<PAGE>1
T. ROWE PRICE FUNDS
IMPORTANT PROXY NOTICE
The recent proxy mailing you received contained two identical proxy
cards even though you had two separate accounts in the funds
covered in the combined proxy statement for the CAPITAL
APPRECIATION, EQUITY INCOME and NEW AMERICA GROWTH FUNDS. We knew
that you had two accounts, so we were able to save the expense,
which is borne by the funds, of printing and mailing two separate
sets of proxy material to you. The sole difference between the two
should have been the proxy card.
For those of you who heeded our request that you vote right away,
we apologize for the inconvenience of asking you to vote and return
the enclosed proxy card. If you sent us both of the original
cards, rest assured that only one of them will be used in
tabulating the overall vote. Call us at 1-800-225-5132 if you
would like another proxy statement.
We want you to know that the funds are not being charged for this
mailing. The firm we retained to do the proxy solicitation has
offered to absorb all the costs associated with sending you the
card which was omitted from the initial mailing.
If you have not yet voted, we encourage you to take a minute right
now to do so. Your votes are important and could save the funds
the expense of a follow-up solicitation.
March 14, 1994
T. ROWE PRICE (LOGO)
