL-CAP VALUE FUND, INC.

▇. ▇▇▇▇ PRICE SPECTRUM FUND, INC., on behalf of

SPECTRUM GROWTH FUND,

SPECTRUM INCOME FUND,

SPECTRUM INTERNATIONAL FUND

▇. ▇▇▇▇ PRICE STATE TAX-FREE INCOME TRUST, on behalf of

FLORIDA INTERMEDIATE TAX-FREE FUND

(formerly Florida Insured Intermediate Tax-Free Fund),

GEORGIA TAX-FREE BOND FUND,

MARYLAND TAX-FREE BOND FUND,

MARYLAND SHORT-TERM TAX-FREE BOND FUND,

MARYLAND TAX-FREE MONEY FUND,

NEW JERSEY TAX-FREE BOND FUND,

NEW YORK TAX-FREE BOND FUND,

NEW YORK TAX-FREE MONEY FUND,

VIRGINIA TAX-FREE BOND FUND

▇. ▇▇▇▇ PRICE SUMMIT FUNDS, INC., on behalf of

▇. ▇▇▇▇ PRICE SUMMIT CASH RESERVES FUND,

▇. ▇▇▇▇ PRICE SUMMIT GNMA FUND

▇. ▇▇▇▇ PRICE SUMMIT MUNICIPAL FUNDS, INC., on behalf of

▇. ▇▇▇▇ PRICE SUMMIT MUNICIPAL MONEY MARKET FUND,

▇. ▇▇▇▇ PRICE SUMMIT MUNICIPAL INTERMEDIATE FUND,

▇. ▇▇▇▇ PRICE SUMMIT MUNICIPAL INCOME FUND

▇. ▇▇▇▇ PRICE TAX-EFFICIENT FUNDS, INC., on behalf of

▇. ▇▇▇▇ PRICE TAX-EFFICIENT BALANCED FUND,

▇. ▇▇▇▇ PRICE TAX-EFFICIENT GROWTH FUND

▇. ▇▇▇▇ PRICE TAX-EFFICIENT MULTI-CAP GROWTH FUND

▇. ▇▇▇▇ PRICE TAX-EXEMPT MONEY FUND, INC.

▇. ▇▇▇▇ PRICE TAX-FREE HIGH YIELD FUND, INC.

▇. ▇▇▇▇ PRICE TAX-FREE INCOME FUND, INC.

▇. ▇▇▇▇ PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.

(formerly ▇. ▇▇▇▇ Price Tax-Free Insured Intermediate Bond Fund, Inc.)

▇. ▇▇▇▇ PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

▇. ▇▇▇▇ ▇▇▇▇▇ U.S. BOND INDEX FUND, INC.

▇. ▇▇▇▇ ▇▇▇▇▇ U.S. TREASURY FUNDS, INC., on behalf of

U.S. TREASURY INTERMEDIATE FUND,

U.S. TREASURY LONG-TERM FUND,

U.S. TREASURY MONEY FUND

▇. ▇▇▇▇ PRICE VALUE FUND, INC.

By:
_______________________________

▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇

▇. ▇▇▇▇ PRICE ASSOCIATES, INC.

By
_______________________________

▇▇▇▇▇▇ ▇. ▇▇▇▇▇

Revised DLK\5457\insur\memoins.06

August 2006

RESOLVED, that the Brokers’ Blanket Bond be maintained on behalf of the Corporation/Trust and

be in the form of a joint insured bond issued by ICI Mutual Insurance Company in the aggregate

amount of $95 million with respect to each of the entities set forth in the attached Memorandum of

Agreement dated August 31, 2006 and in the amounts indicated therein.

RESOLVED, that the proper officer of the Corporation/Trust be, and he is hereby authorized and

directed in his name and on his behalf to execute and deliver to the Funds/Trust named or to be

named on the said Brokers’ Blanket Bond, the Agreement with those Corporations/Trusts referred to

in the foregoing resolution.

RESOLVED, that the Board of Directors/Trustees of the Corporation/Trust hereby designate ▇▇▇▇▇▇▇▇

▇. ▇▇▇▇▇▇▇ as the officer of said Corporation/Trust who shall make filings with the Securities and

Exchange Commission and give all notices to directors/trustees of the Corporation/Trust which shall

at any time be required by Paragraph (h) of Rule 17-g-1.

Revised 8/31/2006

DLK\5457\INSUR\MemoIns.06

MEMORANDUM OF AGREEMENT

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