PRICE T ROWE CALIFORNIA TAX FREE INCOME TRUST
497K1, 1999-05-14
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<PAGE>
 
   FUND PROFILE
 July 1, 1999
 
T. Rowe Price California Tax-Free Income Trust
 
 
 
California Tax-Free Money Fund
 
California Tax-Free Bond Fund
 
 A money market fund and a long-term bond fund seeking income that is exempt
 from federal and California state income taxes.
 
 This profile summarizes key information about each fund that is included in
 each fund's prospectus. The fund's prospectus includes additional information
 about the fund, including a more detailed description of the risks associated
 with investing in the fund that you may want to consider before you invest. You
 may obtain the prospectus and other information about each fund at no cost by
 calling 1-XXX-XXX-XXXX, or by visiting our Web site at www.troweprice.com.
 
 1. What is each fund's objective?
 
   The California Tax-Free Money Fund seeks to provide preservation of capital,
   liquidity and, consistent with these objectives, the highest level of income
   exempt from federal and California state income taxes.
 
   The California Tax-Free Bond Fund seeks to provide, consistent with prudent
   portfolio management, the highest level of income exempt from federal and
   California state income taxes by investing primarily in investment-grade
   California municipal bonds.
(LOGO)
<PAGE>
 
 2. What is each fund's principal investment strategy?
 
   The California Tax-Free Money Fund will invest at least 65% of assets in
   California municipal securities. All securities held by the fund will mature
   in 397 days or less and the fund's weighted average maturity will not exceed
   90 days. While the fund's yield will fluctuate with changes in interest
   rates, its share price is managed to remain stable at $1.00. The fund buys
   securities rated within the two highest money market rating categories
   assigned by established rating agencies or, if unrated, by T. Rowe Price. All
   securities purchased by the fund will present minimal credit risk in the
   opinion of T. Rowe Price.
 
   The California Tax-Free Bond Fund's weighted average maturity is expected to
   exceed 15 years. The fund will generally purchase investment-grade
   securities, which means their ratings are within the four highest credit
   categories (AAA, AA, A, BBB) as determined by a national rating organization
   or, unrated, by T. Rowe Price. The funds may occasionally purchase
   below-investment-grade securities (including those with the lowest or no
   rating) but no such purchase will be made if it would cause the fund's
   noninvestment-grade bonds to exceed 5% of its net assets. The fund will
   invest at least 65% of its total assets in California municipals.
 
   In selecting securities for the money fund, fund managers may examine
   relationships among yields on various types and maturities of money market
   securities in the context of their outlook for interest rates. Similarly,
   investment decisions for the bond funds reflect the managers outlook for
   interest rates and the economy as well as the prices and yields of various
   securities. For example, if we expect rates to fall, we may buy longer-term
   securities within each fund's maturity range to provide higher yield (and, in
   the case of the bond funds, greater appreciation potential). Conversely,
   shorter maturities may be favored if rates are expected to rise. In addition,
   if our economic outlook is positive, we may take advantage of the bond fund's
   "basket" for noninvestment-grade bonds. The funds may sell holdings for a
   variety of reasons, such as to adjust the portfolio's average maturity or
   quality or to shift assets into higher-yielding securities.
 
   Each fund sometimes invests in obligations of the Commonwealth of Puerto Rico
   and its public corporations (as well as the U.S. territories of Guam and the
   Virgin Islands) that are exempt from federal and California state income
   taxes. The funds will generally purchase these securities when they offer a
   comparably attractive combination of risk and return.
 
   Due to seasonal variations or shortages in the supply of suitable short-term
   California securities, each fund may invest in municipals whose interest is
   exempt from federal but not California state income taxes. Every effort will
   be made to minimize such investments, but they could compose up to 10% of
   each fund's annual income.
<PAGE>
 
   Further information about each fund's investments, including a review of
   market conditions and fund strategies and their impact on performance, is
   available in the annual and semiannual shareholder reports. To obtain free
   copies of any of these documents, call 1-XXX-XXX-XXXX.
 
  . Income from California municipal securities is exempt from federal and
   California state income taxes.
 
 
 3. What are the main risks of investing in the funds?
 
   Any of the following could cause a decline in either fund's share price or
   income.
 
  . Interest rate  This risk refers to the decline in bond prices that
   accompanies a rise in the overall level of interest rates. (Bond prices and
   interest rates move in opposite directions.) Generally, the longer the
   maturity of a fund or security, the greater its interest rate risk. This risk
   is minimal for the money fund.
 
  . Credit risk  This is the chance that any of a fund's holdings will have its
   credit rating downgraded or will default (fail to make scheduled interest or
   principal payments), potentially reducing the fund's income level and share
   price. This risk is reduced for the money fund because of the high-rated
   securities in its portfolio.
 
   As of June 1, 1999, the state of California was rated Aaa by Moody's and AAA
   by Standard & Poor's.
 
   Each fund may invest a significant portion of assets in securities that are
   not general obligations of the state. These may be issued by local
   governments or public authorities and are rated according to their particular
   creditworthiness, which may vary significantly from the state's general
   obligations. Due to a variety of factors, many local California municipals
   have experienced downgrades during the 1990s. After filing for bankruptcy in
   1994, Orange County defaulted on the payment of certain of its debt
   obligations.
 
   While generally considered to be of medium quality, securities in the BBB
   category may be more susceptible to adverse economic or investing conditions,
   and some BBB securities have speculative characteristics. Each fund may
   retain a security whose credit quality is downgraded after purchase.
 
  . Significant political and economic developments within a state may have
   direct and indirect repercussions on virtually all municipal bonds issued in
   the state.
 
  . Geographical risk  A fund investing within a single state is, by definition,
   less diversified geographically than one investing across many states and
   therefore has greater exposure to adverse economic and political changes
   within that state.
 
  . Political risk  The chance that a significant restructuring of federal
   income tax rates, or even serious discussion on the topic in Congress, could
   cause municipal bond prices to fall. The demand for municipal securities is
   strongly influ-
<PAGE>
 
   enced by the value of tax-exempt income to investors. Broadly lower income
   tax rates could reduce the advantage of owning municipals.
 
  . Other risks  Each fund may invest in certain sectors with special risks,
   such as health care, which could be affected by federal or state legislation,
   electric utilities subject to governmental regulation, and private activity
   bonds without governmental backing.
 
   Each fund's investments in the Commonwealth of Puerto Rico and its public
   corporations (as well as the U.S. territories of Guam and the Virgin Islands)
   require careful assessment of certain risk factors, including reliance on
   substantial federal assistance and favorable tax programs that have recently
   become subject to phaseout by Congress.
 
  . Derivatives risk (bond fund only)  To the extent the fund uses these
   instruments, it may be exposed to additional volatility and potential losses.
 
  . Year 2000 risk  Organizations, governmental entities, and markets in which
   the funds invest will be affected by the Year 2000 problem. While at this
   time the funds cannot predict the degree of impact, it is possible that fund
   returns could be adversely affected as a result.
 
  . Risks of the money fund  An investment in the money market fund is not
   insured or guaranteed by the FDIC or any other government agency. Although
   the fund seeks to preserve the value of your investment at $1.00 per share,
   it is possible to lose money by investing in the fund. The fund has
   maintained a constant share price since its inception, and fund managers will
   make every effort to continue to meet this objective.
 
   As with any mutual fund, there can be no guarantee the funds will achieve
   their objectives.
 
  . The income level of the funds will fluctuate with changing market conditions
   and interest rate levels. The bond fund's share price will also fluctuate;
   when you sell your shares, you may lose money. An investment in each fund is
   not a deposit of a bank and is not insured or guaranteed by the Federal
   Deposit Insurance Corporation or any other government agency.
 
 
 4. How can I tell which fund is most appropriate for me?
 
   Consider your investment goals, your time horizon for achieving them, and
   your tolerance for risk. The funds can be used to generate income or to
   diversify a stock portfolio. The higher your tax bracket, the more likely
   tax-exempt securities are appropriate. If you are investing for higher
   tax-free income and can accept the possibility of price decline in an effort
   to achieve income exempt from federal and California state income taxes, the
   bond fund could be an appropriate part of your overall investment strategy.
   If you are investing for tax-free income
<PAGE>
 
   with principal stability and liquidity, you should consider the money market
   fund.
 
   Both funds are inappropriate for tax-deferred accounts, such as IRAs.
 
  . The fund or funds you select should not represent your complete investment
   program or be used for short-term trading purposes.
 
 
 5. How has each fund performed in the past?
 
   The bar charts and the average annual total return table indicate risk by
   illustrating how much returns can differ from one year to the next. Each
   fund's past performance is no guarantee of its future returns.
 
 
<TABLE>
 INPUT CALF BAR CHARTS HERE
<CAPTION>
                                                 Calendar Year Total Returns
           Fund             1989   1990   1991    1992   1993    1994    1995    1996   1997   1998
 ---------------------------------------------------------------------------------------------------------
 <S>                       <C>    <C>    <C>     <C>    <C>     <C>     <C>     <C>    <C>    <C>    <S>
  Money                    5.48%  4.87%   3.72%  2.46%   1.92%   2.35%   3.29%  2.85%  3.04%  2.77%
  Bond                     8.50   5.59   12.03   7.29   15.87   -5.26   13.79   6.75   8.16   8.19
 ---------------------------------------------------------------------------------------------------------
</TABLE>
 
 
 
 
 
   The funds can also experience short-term performance swings. The Bond Fund's
   best calendar quarter return during the years depicted in the chart was 1.25%
   in the second quarter of 1990, and the worst was 0.43% in the first quarter
   of 1993 . The Bond Fund's best calendar quarter return was 6.74% in the first
   quarter of 1995, and the worst was  -5.80% in the first quarter of 1994.
 
 
<TABLE>
 Average Annual Total Returns
<CAPTION>
                                       Periods ended December 31, 1998
                                        1 year     5 years    10 years
                                       ---------------------------------------
 <S>                                   <C>        <C>        <C>         <S>
 
  California Tax-Free Money Fund         2.77%      2.86%      3.27%
  Lipper California Tax-Exempt Money
  Market Funds Average                   2.72       2.89       3.39
  Lipper California Tax-Exempt Money     2.77       3.00       3.47
  Market Funds Index
                                       ----------------------------------
  California Tax-Free Bond Fund          6.41       6.06       7.79
  Lipper California Municipal Debt
  Funds Average                          5.77       5.67       7.61
  Lipper California Municipal Debt
  Funds Index                            6.15       5.81       7.74
  Lehman Municipal Bond Index            6.48       6.23       8.22
 -----------------------------------------------------------------------------
</TABLE>
 
 
 
<PAGE>
 
 These figures include changes in principal value, reinvested dividends, and
 capital gain distributions, if any.
 
 
 6. What fees or expenses will I pay?
 
   The funds are 100% no load. There are no fees or charges to buy or sell fund
   shares, reinvest dividends, or exchange into other T. Rowe Price funds. There
   are no 12b-1 fees.
 
<TABLE>
 Fees and Expenses of the Funds
<CAPTION>
                                                   Annual fund operating expenses
                                           (expenses that are deducted from fund assets)
                               Management   Other    Total annual fund   Fee waiver/expense    Net
  Fund                            fee      expenses  operating expenses    reimbursement     expenses
 ------------------------------------------------------------------------                    ---------------
 <S>                           <C>         <C>       <C>                 <C>                 <C>       <S>
  Money/a/                       0.42%      0.22%          0.64%               0.09%          0.55%
                               ------------------------------------------------------------------------
  Bond                           0.42       0.16           0.58                  --             --
 -----------------------------------------------------------------------------------------------------------
</TABLE>
 
 
 /a/
   To limit the fund's expenses, T. Rowe Price contractually obligated itself to
   waive its fees and bear any expenses that would cause the fund's ratio of
   expenses to average net assets to exceed 0.55%. The first agreement was from
   March 1, 1997, to February 28, 1999; and the second agreement from March 1,
   1999, to February 28, 2001. Subject to shareholder approval, fees waived or
   expenses paid or assumed under these agreements are subject to reimbursement
   to T. Rowe Price by the fund whenever the expense ratio is below 0.55%;
   however, no reimbursement will be made after February 28, 2001 (for the first
   agreement), or February 28, 2003 (for the second agreement), or if it would
   result in the expense ratio exceeding 0.55%. Any amounts reimbursed will have
   the effect of increasing fees otherwise paid by the fund.
 
 
 
   Example.  The following table gives you a rough idea of how expense ratios
   may translate into dollars and helps you to compare the cost of investing in
   these funds with that of other funds. Although your actual costs may be
   higher or lower, the table shows how much you would pay if operating expenses
   remain the same, the expense limitation currently in place is not renewed (if
   applicable), you invest $10,000, you earn a 5% annual return, and you hold
   the investment for the following periods:
<PAGE>
 
 
<TABLE>
<CAPTION>
     Fund        1 year   3 years   5 years   10 years
    ---------------------------------------------------------
    <S>          <C>      <C>       <C>       <C>       <S>
 
     Money         $56      $186      $338      $781
                 ---------------------------------------
     Bond           59       186       324       726
    ---------------------------------------------------------
</TABLE>
 
 
 
 
 7. Who manages the funds?
 
   Each fund is managed by T. Rowe Price Associates, Inc. (T. Rowe Price).
   Founded in 1937, T. Rowe Price and its affiliates manage investments for
   individual and institutional accounts. The company offers a comprehensive
   array of stock, bond, and money market funds directly to the investing
   public.
 
   Patrice L. Berchtenbreiter Ely, Chairman, Money Fund and Mary J. Miller,
   Chairman, Bond Fund, manage each fund day-to-day and have been chairmen of
   their Investment Advisory Committee since 1992 and 1990 respectively.   They
   joined T. Rowe Price in 1972 and 1983 and both have been managing investments
   since 1987.
 
 
 8. How can I purchase shares?
 
   Fill out and return a New Account Form in the postpaid envelope, along with
   your check. The minimum initial purchase is $2,500 or $50 if investing
   through Automatic Asset Builder. The minimum subsequent investment is $100.
   You can also open an account by bank wire, by exchanging from another T. Rowe
   Price fund, or by transferring assets from another financial institution.
 
 
 9. How can I sell shares?
 
   You may redeem or sell any portion of your account on any business day.
   Simply write to us or call. You can also access your account at any time via
   Tele*Access /(R)/ or our Web site. We offer convenient exchange among our
   entire family of domestic and international funds. Restrictions may apply in
   special circumstances, and some redemption requests need a signature
   guarantee. A $5 fee is charged for wire redemptions under $5,000.
 
 
 10. When will I receive income and capital gain distributions?
 
   Each fund distributes income daily and net capital gains, if any, at
   year-end. For regular accounts, income and short-term gains are taxable at
   ordinary income rates, and long-term gains are taxable at the capital gains
   rate. Distributions are reinvested automatically in additional shares unless
   you choose another option, such as receiving a check. Distributions paid to
   IRAs and employer-sponsored retirement plans are automatically reinvested.
 
 
 11. What services are available?
 
   A wide range, including but not limited to:
 
  . retirement plans for individuals and large and small businesses;
<PAGE>
 
  . automated information and transaction services by telephone or computer;
 
  . electronic transfers between fund and bank accounts;
 
  . automatic investing and automatic exchange;
 
  . brokerage services; and
 
  . asset manager accounts.
 
To Open a Mutual Fund, Asset Manager, or Brokerage Account
 Investor Services
 1-XXX-XXX-XXXX
 
For Information on Existing Accounts
 Shareholder Services
 1-800-225-5132
 
For Yields and Prices and Account Transactions
 Tele*Access/(R)/
 24 hours, 7 days 1-800-638-2587
 
For Fund Information and Account Transactions on the Internet
 www.troweprice.com
 
Investor Centers
 101 East Lombard St. Baltimore, MD 21202
 
 T. Rowe Price Financial Center 10090 Red Run Blvd. Owings Mills, MD 21117
 
 Farragut Square 900 17th Street, N.W. Washington, D.C. 20006
 
 Warner Center, Plaza 5
 21800 Oxnard Street
 Suite 270
 Woodland Hills, CA 91367
 
<PAGE>
 
 4200 West Cypress St. 10th Floor Tampa, FL 33607
 
 4410 Arrows West Drive
 Colorado Springs, CO 80907
 
Headquarters
 100 East Pratt St. Baltimore, MD 21202
<PAGE>
 
NEW ACCOUNT FORM                                   (LOGO)
You may purchase shares of a T. Rowe Price fund after
reviewing the information in the profile or after requesting
and reviewing the fund's prospectus (and other information).
 
Please note: an IRA will not be established using this form.
If you want to open an IRA, call 1-800-638-5660 to request
an IRA New Account Form.
Mail this form to: T. Rowe Price
P.O. Box 17300, Baltimore, MD 21298-9353
 
For help with this form, call toll free 1-800-638-5660.
 
Please do not remove the mailing label from this form.
 
1 PROVIDE YOUR TAX IDENTIFICATION NUMBER
Owner's or Minor's Social Security or Tax ID Number
(Use Minor's Social Security Number for Custodial Account)
_ _ _ _ _ _ _ _ _
 
Joint Owner's or Custodian's Social Security or Tax ID Number
_ _ _ _ _ _ _ _ _
 
2 DESIGNATE TYPE OF ACCOUNT AND OWNER NAME(S)
Please print in CAPITAL LETTERS. Choose one:
__   Individual or Joint Account.*
     *Joint tenancy with right of survivorship unless you instruct otherwise.
     Owner's Name (First, Middle Initial, Last)
    ________________________________
       Title: Mr. Ms. Mrs. Dr.
 
     Joint Owner's Name (First, Middle Initial, Last)
        ________________________________
        Title: Mr. Ms. Mrs. Dr.
 
__   Custodial Account.
       Uniform Gift or Transfer to Minors Act (UGMA or UTMA)
       Custodian's Name (First, Middle Initial, Last)
      ________________________________
 
       Minor's Name (First, Middle Initial, Last)
      ________________________________
 
       State of Residence (Minor's or Custodian's)
      ________________________________
 
__    Trust, Corporation, Business, or Other Entity Account.*
       *Please attach the first and last pages of the trust agreement or a copy
of
        the corporate resolution.
        Name of Trust, Corporation, or Other Entity
        _________________________________________________________
 
        Trustee Names or Type of Entity
         ________________________________________________________
 
 
 
<PAGE>
 
        Name of Trust Beneficiary (Optional)        Date of Trust Agreement
     ________________                              __-__-__
                      month   day    year
 
__   Check this box if your organization is incorporated or tax-exempt under
        Section 501(a) of the Internal Revenue Code, a qualified retirement plan
        under Section 401(a), or a custodial account under Section 403(b)(7),
and
        you DO NOT want us to file information returns on your behalf.
 
3 PROVIDE YOUR ADDRESS
Street Address or P.O. Box
__________________________________________________
__________________________________________________
 
City                 State
____________________                          __
 
ZIP Code
_ _ _ _ _ - _ _ _ _
 
4 PROVIDE OTHER ACCOUNT DATA
Daytime Phone                               Ext.
_ _ _   _ _ _ - _ _ _ _                            _ _ _ _
 
Evening Phone                               Ext.
_ _ _   _ _ _ - _ _ _ _                            _ _ _ _
 
Date of Birth (Owner/Minor)
 
Date of Birth (Joint Owner/Custodian)
_ _ - _ _ - _ _                   _ _ - _ _ - _ _
month day year                     month day year
 
__ U.S. Citizen             __     Resident Alien
__ Nonresident Alien. My permanent foreign address for tax purposes is:
_____________________________________
_____________________________________
Owner's Occupation / Employer Name (Optional)
_____________________________________
Employer Address (Optional)
__________________________________________________________________________
 
5 SELECT YOUR FUND(S)
Please print the fund name(s) exactly as listed inside the Investment Kit you
received with this form. Fill in the amount of your investment for each fund.
The minimum initial investment is $2,500 per fund ($1,000 for UGMAs/UTMAs)
but is waived if you use Automatic Asset Builder (see Sections 6 and 7E).
 
Fund Name                                 Amount
__________________________________                $________
 
Fund Name                                 Amount
__________________________________                $________
 
Fund Name                                 Amount
__________________________________                $________
 
 
 
<PAGE>
 
Fund Name                                 Amount
__________________________________                $________
 
     Total Investment$________
 
 
6 CHOOSE YOUR INVESTMENT METHOD
 
A.    __ By check.
       Make payable to T. Rowe Price Funds. (Otherwise it may be returned.)
 
B.    __ By Automatic Asset Builder.
       See Section 7E for instructions.
 
C.    __ By wire.
        Please call 1-800-225-5132 for the following information and wiring
        instructions:
 
     Account Number
     _ _ _ _ _ _ _ _ _ _ - _
 
     Date of Wire
     _ _ - _ _ - _ _
     month      day        year
 
 (over, please)
7 SELECT YOUR ACCOUNT SERVICE OPTIONS
 
A.   TO RECEIVE YOUR DISTRIBUTIONS
Your dividends and capital gains will be reinvested unless you indicate
                                                    ------
otherwise.
 
        __ Pay dividends and capital gains to me by check.
        __ Transfer dividends and capital gains to my bank account.
             (Please complete Section 7C if you elect this option.)
        __ Pay dividends to me by check and reinvest capital gains.
 
B.   TO EXCHANGE AND REDEEM FUND SHARES
You can use the telephone or your personal computer to check your account
balance, redeem shares, or make exchanges among any identically registered
accounts unless you check the boxes below.
         ------
 
     __ I do NOT want telephone/computer exchange.
     __ I do NOT want telephone/computer redemption.
 
C. TO MAKE TRANSFERS BETWEEN YOUR BANK AND T. ROWE PRICE
This service makes purchasing or redeeming fund shares even more convenient.
Simply call a T. Rowe Price representative or Tele*Access (R) and your
transaction
will be processed by electronically moving money between your bank
account and your mutual fund accounts.
 
Transfers occur only when you initiate them ($100 minimum) and are made
through the Automated Clearing House (ACH) network or by wire.* This service
becomes available approximately 20 days after your application is
processed. Since you initiate transfers by phone or computer, be sure that
you did not decline the phone/computer redemption service above.
 
<PAGE>
 
     __ Check this box to set up this service. YOU MUST ALSO ATTACH A BLANK,
     VOIDED CHECK (other than your investment check) from your bank
     account to this form.
 
     Any co-owner of your bank account who is not a co-owner of
                                              ---
     your mutual fund account must sign below.
 
X___________________________________________
Bank Account Co-owner's Signature
 
*There is a $5 fee for wire redemptions under $5,000 but no fee for ACH
transactions.
 
            ATTACH VOIDED CHECK HERE
D. TO SET UP CHECKWRITING
You can write checks for $500 or more on all T. Rowe Price money market and
bond fund accounts (except the High Yield and Emerging Markets Bond funds).
Those authorized to write checks should read the checking agreement and sign
below.
 
By signing this form, I agree to all of State Street Bank's checking account
rules, and to any conditions and limitations on redeeming checks from the
T. Rowe Price Funds. I also agree that:
 
(1) This form applies to any other identically registered T. Rowe Price
fund checking account I establish later;
 
(2) If I am subject to IRS backup withholding, I may write checks only on
money fund accounts;
 
(3) State Street Bank and the Fund reserve the right to change, revoke, or
close any checking account;
 
(4) The signatures are authentic, and, for organizations, I have submitted
an original or certified resolution authorizing the individuals with legal
capacity to sign and act on behalf of the organization.
 
(Do not detach this section from the rest of the form.)
 
_____________________________________________________
Fund Name                               Fund Name
_____________________________________________________
Print Name of Owner, Custodian, or Trustee
 
X___________________________________________________
Signature                                   Date
_____________________________________________________
Print Name of Joint Owner, Co-trustee, Corporate Officer, etc.
 
X___________________________________________________
Signature                                   Date
 
How many signatures do you require on checks?
__ Only one owner                 __   All owners
 
 
                                  G00-008 6/30/98
<PAGE>
 
E. TO SET UP AUTOMATIC ASSET BUILDER
This service allows you to automatically invest in your fund account through
your
bank account and/or payroll deduction each month (minimum $50 per fund).
 
___ Check this box to invest from your bank account.
       Be sure to complete Section 7C and fill in the information below.
 
Fund Name
__________________________________________________________________________
 
Amount                Day of Month You Would Like to Invest
__________________________________                ____
 
Fund Name
__________________________________________________________________________
 
Amount                Day of Month You Would Like to Invest
_____________________                        ___
 
Fund Name
__________________________________________________________________________
 
Amount                Day of Month You Would Like to Invest
_____________________                        ___
 
Fund Name
__________________________________________________________________________
 
Amount                Day of Month You Would Like to Invest
_____________________                        ___
 
____ Check this box to invest through payroll deduction.
         T. Rowe Price will mail you instructions for this service.
 
8 SIGN YOUR NEW ACCOUNT FORM
By signing this form, I certify that:
 
- - I agree to be bound by the terms of the prospectus for each fund in which
I am investing. If I am purchasing shares after reviewing a fund profile, I
understand that I will receive the prospectus after I purchase shares in the
fund. I have the authority and legal capacity to purchase mutual fund shares,
am of legal age in my state, and believe each investment is suitable for me.
 
- - I authorize T. Rowe Price, the Funds, their affiliates and agents to act on
any
instructions believed to be genuine for any service authorized on this form,
including telephone/computer services. The Funds use reasonable procedures
(including shareholder identity verification) to confirm that instructions
given by telephone/computer are genuine, and the Funds are not liable for
acting on these instructions. (If these procedures are not followed, it is the
opinion of certain regulatory agencies that the Funds may be liable for any
loss that may result from acting on instructions given.) I understand that
anyone who can properly identify my account(s) can make phone/computer
transactions on my behalf.
 
- - The Funds can redeem shares from my account(s) to reimburse a fund for
any loss due to nonpayment or other indebtedness.
 
<PAGE>
 
- - By selecting the electronic transfer service in Section 7C, I hereby authorize
T. Rowe Price to initiate credit and debit entries to my (our) account at the
Financial Institution indicated and for the Financial Institution to credit or
debit the same to such account through the Automated Clearing House
(ACH) system, subject to the rules of the Financial Institution, ACH, and the
Fund. T. Rowe Price may correct any transaction error with a debit or credit
to my Financial Institution account and/or Fund account. THIS AUTHORIZATION,
including any credit or debit entries initiated thereunder, is in full
force and effect until I notify T. Rowe Price of its revocation by telephone
or in writing and T. Rowe Price has had sufficient time to act on it.
 
- - Under penalties of perjury, the tax identification number(s) shown on
this form is correct. If I fail to give the correct number or fail to sign this
form, T. Rowe Price may reject, restrict, or redeem my investment. I may
also be subject to IRS backup withholding (currently 31%) on all
distributions and redemptions, and I may be subject to a $50 IRS penalty.
 
- - Under penalties of perjury, I am NOT subject to IRS backup withholding
because 1) I have not been notified, or 2) notification has been revoked
(cross out "NOT" if you are currently subject to withholding), or 3) I have
indicated in Section 4 that I am a nonresident alien and certify that for
dividends I am not a U.S. citizen or resident (or I am filing for a foreign
corporation, partnership, estate, or trust).
 
- - For clarification on any of these certification issues, please contact us for
assistance.
 
- - The IRS does not require your consent to any provision of this document
other than the certifications required to avoid backup withholding.
 
 
PLEASE SIGN HERE
 
X__________________________________________________
Signature of Owner, Custodian, or Trustee         Date
 
X__________________________________________________
Signature of Joint Owner, Co-trustee, Corporate Officer, etc.   Date
 
Thank you for your investment. You will receive a confirmation shortly.
8
                     0142


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