About the Managers

After more than three decades with T. Rowe Price, Stephen Boesel, 62, VP of T. Rowe Price Group, and T. Rowe Price Associates, will gradually retire from some responsibilities at the firm. Until June, he ran the T. Rowe Price Capital Appreciation Fund as its president and chairman of its investment advisory committee but has turned primary portfolio management responsibility over to Jeff Arricale and David Giroux. Boesel will remain on the investment committee for this fund and some other funds he is involved with until at least year-end. He holds a University of Denver MBA, and an Economics B.A from Baldwin-Wallace College. Boesel stays involved in the Baltimore arts scene, especially music–his wife is a concert pianist.

In a well-orchestrated transition, Jeff Arricale and David Giroux will become co-chairmen of the investment advisory committee for the T. Rowe Price Capital Appreciation Fund. They are VPs of T. Rowe Price Group, and T. Rowe Price Associates, and have investment advisory responsibilities for other funds.

Arricale, 35, is a CPA, and signed on with the firm as an investment analyst in 2001 after working at KPMG LLP. He holds an MBA from the Wharton School, University of Pennsylvania, and a B.S. from the University of San Diego. He lives on a farm with his wife and three children.